Beautiful Mom of 3 & Her Own Boss

[DWM: I decided to start the “Be Your Own Boss” series after getting lots of positive feedback on a post I recently wrote about my entrepreneur journey to running my tutoring business exactly how I want it and making $388/hr. This series will be mostly composed of individual guest posts, where every day people like you and me create or seize an opportunity to make their work exactly how they want it. First off, we will start with my co-worker at Banner University Medical Center, Ruth. Here’s her story. We have no financial relationship.]

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My name is Ruth, and this is my story.  I am a Registered nurse in Tucson, Arizona.  I am a wife and a mother to three beautiful children:  Zachary (12), Madeline (4), and Jacob (17 months).  I am on an incredible journey to be my own boss and have financial freedom for my family.  I cannot be happier with this decision.

First a little about my background.  I started out working job to job, finding little satisfaction, until I owned my own business as a licensed Massage Therapist in Washington state.  I had my fair share of other jobs such as selling shoes, working fast food, working as an ER coordinator, packaging caviar in Alaska and even bartending.  Eventually I ended up going to school and becoming a licensed Massage Therapist. I was able to partner with other massage therapists, setting our own schedules and gaining a large clientele.

After owning this business for almost 5 years I gave up my dream of being my own boss to move across country with my husband and our oldest son to Georgia for my husband’s career.  At this point it was very difficult to start over a massage business from the ground up, getting a new state license, all of the transfer fees, and building a clientele all over again.  My husband supported me going back to school to achieve my BSN from the University of South Carolina Aiken.  With this education, doors would be opened for my family.

For my husband, with his career as a swim coach, moving is almost a guarantee.  Being a registered nurse allowed me to change from state to state and get a job almost anywhere I can imagine, unlike a massage therapist.  This career change for me and my family was tremendous.  I worked in an emergency room at a Level I Trauma Center in Augusta, Georgia.  The friendships and connections were great that I had.  My husband then ended up getting a job opportunity at The University of Arizona.

With the degree and experience I had, I was able to transfer into the float pool at Banner UMC, formerly known as University of Arizona Health Network.  I worked in the ER, Cath lab and Interventional Radiology.  Although, these opportunities have been amazing for me, I was not satisfied.  Going from owning my own business, setting my own hours, deciding my income, being able to spend time with my kids and husband, to being on a schedule, less time with my family and being capped on income potential.

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I know there is so much more out there for myself, my family, and anybody else who wants to achieve more. After having our second child, my goals changed and I now wanted to be able to spend more time with my family and obtain financial freedom.  Then came the birth of our third child, and the desire to be home more, and to tend to all of his health needs burned deep within my soul.  There is only so much PTO that a person can accrue, or points given for calling in sick due to a sick child at home, before getting written up or fired.  This is definitely a downfall of not working for yourself.  Having someone else enjoy the critical steps, milestones and joy that comes from a child you gave birth to.

I want to enjoy all of these wonderful milestones and not miss out on spending time with them, or being able to help out in their classrooms. I have desire of not being confined to one place, being able to work from home, on the road, or on vacation.  I also have the desire to have my family in the center of my life and work my business around their schedule, and with them.  Even my oldest boy wants to help his mom out with the social media end of the business.  This day and age we almost need to take out a mortgage in order to pay for our kid’s college education.  I want to be able to put money in their bank account so they do not need to worry about working and receiving an education.  I would like each of them to focus on their studies.

This leaves me with the business I have chosen, after four months of research. This is the one, and only, company I have ever become a part of, Rodan + Fields.  With the support of my husband, the determination to succeed for my family, and knowing that the products are beyond anything I have experienced, I knew this was a company I needed to be a part of.  I did not see one red flag with this company, Rodan + Fields.  The two woman dermatologists from Stanford created the product, that everyone knows…Proactiv.  Then ended up moving their business from high end retail department stores, such as Este Lauder, into direct marketing in 2008 due to the direction the world is heading, word of mouth and social media.  If someone likes a product they will tell their friends, or even put it on social media.  There is $2.9 billion dollars spent each year on skincare products designed to reduce the signs of aging.  I am sure that each and every one of your reading this have had a facial, spent money on skincare products, or knows someone who has.

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This is a business for yourself, to be your own boss and create your own schedule.  All along the way you can experience healthier, younger-looking skin, save money by not needing to go to the dermatologist office, long wait times and no more expensive facials!  You have all the tools you need.  You can also collect monthly commissions for personal and team product sales, earn rewards for reaching milestones along with your #RFJourney, never by yourself.

We are the writers of our destiny.  What is your path and journey that you want to write to get the results of your dreams?  Begin today for tomorrow’s future.  Create your happiness.  I know I have begun on my incredible journey for my family and to work for myself.  Financial freedom is in our future.  I would love to hear from you, your success, goals and dreams.  Check out my website and begin your path to freedom and beautiful, younger looking skin!

www.rbyars.myrandf.com

[email protected]

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Company Match Q&A Part III

Anyone who enjoys getting 100% instant return on their invested dollar is excited about getting a company match.

This post is the 3rd part of 3-post series to answer all your questions on maximizing your company match. While this series answers specific questions about the BUMC (Banner University Medical Center) match, the general principles apply to any work place.


 

Question 11.

For 2016, is the match 4% based on the income we made for the entire calendar year from 1/1-12/31/16?

No as you are not making contributions to the Banner 401k during that time. Keep in mind that the match is NOT counted toward the 18K maximum.

 

Question 12.

Please provide a numerical example of how the number works based on a $50,000 income in year 2016 ($1923.1/pay check).

4% of $1923 = $76.92 and that is what the company match would be.

 

If you earned $50,000 from 7/1-12/31/2016, and you contributed at least 4% each check during that time, the company match total would be $2,000 ($50,000 X 4% = $2,000).   And you would have contributed $2,000.  If you contribute 8% each pay period and earned a total of $50,000 from 7/1-12/31/16 then you would have contributed $4,000 and the company would still be $2,000.

 

Keep in mind if you participate in another 401k during the first part of the year any contributions you made count toward the annual maximum [Editor: annual maximum of 18,000, so plenty of space for most of most] you can contribute in 2016.

 

I would be more than happy once you are in the Banner system to help you determine what percentage to set up.  I would just need to know how much you have already contributed to that point and how much you anticipate your compensation will be from 7/1-12/31/16.


DFD DRB

Apply to DRB by clicking here, you will get $300 cash bonus and WCW will get a referral fee when you sign your contract. Win-win!


 

Question 13.

Where can I learn more about Banner benefits?

Yes information regarding all Retirement plans are available on our Benefits website:   www.BannerBenefits.com

In summary, once you are in the Banner payroll system and making contributions of at least 4% to the 401k and you have reached your 1 year anniversary you will get dollar for dollar on the first 4% of your contribution each pay period.

 

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Apply to Earnest by clicking here, you will get $300 cash bonus and WCW will get a referral fee when you sign your contract. Win-win!


 

Here’s the synopsis of retirement plan from Banner website.

Retirement Plans

Banner Health’s 401(k) and 403(b) plans offer eligible employees the opportunity to set aside money in a pre-tax retirement plan without a waiting period.

Banner has partnered with Fidelity Investments as our provider of investment options, and recordkeeping services for the retirement plans. Fidelity is the nation’s largest mutual fund company with $973 billion under management for more than 16 million investors.

Maximum Salary Deferral

The maximum employee salary deferral (contribution) for 2015 is the lesser of 100 percent of your annual pay or $18,000 (increased from $17,500 in 2014). To calculate your maximum allowable deferral percentage, divide $18,000 by your projected annual salary.

If you will be age 50 by Dec. 31, 2015, your 2015 limit is $24,000 (increased from $23,000 in 2014). To calculate your maximum allowable deferral percentage, divide $24,000 by your projected annual salary.

The IRS has set a $265,000 limit on 401(k) and 403(b) eligible salary (increased from $260,000 in 2014).

Banner’s payroll system is set up to automatically stop your contributions when you reach any of the above annual limits.

No employer matching contribution will be made for any pay period in which you do not have a contribution.

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Immediately Vested

Some companies require their employees earn the right to keep contributions the company has made to their retirement plan by working for the company for a certain number of years. This is called vesting.  Banner has no vesting requirements. You are always 100 percent vested in your and Banner Health’s contributions to the plan. In other words, you will always have ownership of the contributions you and Banner make to your retirement plan account.

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Loans are Available

While the retirement plans should be considered a long-term investment, you will have the ability to request a loan. The minimum amount you can borrow is $1,000, and you can have two outstanding loans at a time. Generally, you may borrow the lesser of 50 percent of your balance or $50,000. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. Loan repayments (plus interest) to your plan account are paid back through electronic bank draft. No loan may be written for longer than five years.

In addition, you may take in-service withdrawals on any after-tax contribution account. These after-tax contributions continue to be recorded as after-tax contributions on your account statements while your 401(k) deferral amounts are recorded as pre-tax.

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Accounts are Valued Daily

You are able to access up-to-date information about the value of your investments and make transactions on any business day, and every transaction is confirmed. Every three months, Fidelity will send you a detailed statement of your balance, account activity, and your personal rate of return.

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Summary Plan Description

Detailed information on this benefit such as eligibility, plan coverage, limitations and contact information can be found in the Summary Plan Description (SPD).

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Bonus Post: Independent Bookstores & the Books I Bought

As we start to travel more frequently, the boyfriend and I make a point to visit a (hopefully used) bookstore at least once per trip. So let’s have a look-see where we’ve been and what we found!

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Monday Muse (6/6/16)

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I’m thinking, how should I eat this piece of orange… 6 month old Mini.

The Monday Muse aims to serve as a weekly booster for our financial fitness, setting the tone of a successful week in all areas of our lives. With so many wonderful writers/bloggers sharing their experiences and insights, I frequently feel like yelling out their articles from the top of my lungs, so everyone could hear and benefit from these priceless lessons. This series is inspired by my esteemed mentor PoF’s Sunday Best series. 

Each Monday Muse will share 5 articles I’ve read recently and found inspiring, instructional, & actionable: mostly in personal finances, but could also be pertinent to other areas of our lives. After all, our lives are not as compartmentalized as we thought. If various aspects of our lives are truly that segregated from one other, why would financial stress cause physician burn-out?

So here you go, I’m on the top of my DWM mountain, shouting out to you. Enjoy!


This week’s Monday Muse (6/6/16):

Big ERN @ Early Retirement Now makes a case for abandoning the traditional “emergency fund” in Our Emergency Fund is Exactly $0.00, a title which isn’t exactly accurate, but the arguments are sound.

PhysicianOnFIRE Guide to Retiring at 45

Our Real Estate Empire

27 Things I Learned About Money by 27

Random Rant: Normal Sucks


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Go for it! It’s tasty 🙂

Off you go, to great places, doing great things this week!

-DWM