What does it really mean to navigate the U.S. financial system as an immigrant? In this episode of Financial Wellness at Work, host Brian Kelly is joined by Veronica Arellano, a financial planner at Financial Finesse, and Yemi Rose, founder of OfColor and Growth Leader at Financial Finesse, to explore the layered financial experiences of first-generation immigrants in America. Veronica and Yemi share personal immigration stories, arriving from Mexico and Jamaica, and reflect on how cultural values, family expectations, and systemic differences shape their financial decisions. They unpack challenges like navigating unfamiliar banking systems, mistrust of financial institutions, and planning for uncertain futures across borders. They also discuss how cultural norms influence money habits, why multigenerational responsibilities matter, and how embracing both opportunity and uncertainty is key to building a life and legacy in a new country. Tune in to hear how culturally relevant coaching can build trust, bridge financial gaps, and empower immigrant communities through understanding and empathy!

Key points from this episode:

• An introduction to today’s topic: immigration and navigating the U.S. financial system.
• Veronica’s immigration story from Mexico and her family’s journey to citizenship.
• Yemi’s experiences moving from Jamaica for school and building a life in the U.S.
• How culture influences financial behavior.
• The influence of multigenerational living and care on financial priorities.
• Yemi’s reflections on the concept of immigrant privilege and growing up outside the U.S.
• How family support, resourcefulness, and access to education helped Veronica succeed.
• The scale and opportunity of the U.S. compared to Veronica and Yemi’s home countries.
• How systemic complexity in the U.S. creates both challenges and professional opportunities.
• Challenges immigrants face: unfamiliar banking, mistrust, and sending money abroad.
• How planning for retirement without knowing where you’ll live adds extra uncertainty.
• Veronica and Yemi's insights into hybrid retirement approaches.
• The importance of trust and cultural understanding in financial coaching.
• Final guidance for new immigrants navigating work and money in the U.S: Embrace opportunity and seek support.

Quotes:

“Having financial freedom and being able to speak to [a financial planner] is something that should be available to everyone, regardless of your background or where you came from, or what you've done or what you're looking to do.” — Veronica Arellano [3:06]

“I came here somewhere before I turned 18. And so there is an element of dodging, what I call some of the PTSD that comes from growing up Black in America. I have two young daughters that I see all the time, and it can manifest itself in different ways.” — Yemi Rose [13:49]

“In Jamaica, we've had systems collapse [and] in the 70s, there were a lot of banking failures. You have folks who [were] around for that, not having their cash insured – needing to feel that safety of being able to touch and see your money, and therefore having it under a mattress is a real thing.” — Yemi Rose [22:50]

“I have lots of family that don't trust ATMs.” — Yemi Rose [23:16]

“Rely on all the resources that you have available. [Learn] about the retirement plans at work, the employee benefits, and getting to know your community. I would encourage everyone to do that as soon as they can, because knowledge is power.” — Veronica Arellano [28:45]

Links Mentioned in Today’s Episode:

Veronica Arellano on LinkedIn

Yemi Rose on LinkedIn