The financial world can be complicated, especially if you’ve just moved to a country like the United States. The language difference is just one of the main barriers that prevent you from regularizing your economic status, followed by tax laws, banking systems and more.

As Acceso Latino points out, the best option is to look for an advisor who can guide you, but if you are a newcomer and cannot afford credit advisor Coming soon are some tips that will help you in your first steps as a citizen of the North American country.

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Learn to manage your finances in the United States

Beware of scams

Don’t give out your personal information in suspicious phone calls or emails Photo: PanoSupport

Upon arrival in the United States, anyone has the potential to fall victim to a scam, so caution should be exercised when providing personal information. Access only pages whose URLs end in “.gov”, protect every identity document, create different passwords for each account, and never give personal information to suspicious emails or calls.

Plan a frugal budget

The most important thing is to prepare a budget that includes monthly expenses and savings for realistic purposes so that you can invest your monthly income efficiently.

Taxes

Paying taxes is a priority for everyone who lives and works in the country of the ‘American dream’. According to Bank of America, you file a federal income tax return once a year, which requires a Social Security Number or Internal Revenue Service (IRS) taxpayer identification number in addition to an Individual Taxpayer Identification Number. Taxpayer Identification Number (ITIN).

Set up bank account and credits

Banking entities have terms and conditions under which these credits are offered, interest rates and rates to which they apply. Photo: Pexels

Once you have more control over your money, the next step is to open a bank account that will help you build credit. This will give you more financial stability, help you demonstrate that you are financially responsible, and be a potential candidate for mortgages and other benefits.

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Educate yourself

If you follow the steps correctly, it’s only a matter of time before you have enough time and money to attend workshops or conferences that will give you more financial advice.

(JO)