Miguel Sanchez Robles 0:00

Welcome to the First Gen 1 0 1 podcast. Today I am joined by Eustache Clerveaux, a first gen graduate with an impressive career. In this conversation, Eustache will share his personal journey, his current work in finance, and how he empowers people through personal finance. Eustache thanks for being here.

Eustache Clerveaux 0:24

It's a pleasure. Thank you for having me, Miguel.

Miguel Sanchez Robles 0:27

the last time we saw each other, it was at a alumni event, and that's because that's one of the things that we share in common. We both attended Rockland Community College and completed our bachelor's degree at Purchase college. If I'm not mistaken your bachelor's degree is in legal studies, which is also mine. So we share definitely many similarities.

Eustache Clerveaux 0:52

Yes.

Miguel Sanchez Robles 0:53

So let's begin there. I know right now your work is in finance, but before that, when before you started college, what was your dream career?

Eustache Clerveaux 1:03

Before starting college, if I can take you back, probably when I was 12 or 13, my dream career was to be a math professor, believe it or not. Nice. And I was in Haiti. Back then, so I came here when I was 19. And I love the idea, the logic of it, math is honest. It's either you are right or you are wrong. And I love the idea of teaching other people how to, I would say get it, but when I came here to United States at 19, right? It's changed a little bit. And then I changed. I wanted to be a lawyer. So I went to, like you said, I went to Rockland Community College. That's where I get my undergrad in paralegal studies. And then I went to purchase college where I get my legal studies or my Bachelor in Legal Studies. I even took the LSAT I signed for the LSAT and took it, right? Because again, when you think of lawyers, it's a secure career, right? You'll be able to help your family. But again, after I took the L set, I found out that it wasn't something for me, there's a lot of writing. It wasn't something for me. And I, think about what do I want to do with my life and I know I'm good with numbers and math was something I'm very good at and I was trying to figure out what do I want to do. So that's how I, ended up changing career and went to finance. And that's what I do right now and work in finance. But yeah, before college was math and legal studies.

Miguel Sanchez Robles 2:33

It's interesting because I think we've had this conversation before at one point, when I say before, maybe a year or so. We talked about law school and one of the things that I mentioned. Was that now we see many people with finance backgrounds going to law school So if you are ever interested in law school, that could still be something that you can do. But now I'm sure you're very involved in your career that it almost doesn't make sense, right? Education makes sense,

Eustache Clerveaux 3:00

of course,

Miguel Sanchez Robles 3:01

but you you're in a good place in your career from what I understand.

Eustache Clerveaux 3:04

I find myself working a lot with lawyers as well, especially of what I do as well, right into the wealth management. I know we'll get into more into it. So I'm always talking with lawyers, right? Whether you know as a client or when you drafting document for my client and stuff as well. So I work with many of them.

Miguel Sanchez Robles 3:25

So you mentioned your interest for math. I like how you said math is honest because one plus one always equals two. And you mentioned you were interested into going into a math related subject, but how did you specifically land in finance? Because you could, with math. You could have taken it in different directions. I have friends who work in analytics, they work in HR or they teach. How did you find your interest in finance?

Eustache Clerveaux 3:56

Again, when I mentioned math, that's much younger when I was 12 or Turin. But again, after I went got my bachelor's in legal studies, I really did not know what to do. And the most practical thing was. Finance because it's relating with numbers, right? But if I can take you back a little bit. When I first came here at 19 years old. I'm from a big immigrant family. So I'm one of 10 children.

Miguel Sanchez Robles 4:25

Wow. Okay.

Eustache Clerveaux 4:25

And when I came here at 19, six months later, we lost our dad. So I found myself has to go to work supporting my mom and 10 other children, nine other children that they have. And that's when it was, it was a tough it was a difficult time. So I found myself. My budgeting and helping my mom. So that's how I get into the, I would say the finance part of it.'cause I thought it was all about numbers as well. But, so that's how I get into the finance, and then so that I can work, go and work, let's say in. A financial institution helping people with their money as well, because I started learning budgeting, at that time. And then that's how I ended up in, again, get my finance degree, and then working in finance and different institutions. But that's how this shift happened from I would say, legal studies to finance.

Miguel Sanchez Robles 5:20

And I think you, as we say, you hit it on the nail as to where I wanted to go, because, from your experience, I think you would agree that part of personal finance is math, right? But a big part of it is the behavioral aspect, the budgeting, the planning, the thinking ahead, the long-term planning, et cetera. And that's something you do for work. So I wanna spend a little more time on, on that part of your life. Because I think there's a lot of listeners who who will find connection there. As far as coming from large families, how was the process of going to college? Because you're saying that you had to work and you had to also provide to help your mom and your siblings. How did you manage to go to college? what did that look like for you?

Eustache Clerveaux 6:09

It was not a difficult decision because the goal was to graduate from college. That was the goal. And I will do anything just to graduate from college itself. It wasn't a degree, I just want to have a bachelor degree in something. But again, I found myself have to work and I remember I used to do two, even three job at the same time while I was going full-time in school. But again, I have to do what I have to do, right? The goal was first to graduate to get my bachelor's. But at the same time, I have to support my family. And once you put yourself, once you put your mind into something, if you really wanna do it, you will find a way to do it. So it wasn't really a, a choice for me, just it has to be done. So I just, find a way to get it done.

Miguel Sanchez Robles 6:58

That reminds me again I said this at the beginning. We share many similarities and for me it was very similar, where while I didn't have I don't come from a large family per se, but we do come from a very poor family. And so one of the blessings now. When I think about college, it's actually that, that because I couldn't afford to go to a big school or a private school, and because I had to start in community college and then go to purchase college, which was a great experience, it saved me a lot of money because I didn't have to go into debt.

Eustache Clerveaux 7:33

Yes,

Miguel Sanchez Robles 7:34

I would've pay for college. Without having to get in debt. What was that like for you? Did you have to get yourself into debt for school? Were you able to pay as you went?

Eustache Clerveaux 7:44

Early on, no. When I went to community college, not much debt. Even at purchase, I have a little bit. It's after when I decided to go into finance, which I went to get my MBA in finance at the private institutions, right? And that's when, now the debt starting to pile up and, all of those things. But early on, just to get my foot wet, I did not have to go through. All of those student learning and sometime this is some something that I also advocate for. I always tell people, now when you going to college, you have to see the trade off, right? You don't want to have, I remember there was a friend of mine who went to college, get a bachelor degree, bachelor in history, and she has, over$200,000. In student loans. So you really have to wait, do you want to take that much loan when you go to college and whether, you know when you will, you find a job right after college as well. So it's something that you really have to wait. And unfortunately for many first generations, we don't have mentorship. We don't have somebody to guide us. And getting into student loan, that's one of the easiest loan you go, you sign without knowing. Anything, what's the impact will be right later on. So it's unfortunate, it's it's something that I, when I mentor other people, I, at the end of the day, it's their choice, but I let them know, the impact they think about it.

Miguel Sanchez Robles 9:17

What you said reminds me of something that I learned from another person, and this person taught me that with student loans. You have individuals, right? 18. Yeah. 17, 18 year olds for the most part, who are taking on this amount of debt in a career that they have no idea what it's like, and so it's something worth thinking about. Is it okay? This is something that we can discuss at another time because it'll probably take another episode on its own. But is it okay for people at a very young age? Take that much money in student debt. But I wanna go back to your finance career. And for many it's getting the first job. That's the biggest challenge. And for many first gen graduates and even students, because they don't have the network, it's very hard to get that first job. Once you're in the network, it's a little bit easier for you. How was the process of getting your first job in finance?

Eustache Clerveaux 10:21

It wasn't easy. Let's say it took me probably three to four years, before I learned a job in finance. And the reason I got it, because I was working somewhere, I had to fire myself. So that I can give full attention to look for a job. And the job that I found was in sales. Which is selling, life insurance. Which I wasn't good at with at that time. I make, I still remember I make$5,000 that year. But the idea is I, it's forced myself to learn, right? So I spent a little bit over a year at that place, but I get certification because once you graduate, sometimes that's not enough and has first generations and somebody. Me who have an accent, white, African American and immigrant, you have to work 2, 3, 4 times harder to get this same position, with some other people. So it's getting certification. Every job that I got, I built on it. So I get the certification when I'm at a job, right? I go there, I do a good jobs, I get another certifications, and if they don't promote me, I promote myself by looking for another jobs. As well. But it took me three to four years before I decide, say I have to do something and I fired myself, like I said, and then start into the finance, I rather, try something and I fail instead of I never tried, and I wish I should have done that.

Miguel Sanchez Robles 11:54

That's a great mindset. I wanna highlight one thing that you said, which is promote yourself. I thought that's very wise because it's okay to have a job that's, that's steady. But if it doesn't give you the opportunity to grow there is, we do have a personal, in my belief, and I think you might share this belief. Is that as individuals we also have a responsibility to advocate for ourselves. And sometimes that means having to leave that job. So I thought that was really good, that promoting yourself is something that we don't have to wait that we can do. And then you also mentioned the certifications, which I think are really important. When you went into your MBA in finance, was this while you had your job in personal finance or how did you decide to pursue this MBA?

Eustache Clerveaux 12:44

The MBA was I starting the MBA process in 2010, and I graduated in 2000, late 2008, 2009, I purchased. And I was looking again, like I said I wanted I ended up going into finance. And that was the probably safer something that's more connecting with me. I end up going to that MBA and I was still working at another place I was doing security job at that time, but the idea wasn't where I am. The idea was where in five years. Where do I want to be in five years? So I'm willing to sacrifice right now. So in five years I can be at a better positions. And once I reach that goal in five years, I will set the clock for another five years. I don't go beyond 10 years. I stay at five years, one year, and probably three months, right? But I will set the clock. Again, I graduated with my MBA in 2013. I didn't really find a job until 20 16, 20 17 in finance, right? Like I said, I had to fire myself and I was looking for jobs, right? And I was working as a security with an MBA. I couldn't find a job in three years, four years. I said, what am I doing? I need to find a job. So I, decide, just take, let me just take a big risk. Again, I was able to take the risk because I was single. I didn't have any kids. And sometime early on, you have to take that risk because at the end of the day, if it doesn't work out, I can always find a job.

Miguel Sanchez Robles 14:21

Yeah.

Eustache Clerveaux 14:22

But is that something I want?

Miguel Sanchez Robles 14:24

Great. I think. It's very encouraging to hear that it took a few years because there's a lot of first gen graduates, and we were just talking about this before we started the recording. There's a lot of first gen, and not even just first gen, just a lot of college graduates who are having a tough time finding a job. And it took you several years, not one or two, but more to find the job that kind of led you to the next. So those. Those of you who are going to those challenges, just be patient and be encouraged that you will find something. Just continue to be persistent and I think you've carried yourself that way in your career in moving up and promoting yourself. So wanna, I wanna talk about today, what type of work do you do today and how do you help people in personal finance or any other type of finance?

Eustache Clerveaux 15:17

Now I'm currently, I'm a partner and a private wealth advisor at Fidel Wealth, which is a wealth management. And what we do, we just, helping most of my client or first generation or immigrant professional, they are the first in the family. Who sometime I say they make it right. A lot of them are doctors, lawyers, nurse. They make it, they're making over a hundred thousand dollars, 200, some of them, a lot of money. They having that career, success. How do you turn that into wealth? So I work with them to really turn those income into wealth. And what I find out is that when you work with some other advisors they really don't get your stories. I still have family back home. I have to sometimes send money. Through them, but sometime you might work with another advisor. They don't understand why you keep sending money back home, but they sacrifice their life to send me where I am now. So I feel like I'm still paying that debt, but at the same time. You have to take care of yourself, right? So it's really something that you have to balance and that weight that we carried, right? And I share that same stories with a lot of clients that I have, like I said, the first in the family, right? So at the end of the day, I just help them and there's one line. I always say, we are the first in our family to achieve that success. We do not want to be the last, we have to create a legacy for our children. My parents sacrifice their life, right? They only finished sixth grade, but they sacrifice their life so that I can be where I am now. That's a legacy for them. But now what am I doing for the next generation for my children, right? I have some debt maybe when it's come to the student loan, helping them so that they don't have a student loan when they go to schools, right? Or maybe it's the connection, right? I have some connections maybe, make sure that they have that connection. If they're looking for something. All of those things is to prepare them, for the next life, right? And that's where the legacy comes in. And sometimes people think finance, it's about money or legacies about money. Sometimes legacy is about access. And if you look at the word itself, personal finance. Personal finance, there's a reason personal come Before finance, like you mentioned before, it's more behavior. Because you can give somebody a million dollars and the next day they finish it. And you've seen that with a lot of NBA players or people who won the lottery, right? They end up where they're starting, right? So a lot of it has to do with behavior, right? And there's a reason personal finance come first, and I see that during the COVID as well. People were. Their mindset starting to shift. They care about fa their family. They just wanna make sure they will be okay, their family will be okay, their children will be okay. Those are like the question that I was serving during the COVID-19.

Miguel Sanchez Robles 18:22

I've actually heard from a few other guests on the podcast It's legacy. It's about, as you said, access and making sure your family, it's will be okay, but also being grateful and giving. What has been one of the biggest lessons you've learned about working with first gen high income earners that kind of makes you realize, oh, we really need to educate people.

Eustache Clerveaux 18:48

A lot of.'Cause we do not have a blueprint when you work with a lot of, probably first gen, let's say. You make it right and then sometime you feel like you have to show off, right? You have to go and buy the latest toys to play with, right? And sometime a lot of them think that making money, you know it's enough, right? Because it doesn't matter how much money you make, if you spend everything at the end of the month. You are not wealthy, right? And sometime one of the questions I ask them, if you lose your job today, doesn't matter how much money you make. If you lose your job today, how long will it take you before you have to look for another jobs? You might see somebody making$50,000 a year and if they lose their job, it might take them 20 years before'cause they already have enough money, right? But somebody making a million dollars, but they only have$2 million in saving. That's only two years. After two years, they have to go look for a job. So it's not really how much money you make when you make more money. That's give you an opportunity to save more. But it's not really how much money you make. And I see that a lot of with first gens, right? So they go buying the latest toys as well. And another thing that I saw with First Gens, right? Like I say, even though sometime we know we have to help our family, sometime you are the only one in your family who make. But at the end of the day, you have to take care of yourself first. That's why when you get into a plane, they always tell you, save yourself first. It's not your children, it's not your spouse, it's not your mom. You have to save your first circle. If you cannot, if you don't save yourself, you will not be able to save somebody else. So you really have to take care of yourself and then find way to help other people as well.

Miguel Sanchez Robles 20:37

That's a challenge, successful people not only have the pressure to continue to be successful, but in many instances they are the foundation, right? Like you said, you have to save yourself. So you need to be strong to also help as you've worked with your clients, what has, what is. I guess the biggest worries for first gen, so let's just say for example, you have a client who has a really good income, a really good job. Like what do first gen clients of this caliber worry the most about?

Eustache Clerveaux 21:13

And for this one, it is not just for probably first gen, it's a number of clients. It's more like somewhat. One of the worried is, am I going to be okay? And if something, if something happened to me, will my family be okay? And sometimes those are the questions sometime. We have to help them answer, right? And those are some worries that, they have when it's come to those, high incomes, right? And a lot of them living in New York City, let's say on the high. Expensive area. And they have to live. They can't move. So there's a lot of balance, that, I, they have to do. But again, they are the, sometimes they are the only one in the family who make it. They have to support other people even here. Let's say if they have, if they have the sisters or the brothers who doesn't make it, but the only one who make it right. Sometimes they feel that they have to help the other persons, but sometime when you give someone something, it doesn't have the same value when they work for it. You might want to help them, but you have to help them at the limit as well, because at the end of the day, when it's come for you to retire. Nobody's gonna come and save you. So you really have to, and sometimes we say, yeah, retirement is in 30 years, right? It's a long thing, but before you know it, it's just gonna come. And the sooner you start the better.

Miguel Sanchez Robles 22:37

So for someone who's a recent college graduate, how would you advise them now? Not as a client, but as a mentor, how would you advise? Let's pretend that someone's coming to you and they're graduating this May, and they say, Hey, what are some things that will help me be on track? To keep my finances in order.

Eustache Clerveaux 23:00

First thing, first, You really have, when it's come to cash flow or budget or sometime I call it spending plan, right? You really have to know what's coming in and what's going out. It's really doesn't matter how much money you make,

Miguel Sanchez Robles 23:15

okay?

Eustache Clerveaux 23:15

But you have to understand how much is coming in and how much is going out. Because if you spend more than you make, that's a recipients for disaster, right? So whether you make, like I said,$50,000 a year,$20,000 a year, you really have to try to really spend less than you make. I think that's the first things, right? And then if you really spending more than you make, maybe you're not making enough, then you probably, you need to look for another job because at the end of the day, you have to survive, right? But you always try to spend less than you make. And the difference now is now that's what you have to save. Or you have to invest, but you really have to control your cash flow and don't compare yourself to other people. Every, everybody's different, right? You don't know what they're going through. You might see someone is driving the latest cars, but they are in debt and you just have, a beat up cause and Right, but you have more money than them, so you really don't know what they're going through. Don't compare yourself to somebody else. I compare myself to what I was yesterday what I was last year, 10 years. And I'm always say, am I better off than what I was? But really focus on your cash flow, I would say, right? And just spend less than you make. And and trying to make more money. Look for other certifications. Whatever it is, invest in yourself so you can make more money if you need to make more money. But it's not all about money as well,

Miguel Sanchez Robles 24:48

what is something that worries you about personal finance just across the board that you see behaviors that are that kind of concern you about Why are people doing this?

Eustache Clerveaux 24:59

What I would say is, when was that? Earlier this week. I was watching tv, right? We have Amazon tv and there was a commercial, and in the TV in the bottom it said, do you want to add it to your to your Amazon shopping cart? Whatever the commercial was. I was like, wow.

Miguel Sanchez Robles 25:20

Wow.

Eustache Clerveaux 25:20

And this is a way to get you and, Amazon come with the one click. You just, you don't have to add it to your. To your basket. You just click buy now and then they just charge your card and boom, that's it. There's no the process itself, so it's so easy now to spend money. And that's one thing that's really worrying me, right? When it's come to personal finance, it's so easy to spend money, right? And with social media, you trying to sing all the time. People, showing off, you see the living the life, and you are not living the life. And that's really. Emphasize you right to go and spend money and money that you don't have. And sometimes I say, you're trying to spend money you don't have to. And plus people who don't even know you, right? And that's why sometimes, another thing is we spend money, then whatever left is what we save. It is supposed to be the other way. You save money and whatever's left you spend, how do you do that? You make it automatic when you get your check before you get your check. Automatically you have 20, 30,$40, whatever it is, that's go directly into a different account investment or another account that you don't see. You let it do its things and whatever's left you spend it. If you spending too much, maybe you know you should find a way to decrease, but don't get the money first. Right?$2,000 and you spend everything and whatever left. That's when you're trying to save. It's supposed to be the reverse.

Miguel Sanchez Robles 26:53

That's smart. Make savings part of the top right? That like coming off the top rather than just coming off the bottom in the sense of the last thing you think about.

Eustache Clerveaux 27:04

Exactly. Like out, out of, out of what is it? Out of mind, no, out of sight. There's a saying that, say something like that

Miguel Sanchez Robles 27:11

at i a sight out of mind. Something

Eustache Clerveaux 27:13

like that. Yes. I would've signed out for mine. So when you make the saving automatic, you don't see it. It is just there. And then maybe 10, 15 years later and you've been saving, you say, oh, I've been saving. And now you see it's keep going, right? So you never seen it. That's why, you know you gotta save first. And it, it's, that's the best way to really build wealth and, build legacy. I

Miguel Sanchez Robles 27:34

like that you, when you talk about wealth, I like that you're not just talking about riches or the amount of money necessarily, but the ability to have a strong plan that's gonna put you in a place where you're not in debt. So I the way I'm understanding this is wealth, not so much as having a lot of money, but maybe not owing. Either a lot of money or no money. So the opposite. So we talked about your achievements, and I know there's more to come as you continue to grow in your profession. If someone wants to connect with your services or with the people you work and in the company you, you're the partner at, how can they reach you?

Eustache Clerveaux 28:16

Again, if you go to FidareWealth.com, that's the firm that I am now, but if you go Google me, you know my name financial planner, Eustache Clerveaux, anything like that, I will come up in one of those social media. Mostly I'm active on LinkedIn, right? If you're on LinkedIn connect with me, if you have any questions, feel free to let me know. As well, I'm always willing to help. Right? Mentor, I'm mentoring a lot of other people, that, giving them mentoring a lot of other people, whether it's through the schools or how the system or they have a questions, feel free because I didn't have that when I was growing up and it's sharing that knowledge and what's. If I have some knowledge and I don't share it with other people, other first gen who's going through probably the same thing I went through 10, 15 years ago, 20 years ago. Just feel free to reach out to me if you have any questions. Social media on all social media platform but LinkedIn is the one I use the most.

Miguel Sanchez Robles 29:14

I'll definitely put all those mentions in the show notes, so when we release the episode, people will be able to click and just find you easily. There's a lot that we can talk about, Eustache. We could be here for hours. I haven't even mentioned that you sit at different boards, including the purchase alumni board. I, I believe recently you're part of the CFP Board of Ambassadors. So as far as knowledge and understanding you are. I believe the right person in this topic. As we close this episode, Eustache, this is a question I ask all our guests and that is what has been your biggest achievement as a first gen graduate?

Eustache Clerveaux 29:56

There is, I don't think there is one achievement of my life. It's more the journey. And I'm on a journey, right? And it's more the journey. And every time I've achieved something, I reset the clock, right? Like I said, I came here when I was 19. I did not speak any English, right? And I wanted to be lawyer, right? And working nonstop, getting degrees after degree, step by step, building a career. It is more, for me, it's more the journey. That's mattered to me. But if I have to choose, probably one thing I'm part of today. Probably it's been. Womb where I can open doors for other people, right? Whether serving as a CFP board ambassador, whether it is, and when somebody see me right somewhere that they say, oh, if Tash, right? Immigrant and speak English can do that. I can do it too. So those are, I would say, some of the greatest achievements. So when other people look at me, they can see themself in me. And I do the same for me too. Sometime when I look at a successful African-American immigrant, somebody who's, managing a big corporation, I see myself in their shoes and I tried to study them. I was like, what did they do? That's where they are today, whether they know me or not. But I try to follow them and study them. Sometime I even refer to them as my role models, right? So I want to be them. And I would say it's the journey that, for me, probably that would be the achievement for me, right? It's just step by step.

Miguel Sanchez Robles 31:29

Thank you, Eustache. I definitely agree that just like you are following other people in their footsteps and learning, I highly encourage all the listeners to follow you. So Eustache, is there anything else you would like to share with us today?

Eustache Clerveaux 31:44

If I have to share one thing, I think former President Barak Obama must save it. No one is coming to save you. You have to do the work. And you have to work 1, 2, 3 times harder, but you have to do the work, right? And just, at the end of the day, just do it. Whatever you think you want to don't over complicate it. Just do it right. And if you fail, just do it again. You fail it third time, just do it again, because consistency is the key, right? Eventually you will make it. Just keep doing what you're doing and just, just do it.

Miguel Sanchez Robles 32:22

I can't think of any other way to end the episode. Thank you, Eustache. Thank you for being here today and we'll definitely keep in touch.

Eustache Clerveaux 32:29

Thank you.