b&b163 How to protect your assets as an immigrant with Mohan Kanungo of MAF
In order to make money, one has to spend money. You’ve heard of that saying before. The whole “work hard, play hard” concept. But what happens if your entire family is working hard and don’t see any financial progress? Why is it not working? This is common and an, often, ignored cycle happening in the US, where the rich stay rich and the working class barely scrape by.
If you find yourself (or someone you know) in this situation, or have come to learn what you can do, listen to our interview with Mohan Kanungo because this episode is for everyone.
MAF [Mission Asset Fund] believes in creating pathways out of the financial shadows. They help house cleaners and restaurant owners across the U.S. save money with better credit and less debt. They do it because 50 million Americans are living in the shadows where predatory lenders lurk. From their signature social loans to their groundbreaking research, they are constantly innovating and advocating for effective, culturally relevant ways to improve economic mobility.
MAF is transforming the financial services sector so that all hardworking families have a shot at achieving their dreams. Check their site: https://missionassetfund.org/
Music featured in this episode:
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Mohan Kanungo: We wanna work with those folks that are brand new to the financial system, that have never established a credit score, that are essentially credit invisible, and we wanna work with folks that may have damaged their credit and are finding difficulty establishing new positive payment history on their credit report.
Mohan Kanungo: Lending circles can then be a really powerful model of people not feeling isolated, which often happens when people experience poverty, right? You feel alone and that you’re the only one, but it’s something that’s impacting all of us, and instead you come together and feel this sense of support by really demonstrating the power of us helping each other. And it can seem like a very small amount of money but it can be very impactful for that person to get $300 or $1,000.
Mohan Kanungo: People are saving in our community. The reality is, though, that people have to tap into those savings a lot more than say you or I because there’s more financial hardships that are coming up for them. What would be a relatively small cost is really what could break the bank for them, or for a family member. So, family members, because community is so important, often are the ones that are asking us to borrow money and so our savings might go in that direction.
Mohan Kanungo: Credit is important, but credit in and of itself at the end of the day is not what people really care about. They care about their family. They care about their goals. And it’s how you can use credit or the financial system as tools, or as a means, to achieve what it is you want for yourself and your family
Mohan Kanungo: The cost for a bail bond; the average, nationally, is about $10,000, and bail bond companies are often charging more than criminal bail bond companies do. So, here in California for instance it’s capped at 10% of what the bail bond is that a bail bond company can charge. It’s usually 10-20% for immigration bail bonds. The cost to have representation at that hearing for the bail bond, just the hearing itself if someone is detained, is $3-5,000