Owners' Equity

Matt Rinkey and Eric Niergarth of Illumination Wealth discuss your options for Philanthropy and Charitable Giving as 2020 comes to a close. 

In this video you will learn: 

-What a donor advised fund is and it's benefits.

-How to donate appreciated stock.

Here's where you can find more of Illumination Wealth:

◉ Our blog updated daily: http://illuminationwealth.com/blog/

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/

◑ Twitter: https://twitter.com/mattrinkey

◒ Facebook: https://www.facebook.com/illumination...

◉ YouTube: https://www.youtube.com/channel/UCJeW...

◓ Podcast: https://podcasts.apple.com/us/podcast...

With a new year around the corner, it is time to again select your Health Insurance Benefits for 2021. Matt Rinkey and Norman Mangina, CFP of Illumination Wealth share helpful tips when selecting your options.  

 -The Most Important Factors When Selecting Health Insurance 

-The Key Financial Benefits of an HSA Eligible Health Insurance Plan 

-An interest employee benefit option to support your legacy

 -The Benefits You Should Not To Enroll In That Are A Waste Your Money  

Here's where you can find more of Illumination Wealth:   

◉ Our blog updated daily: http://illuminationwealth.com/blog/

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/

◑ Twitter: https://twitter.com/mattrinkey

◒ Facebook: https://www.facebook.com/illumination... 

◉ YouTube: https://www.youtube.com/channel/UCJeW... 

◓ Podcast: https://podcasts.apple.com/us/podcast...

Our very own Kathleen Boyd, CFP® joins Matt Rinkey to discuss the critically important topic of "Investing in Racial Justice" and the role the Financial Services Industry has to create positive change in this episode of Owners’ Equity.

On this episode of Owners' Equity, our conversation dives into brand messaging and deepening customer relationships through video marketing with Reb Risty, Founder of REBL Marketing. 

In this episode you will learn: 

- How to improve your brand message in these turbulent times 

- A unique way of enhancing your business credibility through video

- The tradeoffs between professionally shot vides vs. authentic ad-hoc videos 

- Setting the right KPIs for your video marketing efforts  

Here's where you can find more of Illumination Wealth:   

◉ Our blog updated daily: http://illuminationwealth.com/blog/ 

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/ 

◑ Twitter: https://twitter.com/mattrinkey 

◒ Facebook: https://www.facebook.com/illumination... 

◉ YouTube: https://www.youtube.com/channel/UCJeW... 

◓ Podcast: https://podcasts.apple.com/us/podcast...   

Here is where you can find more of Reb Risty and Rebel Marketing:    

◉ REBL Marketing: https://reblmarketing.com/ 

◓ Reb Risty: https://www.youtube.com/watch? 

◓ LinkedIn: https://www.linkedin.com/in/rebristy/v=oMhOdWOTxss&feature=emb_title

After 9 detailed and insightful Owners' Equity Interviews, Matt Rinkey, the Founder of Illumination Wealth shares his top 9 takeaways from the series and explains how you can implement them into your business! 

The 9 Lessons: 

1: Using Data Not Emotions to Make Decisions & KPIs

2: Do The Right Thing Plus 1 & Prioritizing Company Culture even when times are difficult

 3: Creating Routines - routines provide efficiencies and effective for business. Daily huddles, scheduling works, starting & ending day, getting dressed to create frame of mind,

 4: Scrappiness & Giving Away Your Value to Clients -- working beyond scope, giving

 5: Issues in Business Are Healthy If You have a Structure to Prioritize & Sovle Them

 6: Conducting Recession Drills

 7: Optimizing Downtime to Grow the Business

 8: Eliminating Communication Gaps on Your Financial Team

 9: All these smart business owners read books and take action from their reading

Be sure the check out the complete interviews on the Illumination Wealth Youtube Channel! Here's where you can find more of Illumination Wealth:

◉ Our blog updated daily: http://illuminationwealth.com/blog/

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/

◑ Twitter: https://twitter.com/mattrinkey

◒ Facebook: https://www.facebook.com/illumination...

◉ YouTube: https://www.youtube.com/channel/UCJeW...

◓ Podcast: https://podcasts.apple.com/us/podcast...

Books Mentioned: 

Profit First by Mike Michalowicz

Simple Numbers by Gregory Burges Crabtree

The Ideal Team Player by Patrick Lencioni

Get Real

Notivation

On this episode of Owners' Equity, we dive into the challenges & opportunities in the California multifamily (apartments) real estate market due to COVID-19 and the overall regulatory environment with Dan Feder of F&F Properties. 

In this episode you will learn:

- How F&F has implemented the use of data, KPIs, & Dashboards to improve operational performance in a traditionally old school industry

- What AB-828 is and why every real estate investor needs to be aware of it 

- How Dan views the risks in Multifamily & if California Real Estate is still a good investment

- Dan's favorite book on company culture and what "Do The Right Thing Plus One" means to F&F  

- How professional real estate investors enhance the communities they operate in

Here's where you can find more of Illumination Wealth:

◉ Our blog updated daily: http://illuminationwealth.com/blog/

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/

◑ Twitter: https://twitter.com/mattrinkey

◒ Facebook: https://www.facebook.com/illuminationwealth

◉ YouTube: https://www.youtube.com/channel/UCJeWMzk6BIomKQOCFuqBrjQ

◓ Podcast: https://podcasts.apple.com/us/podcast/sharing-the-illumination-wealth/id1446634586

Here is where you can find more of Dan Feder and F&F Properties: 

◉ https://www.fandfinc.com/

On today's episode of Owners' Equity, our conversation dives into the Entrepreneur Operating System (EOS©) with Ron Harrell, Founder & CEO of MyOffice & Power Traction. 

In this episode you will learn:

• What the Entrepreneur Operating System, EOS© is, and how implementing it saved Ron's company

 • How Ron and his MyOffice team found New Opportunities and Pivoted in the Commercial Office Industry amidst the COVID-19 "work from home" and "remote work" environment

 • Why "Issues" in Business are Healthy if you have a Structure to Prioritize Solve Them

• What systems Ron put in place to create more Time Freedom to Pursue other Ventures

Here's where you can find more of Illumination Wealth:

◉ Our blog updated daily: http://illuminationwealth.com/blog/

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/

◑ Twitter: https://twitter.com/mattrinkey

◒ Facebook: https://www.facebook.com/illuminationwealth

◉ YouTube: https://www.youtube.com/channel/UCJeWMzk6BIomKQOCFuqBrjQ

◓ Podcast: https://podcasts.apple.com/us/podcast/sharing-the-illumination-wealth/id1446634586

Here is where you can find more of Ron Harrell and MyOffice & Power Traction: 

◉ Ron Harrell: https://www.linkedin.com/in/rondharrell/ 

◓ Power Traction: https://powertraction.com/about-ron-harrell/

◑ MyOffice: https://4myoffice.com/

On today's episode of Owners' Equity, our conversation dives into the business trenches with Ryan Shortill of Founder of Positive Adventures and EO Business Trainer.   

In this episode you will learn:   

- What Taking Care Of Your Employees & Culture Really Looks Like Even with Major Layoffs   

- How to Make Virtual Zoom Meetings More Productive, Engaging & Fun   

- What "Recession Drills" Are and Why Top Business Leaders Do Them In Good Times   

- How to Prioritize People (Hiring) or Process (Systems & Efficiency) When You Get Back to Growth Mode  

- The Positive Adventures of Doing Good in Your Local Community On Your Business

Here's where you can find more of Illumination Wealth:

◉ Our blog updated daily: http://illuminationwealth.com/blog/ 

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/ 

◑ Twitter: https://twitter.com/mattrinkey 

◒ Facebook: https://www.facebook.com/illumination... 

◉ Podcast: https://podcasts.apple.com/us/podcast...  

Here is where you can find more of Ryan Shortill and Positive Adventures: 

◉Positive Adventures: https://www.positiveadventures.com/  

◓Ryan Shortill: http://sdvoyager.com/interview/meet-ryan-shortill-positive-adventures-bay-ho/

On today's episode of Owners' Equity, our conversation dives into essential HR practices that all business owners need to be aware of as they navigate this health & economic crisis in order to keep their companies stable and maximize their PPP Loan Forgiveness with HR compliance expert,  Dr. Kristin Kahle of navigateHCR.  

 In this episode you will learn: 

- Major HR mistakes to avoid when terminating or hiring back employees 

- What HR steps you must take when hiring employees back for PPP loan forgiveness

 - Business pivot strategies and ideas on how deliver even more value to your clients NOW 

- What Dr. K will change with her business & personal finances going forward    

Here's where you can find more of Illumination Wealth: 

◉ Our blog updated daily: http://illuminationwealth.com/blog/ 

◓ LinkedIn: https://www.linkedin.com/in/mattrinkey/ 

◑ Twitter: https://twitter.com/mattrinkey 

◒ Facebook: https://www.facebook.com/illuminationwealth 

◉ YouTube: https://www.youtube.com/channel/UCJeWMzk6BIomKQOCFuqBrjQ 

◓ Podcast: https://podcasts.apple.com/us/podcast/sharing-the-illumination-wealth/id1446634586    

Here is where you can find more of Dr. Kristin Kahle and navigateHCR: 

◉ Navigate HCR:  www.navigatehcr 

◓ Personal: www.drkristinkahle.com 

◑ Book: https://www.amazon.com/dp/0578557916

Who's got your back? That is one of the most important questions you must answer when it comes to navigating the terrain of personal finance. 

"Fiduciary" is a word getting a lot of play as of late in the financial industry.. In the financial advisory world, this means someone who is legally obligated to put their clients’ interest before our own. Despite the depth of the word, there are varying degrees of "fiduciaries"....so you really have to watch your back when it comes to your money and wealth.   

On this episode of the "Sharing the Illumination Wealth Podcast" (link in bio), we address: 

1. What a real fiduciary looks acts like 

2. How to spot non-fiduciary advice 

3. We share a recent story of a friend and the costly "advice" they got and 

4. Questions you can ask your advisors to determine if they are a real Fiduciary or not.   

Finding an advisor who not only puts you first, but always has your back is one of the most important decisions you can make. 

Unless you own a business you've probably never heard of the acronym "KPI". You may even think we are talking baseball. KPI stands for Key Performance Indicator. KPIs are the critical (key) indicators of progress toward an intended result.  

No matter where you are in your personal financial journey, having KPIs that are unique to you and quantifiable are vital. They will tell you whether you are on track to reach your own financial goals.   

On today's episode of the "Sharing the Illumination Wealth Podcast", we discuss the importance of establishing KPIs, the difference between leading and lagging KPIs, and four KPIs you may want to incorporate into your financial life management for success. 

There’s a huge difference between having an opinion on the markets and having a crystal clear game plan on how to manage your wealth. If you want to create enduring wealth, your financial vision can not be blurry. 

We have seen too many entrepreneurs who have created wealth with 20/20 business vision drive their personal wealth strategy with blurry vision - either through procrastination, opinion , speculation or mis(un)education.  

On today’s episode, we discuss several tools that entrepreneurs can implement in their personal finances to give them complete clarity on what to do with their wealth and money without having to predict the future. The benefits of LASIK like vision with your wealth can reduce worry & overwhelm, eliminate procrastination and analysis paralysis, help you execute no matter what the markets are doing at any given time. 

On this episode, our host Matt shares his experience playing a behind the scenes role in powerful new movie called Playing with Fire. The movie  premiered to a sold out theater in San Diego this past weekend.

Playing with Fire is the first documentary on the Financial Independence Retire Early movement (FIRE). This movie captures one family's journey to acquire the one thing that money can’t buy: a simpler — and happier — life.  The FIRE movement embraces values based spending and financial optimization to achieve financial independence early. 

Listen to learn the 10 major takeaways from the movie that will help you achieve financial independence on your own terms and your own timeframe. 

"If you are not financially independent by the time you are forty or fifty, it doesn’t mean that you are living in the wrong country or at the wrong time. It simply means that you have the wrong plan."  - Jim Rohn.  

Mr. Rohn was a business and success mentor to many, including Tony Robbins and myself. Mentors are invaluable and can help shape the direction of your life.  They can come from all walks of life - business peers, coaches, family members, even friends. 

Many people have an internal struggle with money so if you can get money out the way, you can move on to many more meaningful dimensions of your life --- thus making Financial Independence a very important objective. On this episode, we share 5 timeless lessons that we have learned from one of our mentor's on Financial Independence. 

One of the biggest financial decisions people make haphazardly is the car buying or lease decision. Transportation expenses are the second largest expense in the average American's budget - secondly only to housing costs and represent 16% of all spending. From our purview, most people spend too much money on cars...and considering the significance, not enough time has been devoted to doing it right. 

On today's episode we walk through a real life car "buy or lease" decision-making process that started from the inside out. The key areas that we focused on included: 

1. Actually getting a good deal on a car within our budget 

2. Finding a car that fit our lifestyle needs and values and 

3. Minimizing the painful and time consuming car dealership haggling and paperwork process. 

Listen in to learn to learn how time, money and peace of mind was saved with this approach. Drive safe!

How much money do you need to be wealthy? This was a question posed by Charles Schwab in their most recent Modern Wealth Survey to 1,000 American between ages 21 and 75. The answers were surprising and varied amounts the generations (Gen Z to Baby Boomers) as well as where one lived. 

How would you answer the same question?

On today's episode we discuss how much money you actually need to be wealthy,  the most underappreciated component of real wealth, and a profound insight from "Millenials" on what to avoid in order to build wealth faster.

We all know that buying a home is one of the biggest decisions of your life, but buying your next home comes with another huge decision to make: Should You Keep Your Home as A Rental Property or Sell It? 

Not everyone has the ability to keep their house as a rental but in today's housing market, many are considering converting their home to a rental property for the income generation ability instead of selling it. The overarching decision is not always a financial one but whatever you decide will have a significant impact on your wealth. 

On today's episode, we discuss the key factors that you must evaluate before renting out your primary residence.  You will learn about the key tax implications, the return on your equity, cash flow, the opportunity costs, and mortgage interest rate differentials amongst others...all of which require math that is interdependent on one another. When you put it all together, hundreds of thousands of dollars, if not millions, are on the line with this decision and that doesn't even include your own peace of mind. 

A recent Bloomberg article highlighted the divorce proceedings of a billionaire real estate developer from New York City. The divorce documents revealed this wealthy real estate investor paid no tax since the 1980's. It articulated how investing in real estate can be tax favorable in good times and difficult times. On this episode, we discuss four key real estate tax benefits that can help you become your own real estate mogul next door. The tax breaks offered in real estate are not just available to the super wealthy – they are being put in place by the millionaire next door as well. Listen in and learn.

Just because you watch Flip or Flop does not mean that flipping homes is the right real estate investing path for you. There are, however, many ways to invest in real estate. You can live-in-flip, landlord, lend, partner, invest, sponsor, develop, do multifamily, residential rental, REIT, vacation rentals and the list goes on and on. 

The most vital aspect is that your real estate investment approach must be strategically designed around your life and stage of wealth. It's very important to utilize your competitive advantages, skill sets, professional experience, values and network to make your real estate investing improve the returns on your entire financial life. 

On this episode we discuss the differences between active real estate investing and passive investing so you can understand what may fit better in your life. We also share real life examples of how different people incorporate both active and passive real estate investment strategies in their life for you to see what's possible. What you will find is that despite the differences, all of the approaches have been strategically developed around their unique resources, competitive advantages, personal values, and life. 

Traditional financial advice typically disregards real estate investment from the asset allocation conversation. Real estate is often called "complex" or an "alternative" investment. Meanwhile the public markets consisting of Stocks, Mutual Funds and ETFs are conventionally believed to be the safest and the best long-term generators of wealth. Just look at Vanguard (who manages over $5 Trillion of assets). Their portfolio allocation models are comprised of Stocks, Bonds and Cash...ditto for their widely used Target Date Funds. The problem is, this advice has never been fully data driven, just Wall Street convenient. On this episode, you will learn why you, as a wealth builder, may want to take the traditional advice from Wall Street with a grain of salt. In addition, you will learn about the actual outsized real estate allocations of some of the most financially successful and risk averse individual investors and financial institutions out there. There is no one sized fits all investment allocation, just the right one for you. 

Real estate is one of the most popular investment strategies for building wealth, preserving it and creating enduring financial freedom. Investing in real estate opens a treasure trove of tax advantages that the traditional investment strategies sold on Wall Street do not fully provide. In fact, the tax code can become your investment strategy ally when you have the right mindset in place due to the multitude of real estate investing tax benefits available. The key however, is understanding what’s available and how to capitalize on it. On today's episode of the "Sharing the Illumination" wealth podcast, we discuss 12 major tax benefits that real estate investing provides. Listen in to find out how you can incorporate them in to your financial life design. 

Do your eyes gloss over when you look at your tax return? Do you even truly know if your returns are prepared accurately? Are you aware of of any last minute tax saving opportunities? We have found that most people answer yes, no and no to those questions about taxes and it is costing them.

Each year we review many tax returns that have been prepared for our clients and this year we get to welcome a new tax code and layout of the tax returns.  One this episode, we discuss the most common mistakes we have seen while reviewing tax returns, what you can do to prevent them and  address several last minute tax saving opportunities for those armed with financial intelligence. 

Wouldn't it be nice if all of our lifestyle spending was tax deductible? Well, there are ways to coordinate personal lifestyle planning strategies with solid tax planning to save you thousands of dollars per year in taxes. 

There is however one vital requirement to even make this possible - you have to own your own business and be self-employed. Even if you don't have a business today, it still pays to be aware of these difference making opportunities. 

On today's episode of the "Sharing the Illumination Wealth" podcast, we discuss three strategies that can have major tax saving and wealth building opportunities...and the best part about it, you don't even need to change your lifestyle. Listen in to find out how to make your personal lifestyle as legally tax deductible as possible. 

Building wealth isn't about how much money you make, it's about how much money you keep. One of the biggest factors in how much you get to keep is directly related to how much of your income goes to taxes. On this episode of the "Sharing the Illumination Wealth" podcast, we discuss 5 types of income that are available to you and the different ways in which they are taxed.  

Warren Buffett has famously said that he pays less tax this his secretary and shared in a New York Times op-ed how his tax rate was significantly lower than 20 of his employees who make far less money than himself as the 3rd richest man in the world. 

The tax code favors certain types of income and it's your responsibility to learn how to build those into your wealth plan in a strategic manner. At the end of the episode we share one action you should take after your taxes are prepared so you can get to the reality of your tax situation and make improvements from there.

You may not realize this but taxes are likely your single biggest expense when you add them all up - Federal Income Tax, State Income Tax, Payroll Tax, Corporate Tax, Sales Tax, Property Tax, and the list goes on. But what's even worse than the tax itself is the approach people take when it comes to their taxes. They view taxes as nuisance, confusing and an after-thought - relinquishing their tax management to a once a year exercise in gathering information and sending it to their tax preparer to file a tax return. 

For those of you that want to build wealth, you must change your mindset around Taxes. Without the proper mindset, you won’t be able to take the necessary steps to grow your intelligence around taxes and implement viable tax strategies customized for you on an ongoing basis. 

To build wealth and financial freedom, learning how to legally control this expense is essential to keeping more of what you make. This requires you moving from viewing taxes as a once a year burden to an ongoing wealth planning opportunity. 

Financial Independence Planning is comprised of many financial details and assumptions about the future. Many financial advisers seek to add unnecessary granularity in hopes of delivering their clients a magic retirement number. On this episode, we discuss the two essential numbers that you must  get right in your financial independence planning. 

What are these vital numbers? 

Listen in as we explain:

1. what these numbers are 

2. how you can determine and improve yours, and 

3. explain 3 step process that will allow you to achieve financial freedom with having to use any detailed calculations or assumptions. 

Over the past few episodes we have been addressing some of the most critical questions that you need to answer in order to create financial freedom. On today's episode we address the question of "How Much Money Do I Need for Financial Freedom?" We walk thru a step-by-step process to help you answer the "How Much" question yourself. The answer is essential as it will tell you how close you really are to financial freedom. From there, you can craft a realistic strategy to reach your financial independence goals. 

On this episode, we address the next most important question on the journey to financial independence - "When"?. This is the date where you actually turn your financial independence dream to reality. You have to know "When" in order to actually do the math behind financial independence planning.  "When" dictates who much you need to save, how long your investments will grow and compound, how long you need your money to last and all the other financial life strategies to impart to make it actually happen. As you listen to the episode, you will find there can be several phases of "When" and how to realistically timeline it out to eliminate the "if" and create certainty in your "When".  

This month, we are dedicating the "Sharing the Illumination Wealth" podcast to Financial Independence. On todays episode, we address two of the most important questions on your journey to financial independence. Unfortunately most financial advisors  "poo-poo" these two questions yet they are essential to actually creating a real plan for financial independence and an early retirement on your own terms.  At the end of the episode we share an exercise that you can do on your own time to help you answer these two vital questions.

This past weekend my daughter got sick so we took her to our local urgent care.  She was quickly seen and dismissed with her actual ailment being misdiagnosed.  She didn't receive the treatment she needed and her illness got worse (104 fever). Fortunately, we saw her pediatrician thereafter who properly diagnosed her with bronchitis and ensured she got the medicine she needed.

If you want financial independence and a healthy financial life, a financial advisor focused solely on your investment portfolio or insurance will not cut it and can actually be detrimental to your wealth.  On today’s episode, I’m going to address a vital planning framework that your financial advisor must have in place to ensure your financial health and well-being. 

The wisdom of a competent and caring financial planner can make the difference between financial success and failure for so many people...just like a competent doctor was able to treat my daughter back to health. 

Welcome to the 10 Year Challenge Edition of the "Sharing The Illumination Wealth" podcast. On this episode, Matt paints a picture of how his 10 Year "Financial Life" challenge and how it has changed...not the least of which included founding Illumination Wealth in the depths of the great recession. Take a break from looking at pictures of celebrities and listen in to find a better approach to the 10 Year Challenge that can help you create the next 10 best years of your life.

On this episode, we discuss a tactical tax strategy for entrepreneurs and business owners with kids (or even parents). You will learn about the tax advantages of putting your kids on your company's payroll, how this money can be used to save for college and financial independence, and the ancillary benefits of teaching your kids about work ethic. We love strategies that can accelerate your wealth creation in many different ways. This is one of them. Tune in to this episode of the "Sharing the Illumination Wealth" podcast to find out more. 

On this episode, we discuss how adopting a Stoic Philosophy can improve your investment results, especially during difficult market environments. We identify the core Stoic Disciplines and Mindset Shifts that some of the greatest investors have adopted as part of the investment framework.  Take a listen and check out some of the books we recommend to build your Stoic Investment Mind. 

On this episode, we discuss a powerful way of thinking that has the ability to bring clarity and guidance to every choice and decision you make in the present. With New Year's upon and the plethora of resolutions, it's critical that these are connected to a long-term view of our future.  However, our minds are not accustomed to think far ahead.  We share a few tips and tricks to prime your mind to harness the magic of thinking long-term.