Don’t miss out on Hawaii’s largest leadership development conference for women, presented by Hawaii Business magazine and The Queen’s Health Systems.
Join over 800 professional women for this year’s inspiring line-up of topics and speakers at the 9th Annual Wahine Forum, on October 27, 2016 at the Hilton Hawaiian Village Coral Ballrooms.
Global Keynote Speaker
*COO and Executive VP of The Gallup Organization
*Author of world poll study "Women, the Workplace, and 'A Life Well Lived'"
*Keynote speaker at the 2015 Global Women’s Leadership Initiative
Special Performance by
*Na Hoku Hanohano Award winner
*Accompanied by the La Pietra School Choir
Finance for your Future
New Way to Lead
Enhance Your Digital Reputation
Think Globally, Act Locally
Build a Legacy
Being the Best
Judy Bishop - Owner, President, Bishop & Company, Inc.
Coralie Chun Matayoshi - CEO, American Red Cross
Jodie Duvall, CFP - VP & Sr. Wealth Advisor, First Hawaiian Bank
Brooke Dominy - Director Wholesale and Corporate Business, Honolulu Cookie Company
Susan Eichor - President & COO, aio Group
Elisia Flores - CFO, L&L Hawaiian Barbeque
Kim Gennaula - Executive Director of Advancement, Iolani School
Phyllis C. Horner, PhD - Vice President, Executive Development, Servco Pacific Inc.
All we business- and money-savvy few knows that a car is NOT an asset, unlike what the banks like to tell everyone.
Our car is a liability that keeps the expenses going each year and keeps depreciating every second.
One of my goal for financial freedom is drive my dream car for FREE.
First of all I have not acquired my dream car yet. It would have been against all the "Millionaire Next Door" principles. I have to amess my wealth first.
So what does uber have to do with my financial goal of driving my dream car for FREE?
Let use my current car as an example. I drive a 2014 Prius II. Here's my breakdown of my monthly car expenses:
Car payment $350
City & County registration $25
Auto insurance $67
Safety check $3
Remember, you don't get to write off any of these expenses on you tax return if you're AN EMPLOYEE, and does not own any business.
Now with uber, you're using your beloved vehicle to generate income as a sole proprietor, which switch you to a business entity.
Say you make $900 a month with uber, you are now $415 richer after all your usual monthly auto expenses. This is what I mean by drive for FREE.
Now apply this same principle to your dream car. You got the idea?
This is not it yet. At the end of the year, you can deduct your auto expenses (prorated for the portion you use your car for your uber business).
In order to get your tax deduction for your auto expenses, remember to keep good mileage record. This will help you determine the percentages of your car that is used for business to generate income. Say you drove a total of 14,000 miles this year, and out of that you drove 7,000 miles making money with uber. In this case, you can deduct 50% of all your auto expenses, don't forget you can deduct your car washes too.
Your road to retirement can be made smoother by preparing and knowing your options.
No matter the course taken, the truth is that most retirees will need more funds in retirement than they think. And counting on the government or corporate sponsored plans can lead to disappointment.
The 3-Legged Stool of Retirement refers to the 3 traditional retirement income model which consists of a Social Security check, a company pension, and your personal savings.
Will Social Security Be Enough?
When Social Security first started in August 1935, there were 42 people working for every one retiree. Current it is less than 3 to 1.
According to the Social Security Administration, Social Security benefits provide about 38% of the income for elderly Americans. And, for 52% of married couples, and 74% of unmarried people, Social Security provides 50% or more of their income.
Social Security is the largest source of income for most elderly Americans today, but it was never intended to be your only source of income when you retire.
Are Pensions Disappearing? Do You Have a Pension Plan?
In the 2013 Bureau of Labor Statistics reports, only 10% of private industry establishments offer defined benefit pension plans.
With 2 of the 3 legs on the stool crumbling away, there has been a shift to personal responsibility.
Are You Saving Enough to Retire?
36% of respondents in the 2014 Retirement Confidence Survey stated they have less than $1,000 in savings.
Without enough savings, an unexpected death can have a negative financial impact on your family's being. In fact, in a recent survey, 47% of respondents reported they would feel the financial impact of a primary wage earner's death in as little as 6 months.
What Are Your Chance of a Windfall?
A 2012 survey of baby boomers indicated that one-third may not receive any inheritance. Of course...if their parents are only receiving social securities themselves.
According to the Center for Retirement Reseach at Boston College, the median inheritance was only $64,000.
The odds of winning the Powerball is one in 175,223,510.
Good luck if your retirement plan is the Powerball.
Are Inflation and Income Taxes Eating Your Savings Away?
From postage stamps to the cost of buying a home, prices generally rise over the long term and the value of money decreases. This is the effect of inflation. The longer it takes to reach retirement, the greater impact inflation can have on your buying power. Because of this, you may need to consider the effects of inflation and how to outpace it.
It’s not how much you earn, but what it buys.
The Congressional Budget Office estimated that the ratio of publicly held debt to GPD in 2013 was 73%, twice the percentage it was in 2007. The Urban-Brookings Tax Policy Center estimates that under current policy, the debt/GDP ratio will rise to 100% in 2038 and then continue to rise. All told, to keep the debt/GDP ratio at just over 70% through 2040 would require immediate and permanent policy adjustments such as reductions in spending or increases in taxes.
It’s not how much you earn, but how much you keep.
How would you like a solution that will provide another source of retirement income TAX-Free?
Well…wealth building seems like such an easy concept. Conventional wisdom told us "Get a good education, then get a good paying job and keep working hard, and earn more."
Many of us are doing that, but have hardly any wealth to show for our effort.
Why?! We’re not only good at making money, we’re also very good at spending money.
In order to build wealth and become rich, you got to have the foundation to start with. Here…we’ll start with some fundamental wealth building strategies from many, many years ago advice from The Richest Man in Babylon and to more recently The Millionaire Next Door and The Rich Dad Poor Dad.
I'll also suggest a lot of reading...you need to have good education on money and finance to have your money works hard for you.
You’ll be surprise, many people who dress and spend like a millionaire is not anywhere close to a millionaire at all. Millionaires are such plain, down-to-earth people.
Wealth is not defined by how much money a person makes, but how much money a person accumulates. You can have people making over half a million dollars a year, but have nothing accumulated. On the other hand, you have someone making $80,000 a year, and have a million dollar asset and still able to pay for their children’s college.
Let’s explore some tried and true wealth building strategies or behaviors that helped many become the richest men and women all throughout history. I hope we’re smart enough to adapt these changes in our lives and our families’ lives.
Wealth Building Strategies on How To Become Rich:
1. Pay Yourself First. This is simple. No matter what, you need to pay yourself first, at least 10-15% of your pretax earnings.
I automatically put aside 15% of my pay to my TSP, which my employer matches 5% of my contribution, which is free money for me tax-free, not to mention the appreciation over time tax-free.
I also set up automatic transfer of savings from my checking account to my investment account that I have no debit card access to. The only way to access money from my investment account is through bank transfer to my checking, which takes at least 2-3 business days.
In order to build up cash, you have to make the process automatic and easy.
Contact me to discuss your plan to becoming a homeowner.
5. Own a business. Many self-made millionaires are business owners or self-employed professionals. In fact, 75% of them.
Most people think owning a business is risky. But most wealthy business owners would tell you “Having only one income is risky”. Not having control of your own income is risky. Not knowing whether you'll have a job tomorrow is risky.
Business owners are in control of their earnings, they have multiple sources of income from many clients.
Think of what you enjoy doing the most, and make that your business. I love real estate and personal finance, so I make real estate investing and personal finance my business. You gotta have money to buy real estate, which in return generates more money for you.
The other big perk of having a business is tax benefit. The US tax laws are written to protect business owners and married couples. The biggest tax beneficiaries are married business owners.
I highly recommend going to one of Mark Kohler’s workshop if you have the chance. He’s hilarious and makes the boring tax topics so much more entertaining. And, of course, you'll learn a lot about business tax laws, business entities, asset protection, etc. In his workshops, which he hosts throughout the country several times a year, Mark explains why everyone should have a business, and that married couple - one employed professional and a self-employed real estate professional, makes the best match for maximum tax benefit.
6. Be goal-oriented. You need to have clear goals to direct your action and search for wealth building opportunities. Once I set my mind to become a real estate investor, all the resources and people just start coming into my life toward my goal of becoming a real estate investor. Set daily, weekly, monthly, yearly, and lifetime goals to help you stay on track.
7. Increase your ability to make more money. Try to be a better you each day and look for opportunities to make more money. My focus is always cash flow.
Again, set goals to keep you on track and know what you’re looking for.
Need quick money? Become a Uber Driver and start making money right away.
8. Protect your income with life insurance. Everyone dies eventually, make a fortune out of it and leave a handsome legacy for your family.
Today, life insurance not only benefit your family when you die, many now offer “living benefit” that you can use when you’re alive, such as terminal illness provision, loan borrowing, and long term care benefits built into the life insurance policy.
9. Minimize income tax. Income tax is the single largest expenses for most US households. It is taxed on income, not wealth and not on unrealized appreciation of wealth, such as home value appreciation.
Most US household pays more than 10% of their wealth in income tax each year, while wealthy household pays just about 2% of their wealth in income tax.
You can minimize your income tax by starting a business and start writing off your business expenses, such as phone bills, home office, internet services, car expenses, tee-time, etc. Did I say tee-time?
Earned income are taxed more than corporate income tax because of social security and medicare tax for the “employed” or "W2 earners".
“Employees” cannot write off car expenses commuting to work, meals eaten at work, clothes you wear to work. But business owners can deduct all of the above including trips to visit their business locations, potential clients, etc.
There are so many ways to minimize income tax, not avoid.
Suggested reading: What Your CPA Isn't Telling You: Life-Changing Tax Strategies
I have an active life and health insurance license and can provide a complimentary financial needs analysis as part of the standard consultation.
Therefore, you pay no commission or service fees to me at all.
So contact us today for a FREE no-obligation consultation.
Some people say “If you are not born an entrepreneur, then you can never be an entrepreneur.”
Rich dad disagreed. He said “We can all be entrepreneurs.
For example, a young girl in my neighborhood has a baby-sitting business. She charges $20 an hour, three hour minimum. She is an entrepreneur.
A friend's son has a gum ball machine business. At the age of 14, he has over 400 machines and averages a dollar a day profit per machine, seven days a week. He is an entrepreneur. At 14, he earns more than many grown ups, while going to school and playing sports.
Anyone can be an entrepreneur. All it takes is a little drive and ambition.