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How To Support Minorities In The Workplace

How To Support Minorities In The Workplace
How to help Latinos pursue their dreams

Tell us about your entrepreneurial journey

“My entrepreneurial journey started in March of 2002,” said Aquiles Larrea Jr., founder and CEO of Larrea Wealth. “I was with a wirehouse that shall remain nameless. I was with a couple of them. And I said to myself: ‘There really is no firm that is concentrated on growing the Latino population here in the United States. Now, I might have been a little early to the punch. But I knew there was definitely a space for them. And I said ‘I’m gonna start one.’ And bit by bit, we’ve been growing the firm every single year.”

What does the firm do?

“Its focus is on wealth management. That can mean a lot of things, but it is working with the best advisors out there. Not just wealth managers, but CPAs and attorneys. All the people who can really help you to create what I call in my book the empanada of success.”

What are the benefits of entrepreneurship?

“You’re controlling your own destiny, but at the same time, you have to be the driver of your own business. Nobody is going to tell you ‘Hey Aquiles, get to work!’”

How are you helping Latinos pursue their dreams?

“The funny thing is that I never concentrated on the Latino until about three years ago when I wrote “Your Money And You,” the ultimate wealth guide for Latino entrepreneurs and executives. That book came out and all of a sudden people were coming to me. It has a pull because not really a lot of people are doing this … Your average millionaire is really that guy or gal next to you that never spent more than $300 on their watch, or they own their car outright. We need to take a step back and say that our spending needs to go down. It’s a mindset. And it can absolutely be down. I have counseled millennials on not only reducing their college debt but to put away for retirement. I always tell them, there are ways to put 10 bucks away into the market, or to change the way that your debt is structured. Take small steps — baby habits — like Starbucks, sometimes $8. You take that money and put it away, you would have over a half million dollars. Where there is a will, there’s a way. Don’t tell me ‘no’  because I have seen it. Just stay in one day a week and you’d save yourself upward of $160 dollars a month. People should be optimistic about their financial outcomes. At the end of the day, anybody can promise you to make X amount of money. All financial advisors sound the same. I said ‘screw that,’ let’s concentrate on what is the positive here, that you can put the littlest amount away, and you are establishing that habit, which is more important. The habit is more important than the long-term view. How can you run a mile if you haven’t run for five minutes?”

 

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