How to Save Money Like an Immigrant

It happens everywhere: Latinos arrive in a new American town, work and save like crazy, and within a few years, voilà! They’re opening businesses and buying homes. At a time when the rest of us are choking on major credit card debts, immigrants often save a fifth or more of their income and are 30 percent more likely than nonimmigrants to open a business.

How do they do it when the average immigrant earns just $11 an hour? It’s simple: While most transplants start out poor in funds, they are rich in social ties and draw on personal relationships—not high-interest loans—to save, spend and build up their money.

Following these six simple cues from our immigrant brethren might just be the best thing you ever do for your wallet.

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