For Beny Pérez-Reyes ’09, entrepreneurship means being in charge of your life.
“Money is about freedom for me,” he says. “It gives you the luxury to make choices. I have a nine-year-old son with autism. Being able to go to his school meetings, being able to go to his doctor’s appointments — that’s what entrepreneurship has done for me.”
Pérez-Reyes earned his degree in Latin American, Caribbean, and Iberian studies, but he also took a lot of economics classes. He graduated in the middle of a recession (“a phenomenal job market,” he says, “and I mean that as sarcastically as possible”) and endured several months of unemployment before taking a job as a teller at a credit union. Within half a year, he had worked his way into a managerial position, and he began helping families work to improve their financial position. In 2018, he launched Clover Phoenix Capital, a financial consultancy, before becoming a division leader at the financial services company Primerica. He offers his tips for how to make sound financial plans.
What’s the first thing people should do to improve their personal finances?
For starters, I’d have to say that most people are averse to even having that conversation. People have a toxic relationship with the idea of money. And because of that, a person like me has to be very pointed in providing education and value. I start by talking to people about the three M’s: mentorship, mindset,and money.
Why is mentorship important?
Many people stray away from the idea of receiving coaching or mentorship because they feel they ought to know what they don’t know. An admission of not knowing is interpreted as an admission of stupidity. People aren’t stupid; they’re just not informed.
How do you talk about mindset?
People grow up with certain ideas or certain belief systems, and I want to meet people where they’re at so they can accomplish their long-term goals. When you talk about money with people, they can feel like they’re drinking through a fire hose. I’m very mindful to try not to use jargon or industry speak when I’m talking to people — budgets, allocation expenditures — things of that nature make people’s eyes start to glaze over. Instead, I talk about what would potentially affect their children, trying to save for their education.
What do you want people to know about money?
Money is a tool. We want to address what is important to that individual. And everybody has a hierarchy of importance or values when it comes to money. Is it driving a really fancy car? Is it living a life of luxury? Is it vacations? Is it putting their child into school? Is it buying a home? How do we make money satisfy the hierarchy of needs of that individual and meet it with a realistic game plan?
What should people know if they want to launch their own business?
I think that our society glamorizes entrepreneurship. You get an LLC; you register with the state; you get a tax ID number; you’re in business; and you’re off to the races and a millionaire. Not the case. Over 50 percent of businesses — approximately three million businesses in this country — are one-employee businesses, where the owner is the sole employee of that business. That’s essentially somebody who got frustrated with being an employee and said, “I’m going to be my own boss.” I’m a big believer that everybody has the capacity to own their own business, but their mindset is what prevents them from pursuing those ideas.
What are good books for prospective entrepreneurs to read?
Two books that I read that changed my life are Rich Dad Poor Dad by Robert Kiyosaki and The E-Myth by Michael Gerber. E is for entrepreneur. They gave me a new perspective on money. The employee and the self-employed individual trade time for money. The business owner leverages talent for capital. That was a completely mind-blowing concept to me. Those two books helped me think about being a business owner.
