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INVEST // FINANCIAL LITERACY

FINANCIAL LITERACY IN THE

CARIBBEAN AMERICAN COMMUNITY WRITER EARL CARR PHOTOGRAPHY JORDAN HOLLENDER

ONE OF MY FAVORITE STORIES is called “The Parable of the

advisor and developing short, mid, and long term ﬁnancial goals.

Talents.” The story describes a master who entrusts each of his

Depending on your situation, recommendations from your advisor

three servants with a sum of money while he is away. Upon his

might include contributing to a retirement plan at work, saving

return, the master evaluates how well each servant invested his

to buy a house for the associated tax beneﬁts, establishing an

money. If the servant showed a return on investment, that servant

emergency fund, and buying insurance if starting a family.

was rewarded with more wealth. However one of the servants

Other steps toward better ﬁnancial literacy could include

made no investment, and as a result had his wealth stripped and

reading articles and books on wealth management from well-

given to the others. The message here is that it is critical to our

known authors like Dave Ramsey, who wrote the New York Times

quality of life that we reap a return on our investments of time,

Bestseller “Financial Peace.” One of Ramsey’s suggestions is for

resources and money.

parents to have children pay a percentage of their college tuition.

By and large, the Caribbean American community is regarded as

This way, the college students take ownership and are more

entrepreneurial, diligent and hardworking, but are we ﬁnancially

invested in the process. A popular TV show hosted by Suze Orman

literate? Unfortunately, the majority is not.

provides advice on how to take charge of your personal ﬁnances at all levels of your career.

A LACK OF FINANCIAL LITERACY

Now more than ever the good news is that there is a plethora of

In 2016, according to the National Capability Study nearly two

resources to help people gain more basic knowledge on ﬁnancial

thirds of Americans were unable to calculate interest payments

literacy. For example, two recently developed online games called

correctly. About a third said they wouldn’t even know where to

Payback and Spent help individuals better track loan obligations.

begin. In the Caribbean community, factors like a lack of ﬁnancial knowledge, bad credit, signiﬁcant student loans, and excess credit use especially for “wants” and not “needs”, all undermine effective wealth building.

EYES ON THE PRIZE Taking concrete steps to change how we think about wealth is important. But there are other critical steps and habits we need to

In order to address this issue we have to ﬁrst recognize the

inculcate as well. Ensuring that at an early age, children develop

problem. Like an alcoholic, you have to admit that you have a

good habits like doing chores around the house in exchange for

problem to know you must seek help.

some type of monetary compensation, or obtaining a part time job, helps them understand that there is no such thing as a free

KNOWING WHAT YOU DON’T KNOW Becoming aware of the need for financial literacy is a great first step. Your next step could be deciding to work with a financial

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lunch. I am blessed to have a wife (Johanna Pan-Carr) who consistently reinforces this with our kids.

INVEST // FINANCIAL LITERACY

I LEARNED EARLY ON IN LIFE WHAT IT WAS LIKE TO LIVE WITH LIMITED FINANCIAL RESOURCES. I GREW UP IN A SINGLE PARENT HOUSEHOLD IN NEW YORK CITY - A ONE BEDROOM APARTMENT IN WHICH ME, MY SISTER AND MOTHER, SLEPT ON ONE BED.

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INVEST // FINANCIAL LITERACY

FUNDAMENTALLY CHANGING THE MINDSET OF OUR COMMUNITY REQUIRES UNDERSTANDING THAT THE BEST TIME TO INVEST WAS 20 YEARS AGO.

I learned early on in life what it was like to live with limited

Though by and large, at a sub-cultural level in the US, Asian

ﬁnancial resources. I was born in Panama. My father is Jamaican,

communities in particular tend to be more ﬁscally conservative,

my grandmother was a seamstress. I grew up in a single parent

both communities place a high premium on education.

household in New York City - a one bedroom apartment in which me, my sister and mother, slept on one bed.

A fascinating statistic contrary to the popular belief that Asians are the highest academic achievers, is that Africans who migrate

When I was twelve, I wanted a $320 GT Performer bicycle I had

to the US have the highest educational levels out of any ethnic

seen in a store. My mother told me that if I wanted it I needed to

group in the country. According to census data, almost 40% of

get a part time job. I started delivering Chinese food after school

Nigerian Americans hold bachelor’s degrees, 17% hold master’s

and earned a salary of $5 dollars a day plus tips. In three weeks, I

degrees, and 4% hold doctorates, more than any other US ethnic

had earned over $400.

group. 25% of black South American immigrants are college

I had the greatest satisfaction walking into the store with wads

degree holders, followed by those from the Caribbean at 20%.

of one and ﬁve dollar bills, and walking out with that new GT

Although black immigrants have similar levels of educational

Performer. The owner of the bike store only saw the crumpled

attainment as Americans overall, their median annual household

notes in my hand, but what my mother taught me was that

income for in 2013 was $43,800. That’s roughly $8,000 less

whether it was pouring rain or really cold outside, I had to put the

than the $52,000 median for American households in general,

work in towards fulﬁlling my dream!

and $26,000 below that of Asian immigrants, whose median

In our community, children need to know where money comes

household income is $70,600.

from (work) and how they can get more of it (education). Children

Fundamentally changing the mindset of our community requires

need to understand that money is not just for spending. It is also

understanding that the best time to invest was 20 years ago.

for saving, investing, donating etc.

The second best time to build wealth is today. As with the “The Parable of the Talents” we all invest in something. How will you

COMMUNITY PROFILES Let’s look at Caribbean and Chinese communities, both of

invest today?

which I am personally a part. A commonality is that both have had a long history of entrepreneurial creativity, especially with small businesses. In contrast, if you were to compare the economies in

Earl Carr is a Managing Director at Momentum Advisors, an

the Caribbean against those of China, Hong Kong and Taiwan, you

international wealth management ﬁrm based in New York City.

would see that the Asian governments have implemented policies

Momentum Advisors was featured on the front cover of Financial

supporting increased investment in education, and promoting

Planning Magazine for their October 2017 issue. Mr. Carr is also an

more inbound and outbound ﬁnancial and industrial investment.

Adjunct Professor at New York University. He can be reached at:

Many countries in the Caribbean are only recently taking ﬁrm steps

earl@momentum-advisors.com

in that direction.

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INVEST // A STUDIO IN YOUR POCKET

A STUDIO IN

YOUR POCKET

WRITER CALIBE THOMPSON PHOTOGRAPHY JUSTIN ATKINSON

FOR ASPIRING MUSICIANS WITH LITTLE OR NO PRODUCTION BUDGET, ACCESS TO A ROSTER OF A-LIST PRODUCERS, RECORDING STUDIO AND VIDEO PRODUCTION FACILITIES IS THE STUFF OF DREAMS. ENTER, RECORDGRAM.

IT’S AN IOS (APPLE BASED) APP that allows vocalists to

Startup Battleﬁeld at TechCrunch Disrupt NY 2017, and they’ve

license beats from chart-topping producers like Timbaland, Will

been featured on the pages of Forbes and Billboard magazines,

I Am, Supa Dups and StreetRunner for as little as $1.00 per track.

and leading industry websites Medium.com and Crunchbase.com.

Using the app, you can then record original songs with multiple

The man responsible for developing the powerful technology

vocal tracks, and even create music videos, all from the comfort

behind the app is Grammy-winning music producer and DJ

of wherever you, and your iPhone or iPad, are. From within the

Winston “Blackout” Thomas, who in 2007 topped the worldwide

app, you post the masterpiece you’ve created to a social media

music charts with the record This Is Why I’m Hot in collaboration

platform of your choice, et voila! You’re on your way to super

with hip hop artist, Mims. The pair teamed up again to make the

stardom… theoretically anyway. Currently, the app is a $2.99 per

RecordGram app a reality.

month subscription, and music is licensed at a maximum of $5.00 per track.

According to Thomas, “Mims came to me with the idea of putting my beats into a mobile recording studio that would help

RecordGram Inc, the development team behind the app,

us discover new artists. I loved the idea but wanted to make it

recently raised $1 million in capital from funders including

bigger by bringing in other great producers, taking it worldwide,

Lightspeed Venture Partners, one of the major investors behind

and getting artists excited about working with original producers,

SnapChat. They’ve won a number of pitch competitions, including

as opposed to recording on karaoke beats.

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“I had a background in website design, so I immediately started

Thomas got his start in music following in the footsteps of

putting together ideas of what the user interface (UI) would look

his Jamaican father, who was also a DJ. He recalls selling out of

like, and had the ﬁrst draft of the front end done within a week. I

mixtapes in high school, touring nationally with artists like Jadakiss

went and Googled ‘how to develop an app’, then got to work. We

in the early 2000s, and working in radio, before a chance meeting

had to bootstrap, meaning work with a very limited budget. I was

with Mims in 2004 catapulted them both to global success.

up at all hours of the night with our guys in India for months to get the original version done.” A growing number of monthly subscribers, as well as producers who also pay a subscription fee to list their beats, are currently using the app.

With their most recent round of funding, they’re developing a more robust version of the RecordGram app that also works on the larger android platform. It’s been more than ten years since the worldwide success of their hit song. Now, they are once again poised to share their

Beyond developing the app, the duo of Thomas and Mims,

collaborative efforts with a global audience, this time with an app,

along with business partner Erik Mendelsohn, have begun to act

and they and their million dollar investors are very hopeful that the

in an A&R capacity. They’ve already discovered multiple acts who

team can hit the top of the international charts, one more time.

are gaining popularity through the app, and facilitated recording

deals with major record labels.

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INVEST // CARING FOR YOUR PARENTS

UNDERSTAND THEIR FINANCIAL SITUATION

No matter what, caring for elderly parents will cost money. You will need to ﬁnd out how well your parents have prepared for retirement with savings and investments including Social Security, IRAs, 401Ks, etc. You will need to think about future care, medicine, supplies and very importantly, you must

CARING FOR YOUR FOLKS WITHOUT

GOING BROKE WRITER SANDRA SPENCE

PHOTOGRAPHY SUPPLIED

consider where your parents will live, and how much it will cost. 2.

GET PROFESSIONAL HELP

Most people have no experience in caring for the elderly, and are unaware of how complex it can become. Fortunately, professional guidance is not hard to ﬁnd. Consider getting a care manager to assess your situation. These professionals work with families to determine the best course of action for housing, legal services and other necessary considerations. A good resource is the National Association of Professional Geriatric Care Managers. (www. caremanager.org). You will also need to ﬁnd an attorney to guide you regarding a living will, healthcare proxy and other legal issues, on your parent’s behalf. 3.

LEARN ABOUT MEDICARE AND MEDICAID.

Most younger people assume that the standard programs will cover an elderly person’s healthcare when the time comes. Alas, they don’t. Medicare

AS OUR PARENTS AGE, THEY MAY

for instance, in most situations, will cover hospital, medical and prescription drug costs, but it will not cover nursing home stays. Medicaid will take care

BECOME MORE DEPENDENT ON THEIR

of nursing home expenses, but only for people who have exhausted most

CHILDREN AND EXTENDED FAMILY FOR

of their assets. The limitations of these programs often come as a shock to

BOTH PHYSICAL AND FINANCIAL SUPPORT. WHEN IT’S YOUR TURN TO HELP TAKE CARE OF THE FOLKS WHO WERE ONCE YOUR CARE GIVERS, HERE ARE A FEW TIPS TO HELP YOU BE A GREAT GUARDIAN, WITHOUT GOING BROKE.

children, so do your research and know the facts. 4.

GET THE FAMILY INVOLVED

If you have siblings or other willing family members, don’t try to do it on your own. Enlist help from other relatives to help ensure that it’s a family effort. 5.

MAKE YOUR OWN RETIREMENT PLAN

Consider your own ﬁnancial situation carefully. How will your future be affected by your new role as a caretaker? Are you able to live comfortably if you are unable to work? Planning for yourself is just as important as planning Sandra Spence is the VP of Advertising and Public Relations at We Florida Financial Credit Union

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for your parents. Seek advice from a qualiﬁed adviser to prepare for a stable future and a good quality of life for your parents.

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FEATURE // THE RECIPE FOR SUCCESS

THE RECIPE FOR

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FEATURE // THE RECIPE FOR SUCCESS

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INSPIRATION // THE MAN BEHIND THE BRAND

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INVEST // VENTURE CATALYST

VENTURE CATALYST PRO KITCHEN HUB WRITER 021,48( 0&,1726+ PHOTOGRAPHY '$9,' , 08,5

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INVEST // DAPPER DOLLARS

DAPPER DOLLAR$ IN THE WORLD OF HIGH-END FASHION, TALENT IS THE HEART, BUT MONEY IS VIRTUALLY THE LIFE BLOOD OF BUSINESS. DESIGNERS MUST GAIN INDUSTRY RECOGNITION, MAINTAIN RELEVANCE, AND ESTABLISH AND SUSTAIN FINANCIAL PROFITABILITY TO FIND LASTING SUCCESS. MONEY MAY NOT BE THE MOTIVE, BUT YOU CERTAINLY CAN’T DO HIGH-END FASHION RIGHT WITHOUT LOTS OF IT! WRITER HOWARD CAMPBEL PHOTOGRAPHY RICHARD LECOIN

ISLAND ORIGINS SPOKE TO THE MEN at the helm of two successful fashion houses, Bill Edwards Clothing Company and Garçon Couture, who helped us understand how they thrive tactically and financially in the fiercely competitive high-end fashion industry. GARÇON COUTURE A wealthy clientele offers a great support system for Jean Francillon and Ilbert Sanchez, principals of Garçon Couture, an online menswear company with physical locations in Miami, Florida and Grand Central Station in New York City. Haitian-born Francillon, and Sanchez, a Honduran, met as college roommates and decided to merge their talents for a fashion venture. With Francillon’s sharp eye for stylistic detailing and Sanchez’s expertise in entrepreneurship, Garçon Couture was born, and officially launched on Black Friday in 2016. Their clients can order online, and customize everything from fit, to monogram and lining via digital or in-person consultation. Their finely milled fabrics are sourced from Italy and Shanghai. “Our target market is 65 percent men / 35 percent women between ages 22 and 47,” Francillon explains. “From the experience of designing your piece with one of our team members, to the fit of your garment; these are all hallmarks of the Garçon experience. We create pieces that our competitors are not, because we create with our clients. Perspective is not something you can reproduce or mimic,” he asserts. Their celebrity client list includes actors Rotimi and Omari Hardwick from Power, Caleb Mclaughlin of Stranger Things, Joel Embiid of the Philadelphia 76ers, Tahiry Jose of Beautiful Destroyer, and Jamie Hector from The Wire. High profile support does not encourage complacency for Francillon, Sanchez, and their staff of four.

islandoriginsmag.com

PHOTO: JEAN FRANCILLON

WE HAVE RETURN CUSTOMERS. THEY RARELY JUST COME AND GET ONE SUIT. OUR WORD-OF-MOUTH CLIENTELE IS GROWING IMMENSELY AND OUR SOCIAL MEDIA PRESENCE IS AMAZING. “In business, there are always challenges. Sometimes we come across hurdles that require a lot of problem-solving. Being in a climate where we have four seasons, we learn to adapt with the traffic flow depending on what season it is,” Sanchez explains. “Summer is usually our slow season. So… we actually increase our marketing tactics to maintain our profitability margins.” Typical of a growing business, the partners have a tight-knit crew and every cent counts as they seek to expand. “We source the capital ourselves and reinvest our profits into the business. We do all custom tailoring,” Francillon says. Though aggressive social media campaigning is one of Garçon Couture’s main marketing strategies, Francillon points to customer satisfaction as a key element in their growth. “We have return customers. They rarely just come and get one suit. Our word-of-mouth clientele is growing immensely and our social media presence is amazing,” Francillon says. “What you see is what you think you will get, but when you get it, it’s 10 times what you ever imagined. All of our clients leave our showroom with the WOW factor. Always a great feeling.”

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PHOTO: EVERT LAING

INVEST // DAPPER DOLLARS

IN FASHION, IF YOU’RE NOT MANUFACTURING YOU’RE NOT DOING ANYTHING. IT JUST MAKES NO SENSE. BILL EDWARDS Bill Edwards, one of Jamaica’s premier clothing designers, is a highly recognizable name in men’s design on the island. Five years after he began producing custom-made suits, he was approached by Elias “Lee” Issa, a leading hotelier in the island, and owner of a high-end retail clothing chain called Lee’s Fifth Ave. “He told me that we have something special and we should go for branding,” Edwards recalls. “He put our products in his hotels and stores, and that really put Bill Edwards designs out there.” The Bill Edwards line was officially launched in 1997, amidst a financial crisis in Jamaica. It was not the right environment to seek investors, especially for an industry not known for making quick returns. “When I started out, there was hardly any bank that would look at me. It was the 1990s in Jamaica and interest rates were through the roof,” Edwards says. “But we persevered and got assistance… the key thing is, I paid my bills!” He also paid his dues. While raising capital was critical for expanding his fledgling enterprise, it was Issa’s faith in Edwards’ talent, and his access to ideal distribution channels, that created the right environment for the designer to succeed. Within months, his Italian linen suits, shirts, and shorts were displayed in Lee’s stores, as well as shops at his Couples Resort. Today, Bill Edwards clothing is sold throughout the Caribbean—in Barbados, St. Lucia, Trinidad and Tobago, and the United States Virgin Islands. Jamaican politicians such as former prime ministers P.J. Patterson and Portia Simpson Miller have worn his creations, as have popular dancehall artists such as Beenie Man. Now 63, the designer says his business turned the corner about 10 years ago when he acquired a factory space in Kingston, Jamaica’s capital. He is currently creative director of a company that employs 32 people, including five designers, and when the demand increases going into the December holiday season, he hires more people. “In fashion, if you’re not manufacturing you’re not doing anything. It just makes no sense,” he says. Edwards travels to fashion conferences throughout the Caribbean and United States, introducing his line of “Caribbean chic” to new interests. He’s also been to Poland and Lithuania to source material for his product.

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