There are days when I have the very same questions that the little girl above has. There are many terms floating around for people born in either Central or South America. If you add in to that mix people born in Spain, one can have an interesting challenge in deciding what terminology to use.
The question of a name is an old question. Both derogatory and self-laudatory terms have been part of human discussion for a very long time. In the USA of the 19th century, Mick was a derogatory term for a person either from Ireland or who had Irish parents. The Scots in the USA do not seem to have a commonly recognized derogatory term. I suspect that is because anyone who wears a kilt while throwing what looks like a telephone pole around is not a person that you really want to insult. (Did you recognize the stereotype in the last sentence?)
I think my favorite term for myself is “grandpa.” Frankly, I tried to get the grandkids to call me “abuelo” but they are growing up here in the USA. So, abuelo never stuck with them. So, I guess what I am is a grandpa. I will just have to settle for that.