Maria Melchor, who immigrated to the US at age 9 and grew up undocumented in Connecticut, is now a money coach with 194,000 Instagram followers and a second book, Always Have Enough: How to Build Wealth When You Don’t Come From Money, due in September. She remembers her first paycheck of $1,414 as a paralegal at the Legal Aid Society in New York City, which sparked her journey to rethink financial advice for first-generation professionals.
Overcoming First-Gen Guilt and Scarcity Mindset
Melchor explains that traditional financial advice often overlooks the unique concerns of first-generation immigrants, such as what she calls "first-gen guilt." Many parents were paid hourly in cash and lack retirement accounts or Social Security eligibility. This creates a sense of responsibility and fear of leaving family behind. She helps clients move beyond a scarcity mindset to plan long-term, not just week-to-week.
Protecting Assets for Undocumented Individuals
In a hostile immigration climate, Melchor advises that assets belong to you regardless of status. To prepare for detention or deportation, she suggests transferring ownership via limited power of attorney, joint accounts, or designated beneficiaries. While many undocumented people avoid bank accounts, Melchor notes that no federal law requires legal status to open one; banks set their own rules. A tax ID (ITIN) can be obtained by paying taxes, which historically the IRS did not share with immigration services, though policy shifts under the current administration may change that. She emphasizes consulting an immigration attorney for legal advice.
Engaging with Financial Institutions Despite Risks
Melchor admits wariness of capitalism but says engaging with financial institutions may be necessary to avoid staying in survival mode. "The price to pay if you opt out of these systems is staying in survival mode and living month-to-month indefinitely," she states. She advises using consumer protections while building wealth.
Redefining Generational Wealth
For children of immigrants, generational wealth includes supporting previous generations and extended family. Melchor helps her parents with refinancing, banking, and investing. She recommends open conversations about retirement plans and contributions, addressing the "elephant in the room." She uses a "Mine, Yours and Ours" system to separate personal goals from shared family goals, emphasizing that individuals should have their own accounts and set financial boundaries.
Investing in Stocks Over Property
Melchor advocates for stock market investing over property for immigrants, as it is more accessible. Index funds can start with as little as $1, while property requires stable income, credit, and a down payment. She notes that a conservative stock strategy can be stable long-term.
Public Assistance and Political Engagement
Her book includes a chapter on accessing unemployment benefits and food stamps, as many immigrants' parents were ineligible. She connects personal finance to public policy, citing her work with NYC Mayor Zohran Mamdani on city budgets. "Personal finance is part of how to get wealthy, but the other part is getting as much as you can from your government," she says. Building wealth requires teamwork among yourself, your community, and your government.
