2032:  How to Get Rich Without Leaving Your Parents Behind

Farnoosh Torabi (0:00)

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SPEAKER_2 (0:39)

You're listening to So Money with award-winning money guru Farnoosh Torabi. Each day, get a 30-minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnoosh yourself.

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Maria Melchor (1:05)

I like some parts, some of the collectivism that my parents were raised with. And I like some parts of the more like selfish approach, I guess, of like the American way.

But I don't love both, you know? Is there something, a happy middle? And I came up with this concept called financial interdependence, not codependence, not independence, but interdependence where money really becomes more about reciprocity and clear communication. So you are both watching out, you know, putting your oxygen mask on first and making sure your finances are in order, and you're not stopping there, you're then also thinking, how can I give back to my parents, my siblings?

Farnoosh Torabi (1:59)

Welcome to So Money, everyone. I'm Farnoosh Torabi. What does it mean to build wealth when you don't come from money and when getting ahead financially isn't just about you?

My guest today is Maria Melchor, founder of FirstGenLiving and author of the new book Always Have Enough, How to Build Wealth When You Don't Come From Money. Maria grew up in a Mexican immigrant family at one point, undocumented in the United States, watching her parents piece together everything from paychecks and government benefits to food bank boxes to make ends meet. As a kid, she saw classmates get cars when they got their driver's licenses, while she was waiting for the legal status that would eventually allow her to work and fully participate in the financial system. Maria would go on to attend Yale and after graduation, found herself earning more at 22 years old than her parents had after decades of incredibly hard work. Which brings to the forefront a complicated question. What do you do when you're the one in the family who suddenly has access to opportunity? How much do you owe yourself? How much do you owe the people who helped you get there? And when can you finally say, I have enough? Here's my conversation with Maria Melchor.

Maria Melchor, welcome to So Money. Congratulations talking to you on Pub Week of your book, and your book is called Always Have Enough, How to Build Wealth When You Don't Come From Money. Congrats.

Maria Melchor (3:26)

Thank you Farnoosh. I'm so excited to be here.

Farnoosh Torabi (3:30)

So let's start with your dedication. This book you dedicate for children of immigrants and their parents.

And so before we get into the chapters and the money discussion, who was the reader that you had in mind when you wrote that dedication? Describe her for me.

Maria Melchor (3:48)

The reader I had in mind was someone that is fresh out of school, high school, college, grad school, and has been getting their first few paychecks, and is trying to make the most out of it, not just to be good with money for herself, but also to be able to make the sacrifices of her family worth it. So she's probably a child of immigrants, or she comes from a family who struggled financially growing up, and now she's like, I made it, question mark. I think I made it. Now I need to turn all of this opportunity into financial stability and enough wealth that I can spread it around to my family.

Farnoosh Torabi (4:49)

Yeah, that really hit home for me, because my parents immigrated here. And I think like so many first gen kids, there is a point. And I don't know if it's when you're young or later. At some point, there is this additional layer of appreciation and pressure that comes with living your life. And it usually that pressure sounds something like, I better not screw this up. Because your parents did sacrifice a lot, right, to come here. All parents sacrifice a lot of things for their kids. But there's a unique sacrifice of immigrants when they come here. A lot is at stake. And whether that's communicated to you, you just observe it, it becomes a part of your DNA.