Author Topic: REALWEALTHMANAGEMENT  (Read 45676 times)

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Offline qwerty

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Re: Wealth Management Process
« Reply #30 on: January 07, 2016, 07:03:23 PM »
Paris,
Thanks for sharing. You guys seem to be in the fast lane to become financially independent and look to be great shape financially. You have a profitable S-Corp which is treated like an investment vehicle just like your real estate and equities. You also have a portfolio of rental properties that is generating passive income for you that you can transfer down to your next generation. I would guess that your SCorp is growing at a faster rate that your real estate investments and equity positions over a longer term horizon.

One of the great benefits of an SCorp vs W2 is the tax shelter. The two greatest tax benefits providing by the IRS to us are to 1) business owners since they create jobs and 2) real estate investors as they create housing.

Suppose you make $100k in your W2 job. Your paycheck will be taxed : Federal, State, Medicare, and Social Security right off the bat. Both Medicare and Social Security accounts for 15.3%, therefore $15,300 in FICA taxes. As a Software consultant who makes $100k, he can pay himself a W2 of $30,000 - $50,000 and rest will be considered as K1 which will flow in your personal 1040. You are now paying Medicare and Social Security on the $30k - $50k rather than the full $100,000. Once your K1 (net profit) flows into your personal taxes you can now offset this income from any real estate losses you incur via your schedule E.  Depreciation on your rental properties is a very nice thing to have.

 

Interesting topic. I think many Americans in general believe that it's either a job/w2 or you are a small business owner or you own income properties. I am a big proponent of diversification as the building block to wealth.

My husband and I both work"jobs" - he's a W2 employee in corporate America, I am a partner in a medical practice. So technically we both have a certain subset of skills and utilize these skills everyday, and enjoy it. But we also own rental properties within a LLC (outside of the state of California for obvious reasons) and have an Scorp for small business. The small businesses are run by employees and is well managed. And I have to say that getting involved in a small business was the biggest risk which for us has reaped the greatest rewards in asset building and additional cash flow. But it took a lot of work to get the business up and running, a lot of sweat and sleepless nights. But once up and running, it's independent and probably now looking back one of the best decisions we made. We definitely support Scorps as a wealth building tool and plan to expand this investment avenue but from personal experience it's not easy to embark on it and you often have to be a risk taker and not afraid to just go for it. And no you don't have to have a huge amount of liquid cash to get started - remember that the founder of Spanx Sarah Blakely started with just $5k dollars in her "idea" and Her net worth is now over $1 Billion.

Scorps definitely come with additional responsibilities. No we are not at the businesses daily or weekly but we have to deal with employees and all the headaches that come with that. I know many people that just want a salary and don't want to deal with these additional headaches. So in the end to each their own. Everyone has different goals, aspirations, lifestyle visions so just do what makes you happy.

I think they call this fraud and/or tax evasion. An Scorp owner/employee needs to pay himself a reasonable salary. I don't think 30-50k is a reasonable salary for a software developer, it's probably closer to the 100k

Offline Panda

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Re: Wealth Management Process
« Reply #31 on: January 07, 2016, 07:19:56 PM »
Qwerty, this is just an example where we can double the number to 100k w2 and 100k k1. This can be applied to any small business owner whether he is a software developer or some one who has a Computer repair business. My wife is a cpa and I also have a very good local cpa I have used for 4 years. The advice I have recieved is a reasonable salary. As to what is a reasonable salary for what you do, consult with your cpa.
James Park, MBA
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Offline qwerty

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Re: Wealth Management Process
« Reply #32 on: January 07, 2016, 09:06:18 PM »
Qwerty, this is just an example where we can double the number to 100k w2 and 100k k1. This can be applied to any small business owner whether he is a software developer or some one who has a Computer repair business. My wife is a cpa and I also have a very good local cpa I have used for 4 years. The advice I have recieved is a reasonable salary. As to what is a reasonable salary for what you do, consult with your cpa.

I know but you make it seem like one should just incorporate themselves, pay yourself through the s Corp and your on way to becoming a millionaire. It's not that easy

Offline Cornflakes

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Re: Wealth Management Process
« Reply #33 on: January 07, 2016, 09:25:06 PM »
This is pretty interesting topic. Thanks panda for starting it.

I somewhat agree with panda's viewpoint that JOB is legalized slavery. I have a job myself, nowhere close to where Bullsback probably is but a decent 6-figure. My thoughts on big corporations are that each employee, whatever the skills and professional level (entry level to executive) are paid fraction of what they produce for owners aka shareholders. Say, in my company, a GM is very capable guy and makes a $3M comp a year. He will be over Penta mark for sure. And, he is very smart, capable guy of course. But, he probably generates $30M (or 50M or 100M) for the owners. So, he works all the crazy hours, scarifies a lot on personal and family life, probably takes hit on health, etc only to give away vast majority of his output.

Sure 3M is very nice comp, but the guy is capable of producing 10 times or even more. So, why does he keep doing it? LOW RISK. With the job, it is the investor who is taking the risk and my boss does not have much skin in the game for his nice comp.

The same goes for Director, Manger, Engineer and all.

I see the point Bullsback is making that buying up a business and running is no sure bet. lot of risks involved to keep bigger chunk of pie to yourself.

The way I see it, one has to get in the game early when there is appetite for taking risk. I have this vision that once my kids graduate from college, I will urge them not to join corporate jobs for 2-3 years. Make an attempt at starting something of their own and see if it sticks. If they have that executive potential, it will show in whatever they start and they will be much more successful in life than 9-to-5.

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Offline Cornflakes

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Re: Wealth Management Process
« Reply #34 on: January 07, 2016, 09:40:19 PM »
I would like to ask question to the TI audience. Can someone who works a J.O.B. and makes between $200k - $250k / year as a W2 employee share with us what your annual net is after you pay federal taxes, california state tax, medicare, and social security?

Can someone please explain to me why S-Corporations are valuable in growing wealth and why large % of millionaires own 1,2 or multiple S-Corps?


Panda, as you know everyone's numbers could be off somewhat but here is what I have observed from my recent tax returns.

Fed tax bil  ~ 17% of gross
State tax bil ~ 7%
FICA is ~7%

Depending on how much one puts away into 401k, what kind of insurance premiums they pay, and how much all other deductions, your total 'bleed' % could be anywhere between 25 to 35%.

I'd imagine  it would be similar for S-corp owners. But, they get to keep most of what they produce. Most of what I produce, goes straight to to those billionaire investors who cut me w2.

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Offline Paris

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Re: Wealth Management Process
« Reply #35 on: January 07, 2016, 09:43:34 PM »
This is pretty interesting topic. Thanks panda for starting it.

I somewhat agree with panda's viewpoint that JOB is legalized slavery. I have a job myself, nowhere close to where Bullsback probably is but a decent 6-figure. My thoughts on big corporations are that each employee, whatever the skills and professional level (entry level to executive) are paid fraction of what they produce for owners aka shareholders. Say, in my company, a GM is very capable guy and makes a $3M comp a year. He will be over Penta mark for sure. And, he is very smart, capable guy of course. But, he probably generates $30M (or 50M or 100M) for the owners. So, he works all the crazy hours, scarifies a lot on personal and family life, probably takes hit on health, etc only to give away vast majority of his output.

Sure 3M is very nice comp, but the guy is capable of producing 10 times or even more. So, why does he keep doing it? LOW RISK. With the job, it is the investor who is taking the risk and my boss does not have much skin in the game for his nice comp.

The same goes for Director, Manger, Engineer and all.

I see the point Bullsback is making that buying up a business and running is no sure bet. lot of risks involved to keep bigger chunk of pie to yourself.

The way I see it, one has to get in the game early when there is appetite for taking risk. I have this vision that once my kids graduate from college, I will urge them not to join corporate jobs for 2-3 years. Make an attempt at starting something of their own and see if it sticks. If they have that executive potential, it will show in whatever they start and they will be much more successful in life than 9-to-5.

It is a lot of risk. I remember our very first business we bought was a failing one. It was the only way to buy it cheap enough to "afford" it. But it was initially a "failing" business so we were fronting $15k out of our own pocket every month just to keep it afloat. So there was an immense amount of pressure to get it successful fast or it would literally make us bankrupt. I can't imagine doing it without both of us having jobs that brought in a steady income because there are entrpreneurs that go all into a business and have no back up income coming in. And I thank my lucky stars because for some no matter how hard they work they cannot make a business successful due to external factors out of their control.
But when you look at the bios of some of the most successful entrepreneurs out there, NO ONE just started out with immense success. Often they fail many times before they find that one successful venture that opens doors. If you are willing to take the risk and embark on the journey of entrepreneurship you have to be able to "be okay" with the risks, and "be okay" with the failures. Ultimately I believe we have one life and you have to be passionate about what you do everyday. It's okay for some people to have a 9-5 job if they love what they do. No matter how many side businesses I have going on or even if I happen to "win" this Saturday's power ball  ;) I would always practice medicine because it's my passion - I love what I do and didn't train for 13+ years after high school for nothing. But for those that go to work everyday and hate it I say if you do something you are passionate about at the end of the day you will always be successful because you'll go through life content and fulfilled.

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Offline qwerty

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Re: Wealth Management Process
« Reply #36 on: January 07, 2016, 09:44:36 PM »
You guys realize how stupid the phrase legalized slavery sounds right?

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Offline Panda

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Re: Wealth Management Process
« Reply #37 on: January 11, 2016, 01:50:17 PM »
As a W2 employee, these are the Low end and High end targets by age for your 401K retirement savings. If you are a Corp or a small business owner, these target numbers can be substituted as your SEP, Solo 401k, SIMPLE, ROTH IRAs. This number should be part of equity asset allocation. The asset allocation that I feel comfortable with equities is between 20-25% of my entire net worth. Usually closer to the low 20s. The reason for this is that I can control my businesses and real estate, but no one can fully control the stock market.

I personally like to have all of my high paying dividend stocks in a tax deferred retirement investment account and a low fee Vanguard index 500 fund in non-tax deferred accounts. 



There is good debt which is a mortgage on your house or mortgages you have against your rental properties. Bad debt is your large credit card bill or financing a depreciating asset like a brand new car. The key to sleeping well while you are in debt is knowing that you can repay the debt. When you buy investment properties, your tenants will repay your debt over time if you buy and finance wisely. The surest way to become a millionaire with real estate is to borrow a million dollars, buy property, and then pay it off. Even if the property never appreciated, you would have a equity net worth of $1,000,000 in real estate.

As you age and get closer to your retirement age your debt / cash ratio should decrease over time. Your goal as you enter into your early retirement years is to own all of your income properties free and clear which will pay you a passive income for life.

A 600% debt to cash means that you have $600,000 of mortgage debt vs $100,000 in cash in the bank. A 100% debt to cash ratio mean $100,000 in mortgage debt vs $100,000 cash in the bank. 

« Last Edit: January 11, 2016, 02:29:43 PM by Panda »
James Park, MBA
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CalBRE# 01894781, NMLS License # 1572291
Direct: (678) 865-6250
Email: jpark@johnscreekrealtypartners.com

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Offline Panda

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Re: Wealth Management Process
« Reply #38 on: March 18, 2016, 12:33:13 PM »


These are ambitious target figures for those who are in the top 10% in the net worth category in the United States in terms of age range, income, and net worth:

They are the households who take action and control of their finances rather than complain about an unfair system. If they are working in corporate america, they are maximizing their 401k, maximizing their employer matches, and IRA every year They are the households who save an additional 20% or more after taxes an 401k/IRA contribution. They are the households who take calculated risks through investments in various asset classes and build multiple streams of active and passive income. When it comes to their personal finance, they look at the forest and not the tree.

Does your profile currently fit into the chart above by age, income, and net worth?


« Last Edit: March 18, 2016, 12:53:12 PM by Panda »
James Park, MBA
Investment Real Estate Broker
CalBRE# 01894781, NMLS License # 1572291
Direct: (678) 865-6250
Email: jpark@johnscreekrealtypartners.com

http://www.biggerpockets.com/users/Panda
http://www.johnscreekrealtypartners.com

Offline peppy

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Re: Wealth Management Process
« Reply #39 on: March 18, 2016, 01:45:43 PM »


These are ambitious target figures for those who are in the top 10% in the net worth category in the United States in terms of age range, income, and net worth:

They are the households who take action and control of their finances rather than complain about an unfair system. If they are working in corporate america, they are maximizing their 401k, maximizing their employer matches, and IRA every year They are the households who save an additional 20% or more after taxes an 401k/IRA contribution. They are the households who take calculated risks through investments in various asset classes and build multiple streams of active and passive income. When it comes to their personal finance, they look at the forest and not the tree.

Does your profile currently fit into the chart above by age, income, and net worth?

Those are some pretty optimistic growth assumptions. How do you go from NW of $100k to $300k in 2 year (earning $100k)? What exactly are your assumptions?

Offline irvinehomeowner

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Re: Wealth Management Process
« Reply #40 on: March 18, 2016, 02:03:01 PM »
I am in the wrong field.

I should have gone into qwerccounting or homerwhateverhedoes.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
I recommend:
www.irvinerealtorsite.com

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Offline Panda

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Re: Real Wealth Management
« Reply #41 on: March 27, 2016, 07:40:20 PM »


I am very impressed with the results of the poll as the data set seems to be very authentic. About 85% of the participants selected between $100,000 - $200,000 passive income, $2M to $4M net worth. I intentionally selected under $1M at $50,000 passive income in order to not skew the data. I agree with this poll and would have also selected that between $150,000 - $200,000 passive, $3M - $4M net worth would be right amount for an empty nester to have a comfortable retirement living in Orange County.

For those of your who participated in the poll. Are you guys currently building some type of passive income at this time whether it be in real estate investments, stock dividends, P2P lending, Structured Notes, Private Equity, or a Passive corporation? Your earned income will be taxed at the highest level around 50%, whereas your passive income will be taxed at the lowest level as you would avoid FICA taxes (15.3%) on your passive income. I believe that building your passive income and growing your net worth is more important than increasing your W2 income. I would like to ask the audience at age do you plan to retire or semi-retire? Do you see yourself retiring in Orange County or moving to a more tax friendly state for retirees?



Annual Passive Income : $100,000     Monthly Passive Income : $8333.33/month
Annual Passive Income : $125,000     Monthly Passive Income : $10,416.67/month
Annual Passive Income : $150,000     Monthly Passive Income : $12,500/month
Annual Passive Income : $175,000     Monthly Passive Income : $14,583.33/month
Annual Passive Income : $200,000     Monthly Passive Income : $16,666.67/month

Below you can see the capital needed to generate $30,000 of passive income. The safest passive income as we all know are CDs and money market accounts. Barclay's Online and GE Capital currently yield 1% APY. To generate $30,000 in a money market account in GE Capital (least risk), one would need $3,000,000 in capital. If we are looking to create $30,000 passive income through stock dividends that pay 3%, one would $1,000,000 in the stock market that generates an average dividend yield of 3%.

Careful selection of real estate investments (my favorite and preferred passive income system) is one asset class I know where I can generate 15% annual cash on cash return of $30,000 passive income with $200,000 capital investment. This chart is here to guide you on the capital needed to generate the desired passive income amount. 



Below is a Real Wealth Management Process Plan for building a passive income portfolio with SFRs in Johns Creek. The chart below only shows real estate wealth built on capital appreciation, not accounting for cash flow, depreciation tax benefits, and amortization.

Taking this one step further: Suppose you have acquired $1,987,998 in real estate assets which makes up 40% of your networth (Total networth of $4,969,995). Given an annualized average return of 10.06%, your real estate assets are now generating an annual passive income of $200,000, $16,666.67/month.

« Last Edit: March 27, 2016, 07:59:57 PM by Panda »
James Park, MBA
Investment Real Estate Broker
CalBRE# 01894781, NMLS License # 1572291
Direct: (678) 865-6250
Email: jpark@johnscreekrealtypartners.com

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http://www.johnscreekrealtypartners.com

Offline Panda

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Re: Real Wealth Management
« Reply #42 on: May 06, 2016, 06:45:14 PM »


One of things I love the most about TalkIrvine is that in a weird kind of way, I see pieces of my online personal diary since 2007. In John Maxwell's latest book "Intentional Living", he states that in order to live an "intentional life" you must figure our your "Why".

Three questions you need to ask yourself to figure out your "Why" are Questions 1) What do you Cry about? 2) What do you Sing About that makes you happy? 3) What do you Dream about everyday? Usually these three questions answered authentically will reveal your "Why?" It is very interesting to see my old post on Talk Irvine before 2012 like the "Lifestyle of an Orange County Millionaire" Back then, I think my values, heart, and significance were all tied to building financial wealth. I did not understand back then, that financial wealth alone is NOT REAL wealth. Your time is more valuable than financial wealth. You cannot store up time for the future or try to buy back your time. You can make a financial mistake and can recover from that mistake, but your cannot do that with time. After my dad passed I realized that Real Wealth also incorporates your Emotional Wealth (Your mind and heart), Spriritual Wealth, and Physical (Your health) Wealth in addition to your Financial Wealth.

Lifestyle of an Orange County Millionaire: Topic started by Panda July 26th, 2008
Source: http://www.talkirvine.com/index.php/topic,7028.0.html

How did you handle it when you father passed away? Topic started by Panda August 28th, 2012
Source: http://www.talkirvine.com/index.php?topic=3040.0

These are couple paragraphs of an email my father wrote to me about 10 days before he passed away from a sudden heart attack  on July 12th, 2012. My twins were only 2 years old at the time and we tried several times to make the time work to visit my dad in Korea to see the twins. He never got to see them except for skype videos, but i know he loved them very much. Even til this day I remember the nightmare that broke me. I was working out at Lifetime Fitness in Johns Creek when I got a sudden call from my cousin that i need to take the next flight out to Korea as my dad only has 24 hours to live.


To my son Panda,

.......... I have watched your business trials over the years. One very important thing is that you MUST listen to other people's advices even though they are no pleasant news or information. You should learn how to solve the present problems from other people's failures. You should not treat other people like that you will never meet them again. Have a good human relationship with other people like that you will anyone, either they are your enemy or helpers. You should build your own human links for your future. Try to think that you are in other people's shoes. Daddy made a lot of mistakes in human relationships so far with employees and church members including pastors. I feel very sorry about that but too late to return them back. Take actions after careful thoughts and once decided, act quickly.

Do not need to worry tomorrow! Today's worry is good enough for today.! Have a clear dream and saying with your mouth to confess everyday more than tens time that you wish to achieve in front of mirrors by watching your image. then it will be achieved as your wish sooner or later. You are too sensitive sometimes. Be generous and calm down like what you are praying to our Lord! Should have a peace in your soul and have a firm happy feeling and quite peace in your heart. Try to make your closed wife and friend, to be happy and trying to let have a peace in their mind and soul. So the book saying, try to be peaceful man for your self and for your close personal, wife! Try to encourage your wife and she will be the best supporter to you when you are in happy or in stress moments. Stress, worry and anxiety will make your health to be weaker and weaker. You should keep your organs free from these troubles for your good life and health! Pray for yourself and Haeyoon and for your business, at least one hour a day when you wake up. Ask God what you have to do today! What went wrong yesterday!
I know you are my good son and Charles too, Nina also! Love each other! Without this, you are not a real Christian! Leave all your trouble in business in front of Him! He will teach you how to solve all your problems...........

Love,
Daddy

The righteous cry out, and the LORD hears them;
he delivers them from all their troubles.
The LORD is close to the brokenhearted
and saves those who are crushed in spirit.
The righteous person may have many troubles,
but the LORD delivers him from them all;
He protects all his bones, not one of them will be broken.

Psalms 34:17-20
« Last Edit: May 06, 2016, 07:47:44 PM by Panda »
James Park, MBA
Investment Real Estate Broker
CalBRE# 01894781, NMLS License # 1572291
Direct: (678) 865-6250
Email: jpark@johnscreekrealtypartners.com

http://www.biggerpockets.com/users/Panda
http://www.johnscreekrealtypartners.com

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Offline SoCal

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Re: Real Wealth Management
« Reply #43 on: May 06, 2016, 07:52:42 PM »
Panda, please print out that e-mail or save a copy to your Documents on your computer if you haven't already. I regret not copying the e-mails of a friend who passed away. I went to look at the messages years after death but my e-mail deleted them due to the age. You're smarter than me, though, so you probably already have.

Offline aquabliss

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Re: Real Wealth Management
« Reply #44 on: May 06, 2016, 09:28:04 PM »
Panda I know that was very personal but thanks for sharing.  In some way your fathers legacy will be helping others he never met by sharing his words of wisdom with us.

I believe you are a good, strong, thoughtful, and intelligent man - I'm sure your father was very proud of you and still is.

If I ever make it to Hotlanta it would be great to meet you.

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