Welcome to the very first edition of The Latina Wealth Activist Newsletter! 💌

It was about time I shared more of my insights with the world! If you are new here or have followed my journey over the last 4 years, I am beyond grateful that you have subscribed to my newsletter. Aquí vamos a fortalecer nuestra conexión y explorar el mundo financiero juntxs 💖 I know the financial world can be scary, so that’s why I’m going to share my version of personal finance, investing and economics - and as always include nuestra cultura in the mix.

The last few years have been wild, from building Riqueza’s team, to growing my creator business with brand partnerships, Winning Next Gen Collectives 30 under 30, to traveling all over the U.S. to advocate for accessible finance/business education for our gente to congress. Let’s just say 2024 has been MY year (ni yo me lo creo). 2024 started off rocky, but I have been seeing the fruits of my labor these last few months and as always I could not be here without YOU.

Being a financial creator + founder + wife + dog mom of 3 + eldest daughter + big sister….. 😮‍💨 is a lot of work - but I keep going because I have a mission.

My mission is to Lead Latine’s to Financial Freedom. This is what this newsletter is about, sharing my journey, thoughts and knowledge of money to inspire you to become the first millionaire of your lineage and no te preocupes we are going to be doing the work together.

Expect to get a weekly update from me in your inbox but I’ll do my best to catch you up with everything I’ve been up to these days.

Today, we honor a very important day - Latina Equal Payday. A day where we advocate for Latina’s to fight for equal pay in the U.S. Grab your cafecito and let’s dive into the facts. ☕️

#DINEROTALKS

Mi gente, the truth is, in 2024, the wage gap for Latinas has widened, with Latinas earning just 51 cents for every dollar paid to white, non-Hispanic men. This isn’t just a statistic anymore—it’s a wake up call. 

Imaginate, $1.2 million lost in 40 years - that’s our retirement money right there! This day is a very important day for me, because when I used to work in corporate america at the top investment bank in the U.S., I found out in 2020, that I was underpaid by $50k. I was a top performing employee and yet - I was underpaid, undervalued and overworked. This moment in my career was my wake up call.

If you are a first-gen, eldest daughter of an immigrant family, you already know we had big shoes to fill. We were raised to figure it out but always be grateful for what you were given. When I joined my first corporate job after college, I had no idea what I was getting myself into - I was 19 years old. I honestly did what I was told, and tried to excel in my career, because I wanted to make sure I made my mark. I was grateful to be there and my parents made sure I was. They would always say, “Lea, sea agradecida que tienes un sueldo seguro, cuida tu trabajo hija. I eventually became too humble and grateful.

Memory Lane

By 2020, I was about to enter year 4 at my job, had reached senior associate and was on my way to Vice President. Guess how much my salary was as a Product Manager in Engineering? $64,000. I didn’t pick that number, it was given to me. It’s part of their process, the company defines our value of raise and bonus based on the company’s financial performance and our performance. You didn’t ask questions. But guess what, I started to..

It wasn’t until we had a new joiner on our team that I had to teach the ropes of our team is where I began to be curious. I remember it was around compensation season and I really needed a raise, my budget was TIGHT during the pandemic. I had a new home and new home expenses I didn’t even think about. I asked my colleague this exact question, “Hey girl, quick question. Our compensation season is around the corner and I would love to know your salary so that I could set a standard for what I should expect. If you don’t feel comfortable in sharing by all means you don’t have to.” This is where everything changed for me.

Ella me dice que su salario is, $110k. Recently hired, same amount of PM experience as me and she was being trained by ME. I know right.. the TEA ☕️.

To make this quick, I tried negotiating my salary, and my managers said, that’s just not how things are done and that I would get a VP promotion and bump next year… (false promises) Well, next year didn’t come because my new comp was 69,000 and I quit a few months later to start Riqueza.

Lesson learned mi gente - my ignorance and gratitude failed me.

LATINA EQUAL PAY DAY

I know my story is a common one in our community, it might not be the same but we all faced a reality check with our pay. This was my experience in investment banking, imagine our farmworkers, service workers, factory workers… the fight for equity is at all levels.

The wage gap has widened in the last 20 years, where Latinas earn 51 cents for "all earners" (full-time, year-round + part-time and part-year) and 58 cents for full-time, year-round workers.

When I see this data, I think about my wife and I. Since we are both Latinas, we technically earn 51 cents each, so we lose over $3 million in our lifetime. But, let me tell you - this ends with us. I’m taking the confidence of a White man and getting my bag.

Now, you are asking yourself what do we do to fight this? Not what I did back then that’s for sure.

How-to Fight for Pay Equity as a Latina

As Latinas, we face a persistent wage gap that continues to widen, and I know we are TIRED. This gap doesn’t define our value or our potential. While the system may be stacked against us, there are actions we can take to advocate for ourselves and fight for pay equity. Here’s how:

1. Know Your Worth – and Prove It

Understanding the market value for your skills is the first step in fighting for equitable pay. Research salary ranges for your position in your industry, and take into account your experience, education, and any unique skills you bring to the table. Websites like Glassdoor, Payscale, and LinkedIn Salary Insights can help you find comparable salaries. Once you know your worth, document your achievements and contributions in measurable terms—whether it’s increasing revenue, managing key projects, or improving processes. Having clear evidence of your impact can make your case much stronger when discussing your salary with management.

2. Practice Salary Negotiation

Many Latinas are not taught to advocate for themselves in the workplace, but salary negotiation is a skill you can learn. Start by understanding that negotiation is expected in many workplaces, and is not something to fear. Practice having conversations around pay with a mentor or trusted bestie. Do your research and study your market value. When you’re ready to negotiate, be confident, assertive, and prepared with the data that supports your request. Remember, it’s not just about the salary; consider negotiating for benefits like flexible hours, professional development opportunities, or bonuses.

3. Speak Up About the Pay Gap

Addressing pay equity requires systemic change, but it also begins with speaking up. If it wasn’t for me speaking up and asking, I would have never known I was underpaid. Advocate for transparency in your workplace by encouraging discussions about pay structures with trusted colleagues first. If your company is not already doing so, suggest that they conduct regular pay audits to ensure there are no pay disparities based on gender, race, or ethnicity. Additionally, use your voice in the community. Whether it’s online or in public forums, spreading awareness about the Latina pay gap helps to keep the issue in focus.

4. Build Your Network

Your network is a powerful tool in the fight for pay equity. Surround yourself with other Latinas and women of color who understand your experience and can support you in your journey. Whether it’s through mentorship, peer support groups, or professional organizations, having a community behind you can offer advice, share job opportunities, or provide you with the courage to ask for what you deserve.

5. Get Involved in Advocacy

Legislative action is essential for closing the pay gap. Advocate for policies like the Paycheck Fairness Act and the BE HEARD Act, which aim to protect workers from wage discrimination and harassment. Sign petitions, send letters to your representatives, and stay informed on the progress of these bills. Additionally, consider joining organizations that fight for gender and racial equity in the workplace, such as Equal Rights Advocates or the National Women’s Law Center.

6. Empower the Next Generation

As we fight for pay equity for ourselves, it’s equally important to pave the way for our future generations. Share your experiences and advocate for Latinas - your primas, sisters, students, mothers, community, encourage them to speak up, and offer support como puedas. The more we empower each other, the closer we get to closing the wage gap for good.

Fighting for pay equity is not just about demanding more money—it’s about demanding respect, fairness, and recognition for the value we bring. Latina’s are economically powerful! We hold a GDP of 1.3 Trillion in the U.S. If Latina’s were an economy we would have an economy larger than Florida.

While it may feel daunting at times, remember that change starts with each of us whether you are Latina or not. We have to use our voice mi gente, because If I didn’t choose myself and my value.. I would not be here today - an award-winning financial educator making over 100K a year in brand deals alone. Latinas deserve their bag!

BONUS

Actionable Tips for Negotiation

1. Do Your Research

• Market Data: Gather salary information for your role and industry from websites like Glassdoor, Payscale, and LinkedIn Salary Insights. Understand the typical salary range for your experience and qualifications.

• Know the Company: Research the company’s pay structure and policies. Understanding their salary bands can help you tailor your negotiation strategy.

2. Prepare Your Case

• Document Achievements: List your accomplishments, including specific metrics (e.g., sales growth, project management success, cost savings) to demonstrate your value.

• Create a Pitch: Prepare a brief, persuasive pitch that outlines why you deserve a higher salary, including your research and documented achievements.

3. Practice Your Approach

• Role Play: Practice your negotiation conversation with a friend or mentor. Role-playing can help you feel more confident and refine your arguments.

• Anticipate Objections: Think about potential objections your employer might raise and prepare counterarguments to address them effectively.

4. Set Clear Goals

• Know Your Minimum: Determine the lowest salary you’re willing to accept and your ideal salary. This helps you navigate the negotiation and make informed decisions.

• Consider the Whole Package: Remember that compensation isn’t just about salary. Consider other benefits like bonuses, vacation time, remote work options, and professional development opportunities.

5. Choose the Right Time

• Timing Matters: Look for opportunities to discuss salary before performance reviews. Timing is everything, because it’s true - clothes mouths don’t get fed.

6. Be Confident and Assertive

• Use Positive Language: Approach the negotiation with confidence and power. Use phrases like “I would like to discuss…” instead of “I need…”

• Maintain Eye Contact: This conveys confidence and helps establish a connection during the conversation.

7. Listen Actively

• Engage in Dialogue: Listen to your employer’s response and engage in a two-way conversation. This demonstrates respect and openness, which can lead to more productive discussions.

• Ask Questions: Inquire about how salary decisions are made at your company and what factors influence compensation increases. This shows to them that it matters to you and can provide valuable insights on how you can perform to meet expectations.

8. Be Willing to Walk Away

• Know When to Leave: If the offer doesn’t meet your minimum requirements and the company isn’t willing to negotiate further, be prepared to walk away. This shows that you value yourself and your worth. I did it and it worked.

9. Follow Up in Writing

• Document the Agreement: After negotiations, summarize the key points discussed in an email. This serves as a record and ensures everyone is on the same page regarding your salary conversation.

10. Keep the Conversation Going

• Revisit Regularly: If your negotiation isn’t successful this time, ask for feedback and set a timeline for revisiting the discussion in the future. This keeps the door open for future negotiations - just do not give up the first time!

So besties, what do you think? Reply with your thoughts, tips or story - I’d love to be your soundboard and share your tips with our community of millonari@s. 💞

This is the first of many more newsletters to come - stay tuned!

Con cariño,
Lea Landaverde
Leading Latine’s to Financial Freedom
The Latina Wealth Activist