The Generational Impact of Building Wealth with Carlos Hernandez – 045

Financial literacy. Such a hokey term. But it’s for reallz.

There is way too much guessing going on. Let’s get some clarity.

Enter Charlie Hernandez. He’s got a good thing going on for the Latino community. It’s called Crediverso. I interviewed him for my podcast.

Our podcasts are interviews between Justin Krane, Krane Financial Solution’s President, and various professionals, one or more of which are or have been Krane Financial Solutions clients. However, nothing stated within the podcasts should be considered a testimonial or endorsement of Krane Financial Solutions or Justin Krane, and the professionals have not been directly or indirectly compensated for being interviewed.

Our podcasts are interviews between Justin Krane, Krane Financial Solution’s President and various third-party professionals. Noting stated within the podcasts should be considered a testimonial or endorsement of Krane Financial Solutions or Justin Krane, and the professionals have not been directly or indirectly compensated for being interviewed.

Carlos grew up in a Mexican-American family in Los Angeles that has long served the Latino community. He is an accredited attorney in California and holds three degrees from Harvard. He gave up a career on Wall Street to dedicate his time to building Crediverso – a company founded in 2019 to help people, especially Spanish-speaking consumers, take control of their financial future. Charlie is committed to helping the Latino community better understand and gain access to information about their financial options.

**SCROLL TO THE BOTTOM FOR THE VIDEO!**

Inequity in Information

There is very limited information for the Latino community about finances in the industry.
Even though their population makes up 20% of the population, big financial corporations are only spending 1% of their marketing dollars to reach these consumers.
Working in investment firms, Carlos saw no diversity in the C-Suite levels. He could not imagine the end user was being represented if there was no representation at the top.
Including communities who have previously been left out in financial education can make a meaningful difference for justice and equality.

Being Smart as you Startup

The Crediverso model never charges the end user to make money. It is an affiliate system where the different credit companies and products pay a commission to Crediverso for the leads.
The beginning of a business is an intensive learning process. It is exciting but there is so much to uncover and new landscapes to learn.
The way to launch a startup having a minimum viable product produce revenue before having a funding event is to allocate most of the labor costs to independent contractors.
The most difficult part of starting a two-sided marketplace business is timing the supply side and the demand side properly.
When building a startup do not build for yourself. What the founders find relevant can be very far away from what the end user finds relevant. RESEARCH!

Setbacks to Successes

Having a team who buys into the mission and the work helps to overcome challenges.
Surrounding yourself with a lot of smart people results in several possible approaches after a setback.
Emails sent in the evening are usually “problem” emails so it is wise to not start the day by going through your inbox.

Best Quotes:

“I’ve found that if we don’t have a voice as a community in the boardroom, in the C suite, then how can we be certain that the end consumers’ perspectives are being looked out for?”

“If we can start to move the needle on the day-to-day savings and wealth building, I think we can begin to have a generational impact. We’ll begin putting some of these communities who have been traditionally kind of left out in a better economic position”

“The most difficult piece of this business model is that we are a two-sided marketplace and creating a two-sided marketplace is really hard because you need to time up the supply side and the demand side.”

“Having people around that care about the mission, and that are smart, and you can rely on, and you can share those ups and downs with…that is so much better than having to do it on your own.”