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Norton (2000) argues that investment in L2 acquisition is also an investment in learner identity, which changes in the context of time and space – a notion that also has relevance for heritage learners. As such, the purpose of this study is to examine investment in language learning among HL Spanish speakers and the role of identity in their learning experiences. This study comprises of ten participants enrolled in an HL Spanish course who completed a background questionnaire, interviews, and writing prompts. Using narrative analysis, this study examines participants’ reflections on their heritage identity, HL exposure, and their investment, experiences and progress in their HL course. Results show that participants demonstrate varying degrees of investment in the HL, and heritage identity plays a role in this variance.