Entrepreneur Creates a Bilingual Platform to Make Retirement Saving Easy

Within minutes of meeting financial entrepreneur Carlos García, you feel like you’ve known him for years, and suddenly, you’re discussing how to solve Americans’ lack of retirement savings.

“It is possible,” said the 37-year-old about one of America’s biggest challenges, “if you have the passion for it.”

This past February, García launched a startup aiming to do just that. Finhabits is a bilingual digital platform that gives investment advice and teaches and encourages individuals how to invest and save for retirement.

This, he explained, came from his realization that he grew up knowing very little about building wealth and saving, something he learned while working at his first job at Merrill Lynch in NYC.

“I never opened my 401K packet from H.R., and after three years, my colleague said, ‘I already have $30,000 saved for my retirement and the company matched it,’ and I said, ‘What?’ All these terms I didn’t know, and then I thought about all the people I know, and maybe their parents didn’t teach them either.”

García said that while his parents instilled in him an ethic of hard work, they were not familiar with long-term financial planning.

According to the Economic Policy Institute, this is indeed a common occurrence among Latinos. Only 26 percent of Hispanic families had retirement savings in 2013, compared to 41 percent of black families and 65 percent of white families.

“I got frustrated when I looked at my Merrill Lynch plan, but then I thought about the people who don’t work for a corporation and don’t have a pension,” said García. As fewer Americans work for big companies with 401Ks and pension plans, it’s even more imperative, say experts, that individuals know how to chart out their own savings.

Research by the National Institute on Retirement Security confirms that only 38 percent of Latinos, versus 62 percent of whites, have access to a retirement plan through their employer.

“Most people don’t contribute money to their retirement —what is going to happen when we reach 80? I thought to myself, “This is a Latino problem.”

García designed Finhabits as a platform that helps people who have never invested, develop the habit to do it. “If I can make saving for retirement more accessible and cheaper, it’s a winner — it’s just like going to the gym,” he said. “We text you to give you a nudge to contribute on a weekly basis.”

So far, Finhabits has been highly active in Texas, Florida and California. Most clients are new investors in their 30’s and saving for retirement using Roth IRA’s, contributing an average of $40 a week.

“We want to be in as many Hispanic-driven places as possible,” said García. “Any citizen or permanent resident can open an account. Eighty-five percent of our clients have never invested or had a retirement account before. Ninety-five percent of our users are mobile audience.”

What differentiates Finhabits from other digital financial apps, said García, is that it’s focused on long-term financial habits. The digital platform charges $1 per month for accounts under $2,500 and 0.5 percent per year for accounts that pass that amount.

“Many Latinos don’t retire and keep working, because they have to, but what happens if you get a health issue?” said García. “And there’s a difference between having a savings account and investing…Ideally, I want everyone to put 5 percent of their income away annually.”

García said that no matter how much one puts away, it’s best to just do it and not to put off saving.

García is no stranger to solving problems. He spent his formative years alternating between living in El Paso, Texas where he was born, and Juárez, Mexico, the birthplace of his parents —studying in both countries and speaking both languages. He left the U.S.-Mexico border when he got accepted into MIT, one of the world’s most prestigious universities —to study electrical engineering and computer science.

“I was an electrical engineer first, and electrical engineering teaches you how to solve problems,” said García. He later switched to a finance career in risk and asset management.

Though he has navigated in the high-stakes and lucrative world of finance, García sees his mission as helping support underserved communities, beginning with Latinos.

In 2010, after nearly a decade in Wall Street, García and a few friends from Mexico saw a need to help children affected by drug-related violence in Juarez. They formed Project Paz, a non-profit that partners with artists and socially-conscious brands to host fundraising events. The proceeds fund after-school art programs in Juarez. In the past seven years, more the 6,000 children have benefited from the program.

Apart from his philanthropic work, García is focused on helping propel what he thinks is a bright future for Hispanics.

“Latinos are the only group who has had income growth since 2008– so there is a huge potential that we are going to be the next wealthy class.”

However, García says saving money for retirement and building a nest egg has to be every individual’s own priority.

“It’s important that you take care of yourself, because the government is not and your employer is probably not,” said García. “If you spend an hour per year thinking about what you do with your money, you can double your wealth in retirement.”

Originally published on NBCNews.com.

Latina veteran honored as “Champion of Change” for work on clean energy

Elizabeth Perez Halperin while serving in the U.S. Navy. (Courtesy Elizabeth Perez Halperin)

Elizabeth Perez Halperin while serving in the U.S. Navy. (Courtesy Elizabeth Perez Halperin)

After being in charge of refueling aircraft in the U.S. Navy for eight years, Elizabeth “Liz” Perez-Halperin says she got interested in reducing the nation’s dependency on oil as well as its energy consumption. In 2010, the Wounded Warrior veteran founded GC Green Incorporated — a company providing job training to veterans in the renewable energy industry, teaching them entrepreneurship skills, and providing clean technology industry job placement assistance.

On Tuesday, Perez-Halperin was one of 12 national heroes honored at The White House as “Champions of Change.” The event celebrated veterans of Iraq and Afghanistan who are doing extraordinary work to advance clean energy and increase climate resilience and preparedness in their communities. The U.S. Secretary of Energy, Dr. Ernest Moniz, thanked the honorees for their service — past and present.

 “I got a call in September from a gentlemen from The White House letting me know I was selected. It was just that ‘wow’ feeling,” she says, upon hearing of the award. “It’s a time of reflection for me for my time of service and to my dad’s time in the military – all of my hard work and my dad coming to the States for a better life – it’s all happening right now.”

Perez-Halperin explains that her dad, who passed away in 1995, joined the military as a young man after immigrating from Mexico to seek a better life for his family.

“My dad is a huge influence in my life — he taught me not to complain — instead to find a solution,” she explains. “Even in the government today you see a lot of complaining, but I want to find solutions and find people to collaborate.”

RELATED: Hiring Our Heroes: An entrepreneur strives to hire veterans

The 34-year-old says – her voice shaky with emotion – that losing a close friend was one of the inspirations for building a training facility to support veterans on their own clean technology ventures. Her friend Nicole Palmer died during an attack on a Navy vessel in 2000.

“I’d like to name it after her,” says Perez-Halperin about the new center, which is located in San Diego, California, 20 minutes from Camp Pendleton. The facility will help keep veterans employed with salaries starting at $25 to 50 per hour.

“That’s our goal…I’d like to continue working on projects that will protect our nation.”

Perez-Halperin says clean energy is important to her, because people don’t realize is there is national security at stake as well, as groups and countries will increasingly fight for their share of scarce resources.

“Water conservation is huge,” says Perez-Halperin, who has been teaching about this topic at San Diego State University for the past three years.

“I strongly feel there’s evidence that our sources for water are depleting. It’s going to be our next oil. Once our water’s polluted, it’s gone.”

Perez-Halperin says she’d like to continue to grow GC Green by collaborating with the U.S. Department of Veteran’s Affairs on specialized programs.

“I’d like to open a holistic center for veterans returning from war,” says Perez-Halperin, who is also a fan of meditation as opposed to medication. “I’m also a wounded warrior, and it’s something that I do personally — it keeps me grounded.”

Perez-Halperin has accomplished much on the battlefield and now on the home front, but she says her biggest accomplishment is being able to bring her 12-year-old daughter to The White House.

“Now she has the opportunity to see why I am working so hard. That means a lot to me —  to be an example for her, like my dad was for me,” says Perez. “I want to be that example too for other veteran women.”

“Outside of the uniform, there’s so much more work we can do.”

Originally published in NBCLatino.com.