Alex Wang

Learning the US economy and financial system: Helping immigrants understand how to succeed financially

Started Dec. 5, 2023

Abstract or project description

One of the most prevalent challenges in my community–and throughout the entire country–is the array of obstacles that immigrants face. Many immigrants are starting entirely new lives in a country with systems that they are likely unfamiliar with. From navigating confusing financial systems, understanding healthcare and education, to overcoming cultural barriers and difficulties in seeking job opportunities, many immigrants encounter formidable challenges. I personally recognize this as a significant issue in any community, and thus, am heavily motivated to try to mediate it. Furthermore, I have close experience with such issues; both of my parents immigrated to the US as children, and their respective families (both sides of my grandparents) faced many challenges in adjusting to the new country. My dad’s family spent numerous years struggling to start and maintain a small restaurant business, whilst simultaneously having difficulty acclimating to a foreign financial system. My mother’s side did not fully grasp the significance of the US’ education and banking systems, and furthermore, how to best succeed within it.

As I have long considered this a problem I wanted to involve myself in, I have been striving to make efforts that will foster progress; thus, I have decided to create an economic guide. In my current vision, the end product will be in the form of a freely-accessible online resource. I’ve noticed that many pre-existing financial resources are comparable to glorified dictionaries; although they have a lot of detailed content, the information is organized by topic, rather than a course of action. The reader would have to know what they are looking for, so an immigrant starting from scratch may encounter difficulty in knowing where to start and in what order to progress. Therefore, my ultimate goal is to create a comprehensive guide that has a semblance of a flow, so it will effectively guide confused immigrants through possible step by step processes.

In its draft form, the guide’s sections progress topics such as establishing a broad understanding of the US financial system, to a comprehensive and in-depth section covering aspects of credit, to delving into personal finance, taxes, loans, etc. Furthermore, the guide also covers slightly more niche aspects of financial success, including employment, entrepreneurship, legal and immigration considerations, and even retirement. The information will be derived from a healthy combination of reputable sources and various first-hand perspectives, obtained from personal experience and community interviews.