By Tequilla Swan

J.P. Morgan Wealth Management recently surveyed investors across the country to learn about how Black, Hispanic and Latino investors are working towards their financial goals. And there’s good news in Phoenix respondents here are confident about their financial situation and encourage others in their community to invest. More than half (55%) of Black, Hispanic and Latino investors surveyed in Phoenix say their financial situation is excellent or good. And 72% are confident about their knowledge of finances, specifically regarding investments and retirement planning.

Despite this optimism, Black, Hispanic and Latino investors surveyed in Phoenix are feeling the pressures of inflation, and rising housing and medical costs in the Phoenix metro area, according to the survey. But there are ways to help mitigate these risks.

Have a plan

Challenges like rising costs or an unexpected medical bill remind us why it’s so important to plan for the future. Investing is a key tool that can help you build wealth for the long term, and having a plan can help you better navigate surprises.

When creating a plan, you should think about your goals, the time horizon of each goal, and your risk tolerance. Saving will likely be an appropriate option for goals in the nearer term, and investing will help you for long-term goals, such as retirement.

72% of Black, Hispanic and Latino investors surveyed in Phoenix have a plan for how they’ll work towards their financial goals. Despite concerns about inflation, 60% of Phoenix respondents say they would not consider selling after a 20% dip in their investment portfolio.

But it’s not just having a plan. It’s periodically revisiting that plan as goals shift or your financial situation changes. If you’re married, you should make sure that you and your spouse are aligned on the plan and both stay involved.

Think about your motivations

We learned in our 2023 Diverse Investor Study that 70% of Black, Hispanic and Latino investors surveyed in Phoenix were motivated to start investing to build generational wealth. 76% started investing to be comfortable during retirement, and 74% did to have more financial security.

Finances can feel like a chore for many, but it’s important to remember the “why.” Our personal and financial goals are so often intertwined. Remembering why you’re working hard to plan and invest can help you stay motivated to make smart money decisions.

Seek out resources

More than half of Black, Hispanic and Latino investors surveyed in Phoenix (56%) encourage friends and people in their community to start investing or learn more about investing. You want to seek out people you trust who can serve as a resource. There are also educational resources online and digital tools that can help you create a plan.

You might also want to consider working with a financial advisor. Money can be emotional, and a financial advisor can help provide you with trustworthy, unbiased advice. Make sure you’re comfortable with your financial advisor as you discuss your goals. Everyone’s financial situation is unique, and an advisor can give you tailored guidance.

Tequilla Swan is a Private Client Advisor at J.P. Morgan Wealth Management based in Phoenix, Arizona. She was named a Forbes 2023 Top Women Wealth Advisor Best-In-State earlier this year.

The J.P. Morgan Wealth Management 2023 Diverse Investor Study was conducted from May 30 to June 13, 2023. The results of the local Phoenix survey are based on a sample of 142 Black, Hispanic and Latino Americans in Phoenix with at least $25,000 in investable assets. Respondents were interviewed online and J.P. Morgan Wealth Management was not identified as the survey sponsor.

The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.

Forbes/SHOOK Top Women Wealth Advisors Best-In-State (02/01/23). Data as of 09/30/22. Ratings may not guarantee future success or results. Fee paid to rating provider for advertisement materials after rating announced. Methodology here:

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

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