Magazine article The Hispanic Outlook in Higher Education

Hispanic Students and the Money Mindset

Magazine article The Hispanic Outlook in Higher Education

Hispanic Students and the Money Mindset

Article excerpt

In their landmark book Who Owns the Ice House? Eight Life-Lessons from an Unlikely Entrepreneur (2010), authors Gary Schoeniger and Clifton Taulbert note that "Entrepreneurs tend to focus their attention on the things that will advance their goals. They tend to view money as a resource to be used wisely, a resource that will enable them to achieve their goals." And so it should be with Latino students in higher education. Their time in college is an investment, with an entrepreneurial mindset and focus on the goals that lead to graduation and success.

Schoeniger and Taulbert also report that entrepreneurs usually are not prevented from prospering because of a lack of money but because they don't understand the use of money as a tool. Latinos in higher education are often similar to struggling entrepreneurs. Many Latino college students come from low-income households where making ends meet is the immediate goal, so they don't always view money as a means to an end. With impoverished families, the means - money - becomes the goal itself, and that mindset differs greatly from what is typically found in higher education. Sometimes Latino college students do not understand the financial aid process (viewing it as a way to survive rather than earmarking it solely for educational costs).

Poor planning, frequent demands of extended family, slim savings and spending on wants instead of needs can find the Hispanic student in higher education behind the college 8-ball because of misunderstanding and mismanagement of money. Pressure from family or friends, the influence of media and a new-found power with money can cause the Latino collegian to lose focus of the long term goals and make unwise decisions with resources. Costly vacations, luxury cars, pricey club memberships and expensive restaurants need to take the backseat as the Latino student steers his way through college.

"Spare Parts," a recent movie release starring George Lopez, Marisa Tomei and Jamie Lee Curtis, is based on the true story of four undocumented Mexican high school students in Phoenix who entered the 2004 MATE (Marine Advanced Technology Education) Remotely Operated Vehicle Competition sponsored by the National Science Foundation, the Marine Technology Society and Oceaneering. Determined to compete against the odds, the teens built an underwater robotic rover out of PVC pipe and spare parts they gleaned from wherever they could find them. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.