Overcoming Debt, Achieving Financial Freedom

Chapter 1Money Lessons from the Bronx

I have a “typical” daughter of immigrants story. My parents immigrated to the United States in the early 1970s in pursuit of the American Dream, better financial opportunities, and an overall better future.

My father was born and raised in Honduras and immigrated when he was 25. He had accepted a job with a shipping company that provided supplies overseas during the Vietnam War. His company flew him from Honduras to New York, where he then departed for nine months at sea. Upon his return, he settled in New York City. Despite not speaking any English and lacking the financial resources to survive in a city like New York, my dad knew he had hit the jackpot when he was presented with the opportunity to apply for a work visa and extend his stay in the United States.

My mother was born and raised in Ecuador and immigrated when she was 18. My grandfather, who was separated from my grandmother and had legal status in the United States, had offered to sponsor my mother's visa application. My mom accepted on the condition that she would remain in the United States for only two years. Her objective was clear—get a job, earn enough money to send back to my grandmother and my mom's younger siblings in Ecuador, and return to Ecuador within two years. That was her plan … until she met my father.

My parents met at a mutual friend's party in the Bronx. She was 19 and he was 26. Their courtship lasted just a few months before they decided to get married. ...