Archive for the ‘oakland’ Category


I was talking to some business associates yesterday and we were discussing QRPs. QRP is an acronym for Qualified Retirement Plan. I stressed most people know what these are and use them to their full capacity. My colleague said I wouldn’t believe how many do not know what they are or how to use them. I joked I should blog about that very topic. So here I am with a short snippet on QRPs.

Tiburon Golden Gate BridgeI was in a short sale real estate transaction and the lender requested the seller’s 401k (retirement) statement. I was shocked because that rarely happens in the many short sale transactions I’ve been involved in as an agent. The seller was sure he didn’t have one. I pointed out a deduction was being made every paycheck to his 401k account. (Maybe my colleague was correct after all.) It took him a while to get it to me since he never viewed it online and had no username or password.

401k_eggOnce I had it in hand, I decided to take a peek. His 401k had different options for allocation (where to place the balance of funds deposited). Normally, there are options for all levels of risk: low, high, medium, a money market fund (similar to a savings account) and a stock purchase (depending on the type of company you’re working for). Anyway back to my seller, most of his money was in the lowest performing least risk option. He was younger that I was and if it were me I would put more into high risk, stocks and some in my money market. I would try to make the most money I could In higher performing allocations while I was young and could still make the money back if I were hit with a large loss in the stock market. As I am aging I would go for a more moderate risk. I felt bad that he had no idea what was going on in his financial life. How many others out there are heading for a scary retirement because they didn’t make the most of their retirement while they were young?

I wish I would have read a blog like this when I was in my 20s because I would have make significant changes. I remember working for a large banking institution. I was 21 or so and not very financially savvy. My employer XYZ Bank put me into a 401k plan once I became a salaried employee. I received my first quarterly statement and I was totally confused. How dare they take money out of my account? Typical 20 year old, right? And then retirement was the furthest thing from my mind.

401KThen I started comparing my statement to others in my department. My supervisor had a lot of money in hers but I also noticed every quarter it was increasing substantially. So I asked her what she was doing to make her account grow rapidly. She looked at my allocations and let me know that putting more money in would help but also changing my allocation. By putting a larger amount in something with a higher payout and increased risk, I would see a substantial change. Then I asked should I change my allocation since this is where the company placed me. She said companies start everyone in an allocation that involved the least risk. Based upon our own research, we can change our allocation however we desire. Once I made the changes I saw a whole new world by the next quarter. I was making a lot more money every quarter.

Things to keep in mind:

  1. Your employer may offer you a 401k, 403b, etc to make tax free deposit for retirement.
  2. You should have a statement at minimum quarterly. Otherwise find out how to access your account online.
  3. Make sure your money is diversified (spread into different sections) and not lumped into one account.
  4. If you are self-employed, look at SEP-IRA, Roth IRA or Keogh.
  5. Do not withdraw funds before you are 59 and ½ years old to avoid fees and penalties.
  6. Under some circumstances you can take a loan against your retirement account to make a home purchase or an emergency.

I will go into more detail in the next post.

Talk to you soon,

(510) 717-0094



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Sorry I have been so long in posting but I’ve changed and changed again trying to find my greater purpose. Since my last post, back in 2012, I started Funding Wealth Capital, LLC with my partner Al Davis. We are assisting an Oakland non-profit to open a local bingo hall. Through a year’s worth of research we found bingo generates a robust income. Another fact is 70% of income after expenses has to go to other non-profits. I’ve been combing the web for good, stable, local non-profits that help the community. I’m sure you all know of some so make sure to comment.
leonaFunding Wealth Capital is assisting with fundraising to open the bingo hall through a series of investor workshops. I must say this is going very well. I’m learning a lot about fundraising and all of the legality behind being a blessing. Schools and students can profit from this giving. And little do the bingo patrons know, they are changing their community every time they play.
We’re also raising money on Indiegogo: Help Oakland Public Schools Through Bingo (click the link)
The targets of the charities are primarily Oakland Public Schools and college scholarships. Its funny, years ago I had a small business helping students to find money for college. Fast forward 20+ years and I’m doing the same thing.
Check us out at:
Facebook: Bingo in Oakland

Talk to you soon,
Leona Greenlow-Turner (510) 717-0094

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