Like everyone else, Hispanics hope to achieve their American Dream. Yet, according to the second nationwide study in Massachusetts Mutual Life Insurance Company’s (MassMutual) State of the American Family series, conducted by Forbes Consulting Group, 39 percent of Hispanics believe the American Dream is disappearing. Whether it’s sending their child to college, saving to retire comfortably or taking care of elderly parents, tough times and competing priorities are making it harder for Hispanic consumers to make their Dream a reality.

Consider these findings from the Hispanics surveyed for the State of the American Family survey:

• Twenty-eight percent feel they should be doing more to save for the future but right now they are just struggling to get by.
• Twenty-six percent wish they were more in control of their finances.
• Eighteen percent say that limited credit access is making it harder for them to reach some of their financial goals.
• Thirty-three percent say their financial situation is the number one stress in their life.

However, with a sound plan, consumers still can make their American Dream a reality. That’s why it’s important that anyone with financial goals start now, get aggressive and create a foundation to fund their dreams. Here are some tips from MassMutual on how to begin creating a more concrete foundation for the future.

• Assess your and your family’s financial goals and priorities together – Families often know what they need to do, but don’t have a firm and realistic plan in place. To get there, prioritize by looking at the entire family’s goals and needs and then create a long- and short-term strategy.
• Establish a plan for saving now and in the future – A limited income doesn’t have to be a barrier to accomplishing one’s financial goals. Careful examination of a household budget often can identify areas where a relatively painless cutback can free up funds for savings. Or assess skills and interest that can help you earn additional income to supplement longer term planning.
• Seek sound financial information – Now is the time to learn about long-term financial services and products that can assist you in securing your future. While many Hispanics wish their parents had taught them more about finances, the opportunity to learn still exists. One way to learn is by taking a financial workshop in your community or working with an experienced financial services professional.