Background: A wide array of Socioeconomic Status (SES) indicators show differential effects for the members of diverse social groups. Researchers know a little about the ethnic variation and the effects of family income on delay discounting which is the predictor of risk behaviors. Objectives: This study examined the effect of family income and its differences on delayed gratification between Latino and non-Latino children. Materials & Methods: In this cross-sectional analytical study, data came from wave one of the Adolescent Brain Cognitive Development (ABCD) study which included 3903 non-Latino or Latino Black or White American children who are between 9 and 10 years old. The predictor was family income. Data were collected from 21 sites in the US, in 2018. The outcome was the children’s delay discounting. We measured delay discounting, which reflected individuals’ tendency to assign less value to remote outcomes and rewards (inversely correlated with delayed gratification). Data analysis was done by linear regression in SPSS V. 22. Results: According to our pooled sample regression, higher family income was associated with lower children delay discounting (Beta=-0.05, P=0.021). We found a significant interaction between family income and ethnicity, suggesting that the association between family income and delay discounting is stronger for Latino compared with non-Latino children (Beta=-0.09, P=0.043). Conclusion: Not all ethnic disparities are due to socioeconomic status gaps. Across diverse social groups, differential returns of socioeconomic status indicators, such as family income, also contribute to ethnic disparities in health.