New Blog Address

I will no longer be posting on this blog. You can visit new content at www.moneymanao.blogspot.com 

What's Your Financial Freedom Number?

What is the number that will allow you to be debt free and achieve your financial goals?

The other day I found myself "dream shopping" on Costco.com. I was browsing the furniture section to see how much it would cost to completely furnish a 3 bedroom home with an office and outdoor patio area. To furnish my "dream home" would cost me about $20,000. (Although, in reality I am a bargain shopper and would probably spend closer to $12,000-$15,000 on the same or similar furniture).

This then led me to figure out how much of a down payment we would need to put at least 10% down on a home and to keep reasonable monthly mortgage payments. So based on average home prices here in Hawaii and what we would have in mind for our first home, we need about $42,500 for a down payment.

But of course, before we can begin to save for a home we need to have all of our debts paid off and a 3-6 months fully funded Emergency Fund. So if I add up all of these numbers and round up we need a total of $200,000 to get us to this place.

This number sounds outrageous...however now that we know how much money it'll take to get us to that place of feeling financial freedom and accomplishing a major life goal of owning our own home, we can set-up our financial plan to help us achieve this goal.

This now puts in to focus how much income we need to be able to achieve this goal in a reasonable amount of time. I already have my cards in play with going for my Masters Degree which will allow me more opportunities to earn more income and reach my goals.

So our number is $200,000! What's your number? 

You can't get to where you want to be, 

if you don't know where you are going! 

Call for Volunteers for Financial Literacy Movement

June will be a busy month for me and the Financial Literacy Movement.

• 3 Community Financial Literacy Workshops
• 1 Guest Speaking engagement on Financial Literacy for families for the clients of a specific organization
• Several Private Personal Finance Consultations

I also hope to lay the groundwork for a Waianae Community Financial Literacy Fair to be held this fall.  Incorporated in this fair I am looking at getting the local schools involved through Financial Literacy PSA Video contest and a Keiki Art contest to create a Financial Literacy Calendar that will help raise funds for the movement and provide Financial Literacy Education in the local schools.

I cannot do this alone, and I appreciate all the support that my family and friends have given me so far. I am currently looking for dedicated volunteers who would like to get involved in the movement. Here are some openings that I am seeking to fill:

Workshop Assistant
Manage the registration table at each workshop, help in set-up of workshop venue, distribute handouts and activities during the workshop, and aide in breaking down and cleaning up after workshop. Time Commitment: 2.5 hours per workshop. 

Keiki Art Contest Project Coordinator-
Work with me to plan, organize, and implement Keiki Art Contest, will be the liaison with each school in the community. Time Commitment: Must be available at least 2 times a month from June - December

PSA Contest Project Coordinator
Work with me to plan, organize, and implement Financial Literacy PSA Video contest, will be the liaison with each media program at the local schools.
Time Commitment: Must be available at least 2 times a month from June- December

Financial Literacy Fair Committee Chairperson for the following committees: 
             - Marketing and Promotions
             - Service Provider Coordinator
             - Guest Speaker Coordinator
             - Donations/Sponsorships
Time Commitment: Must be available at least 2 times a month from July-November.

If you or anyone you know are interested in any of these volunteer positions, Please submit the following to saydeepojas@gmail.com (Serious Inquiries ONLY):  

1. Brief Bio about yourself, please include your education and professional background (500 words or less)
2. Statement about what Financial Literacy means to you and WHY you want to be a part of the financial literacy movement. (500 words or less) 

Although not necessary, you may also submit a current resume.

I am also currently volunteering my time and self-funding the Financial Literacy Movement, however I will be writing these or similar positions into future grants where there may be paid opportunities to continue this work in the community. Be assured that that your time, work and dedication to the movement will be recognized.

Is Your Spending Out of Control?

I came across an article from the National Foundation for Credit Counseling that gave readers a reality check on their spending. Here is what the article shared...

10 Warning Signs to determine if spending is OUT OF CONTROL 

1. Purchases hidden from others

2. Bills paid late or ignored

3. Checking Accounts routinely overdrawn

4. Credit essential to maintain current lifestyle level

5. Unwilling to review how money is spent

6. Unaware of how much is owed

7. Items routinely purchased, and then returned

8. Shopping used as a salve for emotional stress

9. Unwilling to set financial goals

10. Afraid to check credit report and score

Prepare for Financial Success Workshop Series

Financial Literacy Movement Update

Here is the latest news on the Financial Literacy Movement here in Wai'anae.

On-Going Personal Finance Consultations
I have been meeting with clients for a FREE 90 Minute One-on-One Confidential Personal Finance Consultation for the past month. I work with the individual or family to assess their current financial situation and help them develop a plan to meet their financial goals.

Upcoming Workshops
Money Talks For Kids
I have been asked to facilitate a workshop for parents of children 0-3 years old who participate in the INPEACE Parents as Teachers Program in June. It will be a 60 minute engaging workshop that will focus on talking about money with young keiki and letting families know that it's never too early to start learning about finances.

Ready for the "Real World" Series
I will be holding a FREE workshop for the Graduates of the Class of 2013 and their families in Waianae this summer. Whether going off to college in the mainland, continuing education right here at home, or entering the workforce, the workshops will include valuable information to prepare graduates for the "real world" and set them on the right path to financial wellness and responsibility.

Future Events
I recently submitted an application for a micro-grant from Awesome Foundation O'ahu. If awarded, the monies will go towards holding a Waianae Coast Financial Literacy Fair. This will be an engaging and interactive family event that will consist of various service providers, break out sessions, guest speakers and interactive financial learning activities for children and youth. This event will be held late summer/ early fall. If I do not receive the micro-grant that I applied for, I will seek alternative funding through sponsorships and/or kickstarter.

If you are interested in any information about the above information please contact me at (808) 542-6245 or saydeepojas@gmail.com. I am also looking for volunteers and those who would like to become a part of the financial literacy movement.

What is your Financial Four?

When it comes to finances there are many topics to learn and educate yourself about. Anything from Emergency Savings, Calculating Retirement, Tax Time Planning, Creating a will, Understanding Income, and many more. When faced with all these topics to learn, it may be overwhelming. I discovered this fun and educational activity based on a variety of financial topics. Similar to a bracket system like the NCAA Final Four, the National Endowment for Financial Education and Financial Planning Association created financialfour.org.

I invite you all to complete the activity and see what financial topics are most important to you and also compare to others who have completed the activity. Here are my Final Financial Four

1. Pay Yourself First
     -Automate transfers directly into savings
     -Build savings into monthly budget

2. Tax Time Planning
    - Develop a strategy to do even better financially next year
    - Manage your tax refund to pay debt, boost savings, etc.
    - Bunch qualified tax deductions

3. Emergency Kit
    - Ensure that it is portable should an emergency or disaster occur
    - Include important financial documents and small amounts of cash

4. Understand Income
     - Know what is in your paycheck
     - Complete withholding calculator and adjust withholdings

Through this exercise, I now have a list of areas that are prioritized so that I can tackle each one to better my financial wellness. I also discovered that out of the 32 Financial Topics, I am already implementing 22 of them in my life.

I will be utilizing this exercise in personal consultations as well as group facilitated workshops and events. Have fun completing this exercise and feel free to share your Final Financial Four.