Looking to build more financial stability this year? The National Association of Hispanic Real Estate Professionals® (NAHREP®) has introduced 10 key practices that Gary Acosta, NAHREP CEO and co-founder, has created as one of the initiatives for the Hispanic Wealth Project (HWP). The HWP was launched by the NAHREP foundation with the aim of tripling Latino household wealth in the next 10 years in response to the dire economic state of Latinos after the housing crisis.
“There is a need for knowledge and discipline around the subject of wealth in our community.” says Acosta. “NAHREP believes our members can play an integral part in addressing the wealth gap by applying these principles to their daily lives and spreading the word in their communities.”
The disciplines are as follows:
- Have a mature understanding of wealth and prosperity – because the one with the most toys usually loses
- Be in the top 10 percent of your profession – because being good is not good enough
- Live below your means and be ready for the next recession – because downturns are a regular part of our economic cycles
- Minimize debt – because it is the biggest enemy to wealth
- Invest at least 20 percent of your income in real estate and stocks – because they are the best and safest ways to build wealth.
- Know your net worth including the value of your business – because you cant improve what you don’t measure.
- Be politically savvy – because public policy matters.
- Be physically fit – because wealth without health is meaningless.
- Be generous with people who are less fortunate – because philanthropy feeds your heart and spirit and gives more purpose to your work.
- Be active in the lives of your family and children – because familia is central to who we are.
The NAHREP 10 will be prominently displayed at every chapter and national event to guide the association’s members and supporters to success in their careers and to create generational wealth across the organization. They will also guide the association from a content standpoint.
For more information, visit www.nahrep.org.