This podcast episode answers the big question: I bought a home, now what? 

Click here to watch the full video!

I had the pleasure of sitting down and chatting with Alan Akina, the CEO of 101 Financial. Alan helps individuals, families, and corporations understand and implement financial education that solves the problems of debt and wealth building. 

Alan was born on the North Shore of Oahu and raised on the island. He was born into a strong, close-knit family, although they struggled quite a lot financially. Because of his family's financial hardships, Alan grew passionate about becoming financially intelligent. His experiences as a child, growing up in a low-income household, was the driving force behind wanting to learn how to generate wealth in his life.

Alan’s success took off when both he and his wife launched their own company, with an aim to help others understand business and finance. It was a leap of faith that led him to a life of success!

After just five years in business, Alan and his wife’s company made the Inc 500 list, the top-rated fastest growing companies in America. From there, his company evolved into a best selling book called The Super Duper Simple Book on Money. And in 2012, KOHN began hosting Alan for over ten years to discuss his business. To no surprise, his company turned into a national company, helping tens and thousands of families grow their own financial freedom. 

This podcast episode answers the big question: I bought a home, now what?

Once you buy your home –and live in your home– you’re paying a mortgage and in debt. Yes, your home is a valuable asset, providing security by generating more wealth long-term –But how do you plan on maximizing your home to your benefit? 

There are additional avenues you can take to lead a life of financial freedom.

Instead of pulling out a second mortgage, or using your home to pay off a major medical bill, learn how to leverage your home to generate more money in your pockets.

Once your foot is in the door with the property you own, follow these steps:

1. Get your numbers dialed in: income, debt, and expenses. 

2. Know your income sources: yours, spouses, side hustles.

3. Get your finances in order: organize everything and list every expense, including mortgage, living expenses, dining out, et cetera.

4. Make a list of your debts: CC debt, student loans, auto loans, mortgages, et cetera. (Break that down with interest rates and total payments).

5. Then, take your income,  minus your monthly expenses, minus your debt payment. This final number represents your cash flow.

Remember, you will fall into any one of these 3 buckets:

1. You could be positive

2. You’re breaking even

3. You could be in a negative cash flow

Once you know where you are, you can strategize to get to positive cash flow; then, increase it!

Growth Mindset vs. Fixed Mindset

Just remember, you can choose to have a fixed mindset or a growth mindset around home ownership; meaning, you can be comfortable with your home and feel content with achieving homeownership, or you can adopt a growth mindset and open your mind to endless possibilities available to you. A growth mindset is buying your first home and then leveraging your home in order to purchase the second one. 

But there are two major roadblocks to building wealth:

• Down payment - 20% down for an investment property
• How do I find the next deal? 

Once these roadblocks have been cleared, you are on your way to financial freedom! 

101 financial helps support you and your families with a structure-based approach. 

What will you receive with 101 Financial?

1. Private Coaching with one of the certified instructors

2. World Winning Curriculum to help you get through any situation

3. Technology and the app to help you stack on track and build your plans. This app is designed to reduce the interest costs on your debts by up to 70%. 

At the end of the day, Alan says that your greatest asset is your ability to bring home a paycheck. Use your paycheck to lower your debt and pay off your debts. The goal is to minimize your debt to rid the interest rates, because the interest rates will inevitably cost you more down the road.

Join us next month to learn more about digital banking! 

Do you have a question for an agent? Contact us  here and we will answer your question right away! We offer insight regarding market updates, real estate news, tips on financial literacy, and more! At Oahu Lux Homes, we want to help you find financial freedom in your life and grow your wealth, one home at a time. 

Don’t forget to like and subscribe to our YouTube channel, so you can stay up-to-date on everything related to Oahu lux living!