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Brothers’ Business Helps Immigrants Invest in the Future

2 min read

Brothers Gilberto and Osmar A. García, cofounders of García Wealth Management, dedicate themselves to those who create wealth for others but are inexperienced in managing their own finances.

With offices in Conway and Little Rock, the firm opened in 2019 to help minorities who could not obtain bank loans because they hadn’t organized their finances. Motivated by their parents to help the community, the brothers help immigrants and members of minority communites navigate a  maze of retirement plans, insurance policies and, most important, providing for their families now and in the future.

They recommend that families start with goals in mind.

“The number one goal of coming to this country is a better life, and additional goals are for your son or daughter to go to college. For that you need to save for tuition.”

It is important to have resources in case a spouse dies or to have a retirement plan in place because “we are not designed to work all our lives,” Osmar said. He noted that life insurance and retirement accounts can be started with little money, but they can increase in value over time.

A person who works for himself can purchase a retirement plan to which he can contribute up to 25% of his income or $61,000 annually, whichever is less. Those plans also allow the owner to pay less in taxes.

Gilberto advised looking at every dollar as an employee, and as such you have to put each one to work.

Although banks are safe, the money deposited there doesn’t earn much interest, so the brothers advise investing in the stock market or in money markets, among other tools, that provide more benefits.

However, Gilberto recommends not to put all money into these investments so “you always have to have funds to cover emergencies.” Despite the ups and downs  of the stock market, Osmar said, “in the long term it is positive.”

Garcia Wealth Management does not work with cryptocurrencies because “it is a very variable market and it is not legally regulated.”

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