Free financial workshop targets Latino, immigrant families

The Academy of Financial Education will host its first “A Wealth of Wisdom” workshop Saturday at CARECEN Los Angeles in Westlake, offering free financial education, resources and one-on-one meetings with professionals, according to ABC7 Los Angeles.

The event is aimed at multigenerational Latino and immigrant families and college-bound Latino students as households look for guidance on prices, debt and online financial claims, ABC7 Los Angeles reported.

The free workshop is scheduled for 10 a.m. to 2 p.m. at CARECEN Los Angeles, 2845 W 7th St, Los Angeles, CA 90005. ABC7 Los Angeles reported that registration is free but not required.

The inaugural event will bring together experts and community partners to discuss financial experiences, share resources and offer no-pressure individual meetings with financial professionals. Raffle prizes also are planned, according to ABC7 Los Angeles.

"More people want to know how others are surviving, how they're doing, how they're making ends meet," Samuel Molina, CEO of The Academy of Financial Education, said.

Molina also cautioned against relying on social media for investment advice. "Licensed investment advisors do not provide investment advice on social media," Molina said. "They can lose their Series 7, Series 6 license if they do that."

He said debt is another area where online claims can mislead consumers. "There's a lot of misconceptions around debt online," Molina said. "I'll see folks saying, 'Hey, if, you know, a debt collector buys your debt, you're no longer responsible for that.' That's not true."

"Our mission is for people to have a healthier relationship with money," Molina said, adding that people need control over that relationship.