At Smart Latino Money, we believe in empowerment through action—and this post is especially for our DACA (Deferred Action for Childhood Arrivals) community and undocumented allies working hard to build a future despite the obstacles. If that’s you, know this: I know this can be a scary time. You’re not alone, and your dreams are still within reach.
Yes, the system may feel like it wasn’t designed with us in mind. It can feel like you’re starting the race miles behind. But that doesn’t mean you can’t move forward. You can build wealth. You do have options. And you absolutely have the power to change your financial story—starting right now.
Let’s look at practical, real-world ways to start building financial security and independence, even if you’re not working with a Social Security number.
Build Credit with an ITIN
You don’t need a Social Security number to start building credit. Many financial institutions allow you to use an ITIN (Individual Taxpayer Identification Number) to open a secured credit card or a credit-builder loan.
Why does this matter? A solid credit score can unlock everything from lower interest rates to rental housing and even business loans down the road. It’s not just a number—it’s your financial passport.
Start Saving (Even a Little at a Time)
A recent survey showed that around 40% of Americans can’t cover a $400 emergency without borrowing money. That’s stressful—but it’s also fixable.
Start by opening a high-yield savings account—even if it’s just $10 or $20 a week. Set it to automatic and forget about it for a while. Over time, that small habit can grow into a 3–6 month emergency fund, which provides financial breathing room and peace of mind.
Invest What You Can
Even without access to traditional workplace benefits like 401(k)s, you still have investment options. If you’re eligible, consider opening a Roth or Traditional IRA. Contributions can be small—$50/month is a powerful start.
Why bother? Because compound interest does heavy lifting over time. It’s like planting seeds for your future self—tiny deposits that grow into real wealth.
Building Wealth as a DACA Recipient
Start a Side Hustle or Small Business
Latinos—especially immigrants—are among the most entrepreneurial people in the country. In fact, 1 in 4 Latino entrepreneurs are immigrants. That’s a stat worth celebrating!
Whether it’s tutoring, selling food, freelancing, cleaning homes, or launching an online shop, a side hustle is more than extra income—it’s a way to reclaim independence and build something that no one can take from you.
Budgeting = Power
Budgeting isn’t about restricting joy—it’s about creating awareness. When you track where your money goes, you gain control. Start with something simple: track your spending for one week. That’s it. No shame, no pressure—just clarity.
From there, you can begin making small adjustments and setting goals. You might even find a few bucks to redirect toward saving or investing.
Explore Paths to Homeownership
Homeownership can feel out of reach, but there are non-traditional paths to get there. Start by researching financing options available to those with ITINs or consider co-buying with trusted family. Even if you’re not ready now, begin setting aside money for a down payment.
Real estate is one of the most proven ways to build long-term wealth—and we’ll be diving deeper into this topic soon.
Protect What You’re Building
Life and health insurance may not be fun to talk about—but they matter. They protect the people you love and the progress you’ve made. Even a small policy can mean the difference between stability and crisis for your family. Think of it as an act of love—not just protection.
Building Wealth as a DACA Recipient
You Are Not Alone
We know—it’s not always easy navigating a system that wasn’t built for you. But that doesn’t mean you can’t win in it.
You are not your immigration status. You are not your paycheck. You’re full of potential, grit, and brilliance. Every small step you take adds up. Whether it’s budgeting, building credit, or launching a side hustle, you’re doing it. And you’re not doing it alone.
Here at Smart Latino Money, we’re cheering you on every step of the way. Follow us for more real talk, tools, and strategies to build the future you deserve.
Let’s keep moving forward—together.
