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Today we feature Olga Camargo as part of an interview with the female founder of Startup Magazine. Olga has a proven track record as the CEO and founder of SHENIX, a Chicago-based fintech app company focused on financial education and counseling for Latinas.
SHENIX helps close the wealth gap to accelerate Latino economic and social transformation through culturally relevant financial education, professionally qualified Latino/x mentors, and English and Spanish speaking career coaches.
Olga is perfectly positioned to provide financial advice with over 20 years of experience in the financial services industry. She launched her financial practice FARO Associates LLC (Latina/Women-Owned/Minority Business Firm) and a new fintech project SHENIX focused on culturally relevant financial services research and community needs.
Olga’s many achievements include:
- 2021 Chairman of the Financial Services Industry Group for the FORBES Chamber of Commerce
- Negosios has just named Olga among the 50 Most Influential Latinos in Chicago.
- Crain’s Chicago Business named Olga one of “Chicago’s Most Powerful Latinos” in 2019.
- Aspen Ideas Festival Ricardo Salinas Scholar
- Chicago 1871 Chicago Technology and IHCC Latin X Incubator Selection
- Diversity MBA Magazine’s Top 100 CEOs Under 50 and Top 100 Influential Women
- Presenter of the Graduate Leadership Academy at the University of Illinois at Chicago College of Business Administration
- Chicago Council on International Affairs 2010 Young Leaders Program Selection
- Commissioner of the Board of Public Works, chaired by Chicago Mayor Lori Lightfoot
- National Board Chair for the Hispanic Alliance for Career Development (100k members).
- Olga serves on the IL State Treasurer’s Hispanic Advisory Council
- IL Latino Legislative Caucus Foundation Economic Development Committee
- Northeastern Illinois University Foundation Board
Let’s learn more of Olga’s story from our interview…
TSM: Describe your new project SHENIX in 10 words or less:
Olga: SHENIX accelerates the economic and social transformation of Latin.
TSM: In a little more detail, tell us more about your business and app and why it’s important to focus on Latinas?
Olga: Our mission is to address the Latino Equal Pay Day and support Latinas in closing the wealth gap, which faces more than any other group in the US.
SHENIX™ by Latinas/x, an innovative financial company built for Latinas/x, helps the Latina/x community accelerate economic and social transformation while prioritizing their cultural identity.
SHENIX™ provides financial education, financial services through its partners, career planning and salary negotiation resources, all of which support the life goals of Latinas/x.
TSM: What parts of your story inspired you to focus on financial education for Latinas?
Olga: I would like to answer this question by describing three personal situations.
1. The experience of working with mom in a bridal shop
When I was in high school, I worked part-time at that bridal shop side by side with my mom. She taught me a lot about business, including how to help our clients choose gowns and accessories that reflect their excitement for new life, exciting new beginnings.
I saw my mother’s business acumen—the way she provided customer service, delivered fabulous gowns, and made sure her customers truly promised a fresh start. During this time, various vendors visit the store to offer their products or services. One day, a financial representative approached my mother for service. He only speaks English, my mother only speaks Spanish. So, I stepped in as a temporary translator.
Immediately, the consultant stopped talking to my mother, a long-time business owner who had been handling clients for years. Instead, he pitched the product just to me, a 14-year-old high school student. It was as if my mother had disappeared from class.
She never disappeared, and that scene never left my mind. I was just thinking: This is incorrect. Unfortunately, this situation was not uncommon. My mother and other owners like her had a long list of similar experiences that were discounted or ignored because they were Spanish-speaking Latinas.
While Latinas are often the primary financial decision makers in their families, they often lack the necessary tools and resources to enable them to make the best financial decisions for their homes, communities and businesses.
2. My own experience
Suffering from the pay gap in a corporate setting, I needed guidance on salary negotiation and career development, especially when I knew I was making less than the people I supervised. I know that this is not unique to me and that it happens to other Latinas every now and then.
3. Experience of working as a financial consultant for more than ten years
When I joined the financial industry as a financial advisor and began serving Latino-led nonprofits and helping manage their 401K and 403b retirement plans, I also offered 401K education sessions. These were mainly attended by Latina workers. I learned a lot about their continued financial needs beyond retirement. We’ve impacted 3,000 lives through our work, provided virtual financial education, advocated for our community in the financial industry, and helped lead financial seminars at national Latino conferences.
TSM: During the pandemic, many people’s jobs and finances have been affected in some way. How has the pandemic changed the way one approaches finance?
Olga: I always tell people to be vigilant!
If you’re struggling with the pandemic, here are some tips to keep in mind when managing your finances:
- It is mandatory to build emergency savings to cover monthly expenses for six months.
- Having life insurance for family members is crucial to ensure that the family is not financially devastated if a key family provider dies.
- Doing homework. Latinas and those looking to jump into the workforce should do their research to ensure they are receiving equal pay. Some tools help with this.
- Budget yourself for unexpected weather.
- Saving for your future.
TSM: Can you cite a specific success story that shows how a financial plan that inspires you has improved your client’s financial situation?
Olga: I have talked to many people in my life about reaping the benefits of work. I always think of the janitor I met at the hospital who only spoke Spanish. He missed the hospital’s retirement savings match for nearly 20 years because he didn’t participate in the hospital’s pension plan. That example inspired me to get more involved in sharing information with people who want to be more involved with their employer’s benefits.
TSM: What would you say to someone who feels like they’ve been dealt a bad hand in life and will never find financial security and success?
Olga: We have all suffered losses. You are not alone.
We all need to step back, but this time look for the information we need to make better financial decisions overall. With information, you will feel more confident about the decisions you make, and your thinking will change. Let’s start with small steps and soon move forward in leaps and bounds. Be part of a community that looks forward to the future.
TSM: On the business side, give us a little more background on the launch of SHENIX. What were your first major hurdles in launching your first app version?
Olga: As a startup, we have been helping ourselves because our mission is important to moving forward. With our attorneys, we have been discussing the best and most effective way to begin. Setting up and positioning a legal entity properly takes time and patience because sometimes we have to wait for others, but it’s all worth it.
But on December 6th, thanks to NBCUniversal Telemundo, we were able to pre-launch from New York City’s Rockefeller Center. They understand the importance of SHENIX and sponsor us.
TSM: What have been other primary challenges in your own entrepreneurial journey? hire? Marketing? Getting capital?
Olga: I’d say it’s been a major marketing challenge, but our Latinx media champions have stepped up to the plate and helped us get the word out. They’ve helped us with articles, podcasts, interviews and social media.
Universities and colleges are helping us with SHENIX and college students have noticed and are now helping us with Tik Tok posts so they are spreading the word and want to do more. It’s like a movement, and SHENIX is at the center.
Together with more partners committed to making our world better for Latinas, we can ultimately build their financial legacy and anyone who identifies with this group.
TSM: As a long-time entrepreneur, go back to your early life decisions and tell us what influenced your decision to become an entrepreneur.
Olga: I worked with my mom from middle school through college. Then I worked for corporate America (the financial industry), but I knew there was better to be done than serving women and minority communities.
I’ve never been good at asking for permission to be creative and provide valuable service when needed.
Entrepreneurship gives me freedom, a blank canvas, to create what I know the world needs.
TSM: With all your experience as an entrepreneur, what is the most important piece of advice you can give to other startup founders?
Olga: Two things:
Dream big and bring it to life!
Don’t walk in anyone else’s shoes, build your own.
TSM: Tell us something about yourself that most people don’t know.
Olga: I am on this earth to serve others and help people live a happy life.
That’s wonderful, Olga. You’ve had an inspiring journey, and we wish you the best of luck. thanks you.
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