Archive for the ‘Financial News’ Category

Who Is The Richest Person In Hawaii?

Wednesday, January 21st, 2015

Do you know who the richest person in Hawaii is?

In a recent report released by Wealth-X, they revealed a list of the wealthiest people in each state in the US.

In Hawaii that person is Jay Shidler, with a net worth of $700 million.

The richest person in Washington state is also the wealthiest in the country, none other than Bill Gates with a net worth of $81.5 Billion.

Second on the list is Warren Buffet of Nebraska with $66.9 Billion in net worth.

Here is what we learned from this list:

Thirty five of the fifty list-makers are self-made entrepreneurs. The others inherited their wealth and some were able to build upon it.

Six of the fifty were women. Forty one states have Billionaires and nine do not. The nine states include Wyoming, Alaska, South Dakota, Delaware, Maine, Mississippi, New Mexico, Utah and Hawaii.

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Your “Rainy Day” Account

Tuesday, September 24th, 2013

When you hear the phrase “When it rains, it pours”… most times we relate that to our financial lives. I know it seems like when the refrigerator goes out; it’s also time for new tires and a transmission. Or when the medical bills come in the dental bills follow right along.

For those with children, it’s like all of their field trips and sports fees are due on the same day as the lunch tickets.

In this tip, I want to help you build a “Rainy Day” Account, that can be used to cover unexpected expenses.

First, set up a new savings account with your primary bank or credit union.

Next, review your cash flow and determine how much you can afford to contribute each month, after paying all of the bills and expenses, going into this Rainy Day account.

Now, make it automatic by asking your bank or credit union to automatically draw out a specific amount each month or from each paycheck, and deposit that amount into your Rainy Day Account.

How much should you have in your Rainy Day Account? That depends on your monthly expenses.  A general rule of thumb is 3 to 6 months of living expenses.

I know it may be tough to put away that much money at once, so just get started by saving up 1 month’s expenses first. Then go for the second month, and the next and the next. The most important thing to do is get started today.

I’m Alan Akina… Remember, every dollar counts.

6 Financial Planning Tips for Natural Disasters

Tuesday, September 24th, 2013

After seeing all of the natural disasters that have hit the world recently, and the near misses we’ve had in Hawaii… I wanted to share my advice about Financial Planning for Natural Disasters.

Here are 6 things you can do to prepare your finances for the aftermath of an unexpected natural disaster:

  1. Have Identification – In severe cases, we might have to prove who we are just to get access to our own resources and seek recovery assistance. Solution: Store a photo ID for each member of your family in a safe and secure place that can be easily reached. Keep extra pictures of family members just in case you lost someone.
  2. Have Cash On Hand – It is suggested that you carry at least $20-$30 cash per member of your family on hand. This will allow you to pay for temporary expenses or evacuations if there is no credit card processing or ATMs available.
  3. Make a List of Your Financial Accounts – Keep a list of all of your financial accounts, account numbers and passwords. Be sure that it is encrypted or use abbreviations so if someone got a hold of it, they would not be able to use it. You might be able to use a password protected flash drive for this.
  4. Organize Financial Documents – Keep all of your family’s important financial, legal and personal documents or copies in a safe place. Keep the following records: Insurance policies, birth and marriage certificates, stocks and bonds certificates, wills, trusts, deeds and tax returns. These should be stored in a fire/waterproof container or safe. Preferably not in the same location as your home.
  5. Photo & Video Inventory – Take photographs or video and inventory items in each room in your home. Things such as TVs, computers, furniture, jewelry, artwork, and all valuables. Record serial numbers, date of purchase, price and the condition. This will be used for insurance or tax claims.
  6. Review Your Insurance Policy Regularly – Review your various insurance policies and keep them updated. Know that most homeowner policies do not cover floods. Make sure your life insurance policies are sufficient to cover your family in case of a death and loss of income.

Follow these simple tips after a natural disaster, and you will avoid a lot of headaches when dealing with the aftermath, and when you’re putting your life back together.

I’m Alan Akina… Remember, every dollar counts.

5 Money Tips to Pass On to Your Children

Tuesday, September 24th, 2013

Since children (or even teenagers) don’t get Personal Finance education in public school, today I’m sharing 5 important tips to pass on to your children. So they don’t grow up being financially “illiterate”…

  1.  Teach Your Children About Money – The sooner they start to understand how money works, the less likely they will turn into compulsive spenders, without regard for where that money is going.
  2. Open a Savings Account with Your Child – Don’t do it for them, instead, be there for moral support, and guide them through the process. So they become familiar with banks, and understand what having money and savings really means.
  3.  Teach Them About Money When Grocery Shopping – Include your kids when making your grocery list and clipping coupons. Then have them help look for savings when buying food, and their eyes will be opened to the true cost of living.
  4. Encourage Them to Start Investing Early – Your children don’t need to wait till they get their first job to invest. They can start with the allowance they get, or with what they earn doing chores or add-jobs around the neighborhood. Getting them to start early will teach them how to make their money work for them, and give them the power of compounding interest on their money for many years until they turn eighteen.
  5. Lead By Example – As a parent, your example is the best teacher.  Ensure that you are doing all you can to be a good financial example. And that you are giving your children a look at how you manage your finances in a responsible manner.

I’m Alan Akina… Remember, every dollar counts.

Finding Your Financial Starting Line

Tuesday, September 24th, 2013

For most of us, our financial life can get pretty confusing, overwhelming and stressful! I suggest that we start at the very beginning by understanding these 3 things:

  1. Money In = Income
  2. Money Out = Expenses
  3. Money We Owe = Debt

For Money In… we need to list the source and amount of our monthly take home pay.  This will include our paychecks, income from a business, investments or rental property.

Now for Money Out… let’s list all of our monthly living expenses, things such as food, gas, utilities and so on. What we want to know here is how much money is leaving our pockets every month and where it is going.

Lastly we need to list all of our debt… Credit cards, mortgages, auto loans, personal loans and student loans.

We have created a simple to use worksheet called “Your Financial Starting Line” for you to use.

Go to www.101Financial.com/start to download this worksheet.

Start tracking your income, expenses and liabilities today. And you will be taking your first steps toward achieving financial peace of mind.

I’m Alan Akina… Remember, every dollar counts.

101 Financial’s Ten Core Values – Nā ʻŌlelo Pahuhopu

Saturday, June 9th, 2012

101 Financial's 10 Core Values101 Financial has put together a list of ten core values which drive our company. Each value is listed in English and Hawaiian.

1. Lead With Your Heart and Serve. Alakaʻi mai ka naʻau mai.

2. Be Humble and Grateful. Haʻahaʻa

3. Family Comes First. ‘Ohana

4. Do the Right Thing. Hana pono

5. Share the Message of Financial Hope Through Example. E lilo ʻoe, ʻo ʻoe ka ‘oi loa.

6. Care For Each Student and Instructor. E mālama kekahi i kekahi.

7. Smile, Laugh and Have Fun. E leʻaleʻa kākou.

8. Do More With Less. E kīhau kākou

9. Learn Something New Every day. E hoʻomau i ke aʻo ʻana mai.

10. Be OUTSTANDING in Everything We Do. Poʻokela

Kahuku Man Receives $54,000 Water Bill. Guess Who?

Tuesday, April 10th, 2012

Imagine getting a water bill for a property you recently started to develop, one without any house on it yet, expecting to see $0.00 but instead finding $54,176.21. Impossible, yet it happened. And to who… 101 Financial’s very own Alan Akina.

According to Alan’s bill, in a two month period, his water usage spiked from zero to 131,566 gallons a day in the past 76 days. That’s the equivalent of 10 million gallons of water, or 200,000 regular sized bathtubs full of water.

Was there a leak, a diversion of water, a conspiracy, or something else? Hawaii’s KHON2 news went out to investigate. And their report became the top news story for days, and the talk of the town.

Check out the video report on the KHON2 website here. >>

Alan Akina discusses his $54,000 water bill

How to View and Read Your Annual Credit Report

Wednesday, January 25th, 2012

Credit ReportLenders and financial advisors are always telling you that the first step in making smart financial decisions is to know your credit score. This number, which ranges from 300 to 850, is what lenders look at to decide if they want to give you money and, if they do, how much interest they want to charge.

In order to make this information more open to the public, the government began a program that allows you to get a free annual credit report from one of three qualified providers (Experian, TransUnion, or Equifax). Each of these companies uses a similar algorithm that looks at your payment history, outstanding debts, length of credit history, new credit accounts, and types of credit used to determine your number.

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The 101 blog is up and running!

Tuesday, December 20th, 2011
Alan Akina - 101 Financial

Alan Akina believes in Financial Peace of Mind for Everyone

Well it’s finally here! 

The long awaited 101 Financial Blog.  We have had plans to launch our blog for quite some time now, but as you know life can get pretty busy.  We are super excited to share our message and unique perspective on the world of personal finance.

We have so much to say, teach and share with you and hope that you can join in the conversation too.  We want everyone to become financially educated so that you can make better financial decisions that will take you from “survival-mode” to thriving!

You can expect to get useful financial tips, helpful suggestions, inspirational success stories and updates on the latest financial news that will help you live better, get smarter and to get on with the better things in life. (more…)