U.S. Immigrants Can Access Expert Insights and Educational Tools to Shorten the Road to Prosperity

In a Nutshell: If you consider moving to the other side of the city to be a hassle, imagine moving to a foreign country. Immigrants face many challenges when they relocate to the U.S., including building their credit profile and learning to invest their assets in a new country. Immigrant Finance supports immigrants in their efforts to settle into a new region and manage their money to build wealth.

You don’t have to search too far these days to find news reports of Americans struggling to stay afloat in today’s economic climate. The lingering impacts of the COVID-19 pandemic and inflation have combined to create turbulent times for consumer finances.

Though many U.S. citizens travel rocky roads to overcome money problems, immigrants who have recently arrived in the country can face even greater obstacles. Trying to establish yourself in a country with different customs and financial systems than those you’re used to isn’t a challenge I’d be eager to confront. 

I’d seek help if I were in that situation. It’d be easier to sleep at night if I had a trusted ally in my corner to help me avoid the confusion of learning to participate and succeed in markets different than those I was accustomed to.

Immigrant Finance empowers immigrants to learn how to invest their money and build wealth. We spoke with Adina Appelbaum, Esq., the company’s Co-Founder and CEO, to learn how Immigrant Finance uses its experience and expertise to guide immigrants toward better financial days.

Appelbaum’s husband, Mauricio Castillo Ferri, moved to the U.S. from Ecuador in 2013. Appelbaum told us that, despite the couple’s persistent efforts, they couldn’t find any personal finance books, podcasts, or other sources of information that informed immigrants of how they could participate in the U.S. financial system.

Appelbaum was studying to become an immigration lawyer at the time at Georgetown University. She told us it wasn’t hard to locate people who could help the couple with questions about personal finances or immigrant law, but no one specialized in both subjects.

“All of the financial professionals I spoke to basically put their hands up and told me there was nothing they could do to help because they didn’t know how finances related to an immigrant’s situation,” Appelbaum told us. “This caused a lot of stress in our lives for many years, and we essentially had to figure things out on our own. Our goal in starting Immigrant Finance was to share what we had been learning to help others going through the process to feel less alone.”

Ferri is Immigrant Finance’s other Co-Founder and also serves as its COO.

I’ve heard entrepreneurs suggest that people who are thinking about starting a new business should focus on providing a product or service that’s near to their hearts. Many entrepreneurs believe new business owners will be more motivated to succeed if they can relate to their customers’ circumstances.

Immigrant Finance knows what it’s like for someone to move to the U.S. and not understand how to get ahead with their finances. Appelbaum told us the company’s main focus is providing educational content for the immigrant community. 

Immigrant Finance provides a wealth of free tips through its blog and social media platforms. And Appelbaum also hosts a podcast that covers financial topics important to immigrants. 

Immigrant Finance’s primary program is its Immigrant Finance School, which helps students navigate financial systems they’ll face in the U.S. and learn how to set and reach money goals.

“We help immigrants learn to start investing so they can begin to make their goals a reality,” Appelbaum told us. “The majority of our students are the first investors in their families, so they didn’t have financial guidance from their parents or anyone else in their community. They’re the brave ones who really want to be able to build wealth, but they just need a little bit of guidance and support to figure out how to get there.”

People can struggle to find their financial footing in the U.S. when they don’t have a credit history, but they can build their credit over time if they have the proper identification. 

Those born in the U.S. may take their Social Security number for granted. Appelbaum told us that immigrants who don’t have a Social Security number can still get a credit card if they have an Individual Taxpayer Identification Number (ITIN).

Armed with an ITIN, immigrants can start building credit that’ll pave the way for them to one day secure loans to buy their first cars and houses in the U.S. Immigrants with an eye toward starting their own business can also benefit from building credit. 

“It’s really important for the immigrant community to grow their credit because then they’ll be able to get lower interest rates in the future when they apply for loans,” Appelbaum told us. “It’s not totally necessary to have credit to function in the U.S., but it certainly opens doors to many options. It also helps to be able to leverage credit to essentially collapse the time it can take people to meet their financial goals.”

Consumers with an ITIN aren’t eligible for every credit card on the market. Appelbaum told us only certain card companies will accept applications with an ITIN. Immigrant Finance recommends taxpayers with ITINs who are looking to build their credit history apply for a secured card, which several issuers provide to those with ITINs.

Applying for an ITIN isn’t hard, but applicants need to be mindful of the process to ensure they follow the necessary steps. Immigrant Finance provides an overview of applying for an ITIN on its website.

“Applicants have to fill out a very simple one-page form called a W-7 that is submitted to the IRS,” Appelbaum explained to us. “That’s the easy part, but what can make it a little complicated is when it comes to submitting their identification documents to the government. You can mail them your documents, but many people prefer to not send their documents in the mail and wait for the government to get back to them.”

ITIN applicants can meet with an Acceptance Agent to review their documents before submitting them. Acceptance Agents are located throughout the U.S.and many other countries around the world. Appelbaum told us that you can also schedule an appointment directly with the IRS to show them your documentation prior to submitting it.

People seeking an ITIN must file their W-7 form with a tax return. Appelbaum told us she recommends ITIN applicants work with a tax professional who can help them file a tax return even when they haven’t earned any income over the past year.

Immigrant Finance School students take courses online and receive coaching to guide them toward growing generational wealth. Appelbaum told us attendees can meet with coaches in a group setting or one-on-one for more personalized support. More than 300 people have participated in their programs and workshops.

“The online course combines 10 years of research and maps out how the immigration law and financial systems work together,” Appelbaum told us. “It draws on our personal experiences with different strategies and shows you step by step how to navigate things from the perspective of an immigration attorney and an accredited financial counselor. The course is built around what we needed going through this process and what our students have needed over the years.”

Learning about finances isn’t always thrilling, but it can be exciting for investing newcomers to see how a relatively small amount of invested money can grow over time. Appelbaum told us that, other than building credit, the main challenge immigrants have with finances is learning how to make their money work for them via investments. Immigrant Finance directs people to investing platforms that offer low fees and a high level of customer support.

The company offers numerous other courses that take place outside of the Immigrant Finance School, including a class that teaches new arrivals to the U.S. their rights in the financial system. Appelbaum told us the course also dispels myths about options immigrants have available to them in managing their money.

“We also have a master class that covers how to buy a home as an immigrant,” Appelbaum told us. “It goes through all the steps people take when buying their first property, from the early stages of financial planning to all the logistics that come with the actual purchase. Then we have a lot of courses and resources centered on entrepreneurship and business development.”

New endeavors can grow stale without a quantifiable goal. A dieter who says they aim to “lose weight” may end up losing something else — their motivation — quicker than someone with a goal of shedding a specific number of pounds. Immigrant Finance helps those it works with to develop goals they can use to track their progress.

Though moving to a new country can be intimidating, a little encouragement and perseverance can help immigrants succeed.

“I encourage immigrants to learn to use credit responsibly and avoid the materialistic culture that can lead to significant credit card debt,” Appelbaum told us. “Shift to the things that will actually build wealth, like investing in real estate, the stock market, and your own education.”