Students from minoritized backgrounds, who disproportionately face higher poverty rates, are more likely to encounter risk factors, which tend to undermine individuals' broader well-being by compromising self-regulatory processes. Yet, sociocultural theory highlights the presence of minoritized families' cultural wealth. Consistent with a focus on assets, it is notable that college enrollment rates have increased among Black and Latino students in the U.S. Using a mixed methods approach, the current study integrated asset and risk frameworks, in order to advance knowledge on the context of minoritized teens' college preparedness, defined here as making decisions and taking action steps toward college. Participants included low-income, predominantly Black and Latino families with adolescents (n = 344). First, drawing from the voices of families, we examined responses to open-ended questions about aspirations, supports, and challenges. Salient themes included social-emotional and social-cultural factors. Indicators of cumulative contextual risk and cumulative individual risk were based on the qualitative data. Second, we tested whether the linkage from cumulative risk indices to teens' college preparedness occurred via various dimensions of self-regulation (i.e., lower impulsivity, more cognitive control, and better organization skills), net of background characteristics. Adolescents' organization skills were a significant mediator. Possible next steps for research are discussed.