Author, Wealthy by Design (2013)
President and founder of Empyrion Wealth Management Inc. for 22 years, offers clients straightforward unbiased financial advice
Appearances include Fox News and Fox Business as well as CNBC’s The Call, The Today Show and Good Morning America; Contributes to well-known mainstream radio shows and newsprint such as the Wall Street Journal, Worth Magazine, and Marketwatch
Married to Charles, four children
Choose to be Wealthy
FROM WANT TO WEALTH
With the 2008 financial crash, Kimberly’s first thoughts were of her family, how she would provide for their four children. Based on her upbringing she knew how not having resources affects your choices. Her second thoughts were of her clients. How would financial disaster affect their portfolios, security, and lives? As it turned out she was able to protect her clients during those shaky times, plus help them make attractive returns. Kimberly considers this a pivotal point in her life where she had fully put her trust in God and knew that He was in control. It was her knowledge of this and taking practical financial steps that got her and her clients through.
Kimberly’s father was a carpenter, a blue-collar, hard-working man with an 8th grade education who in his whole life never made more than $22K in a single year. Her mom was an Avon lady. She was the youngest of six kids in the house, which meant she was never the one to wear a new pair of jeans. Growing up in humble circumstances she was encouraged by her parents to believe she could do anything. Somewhere deep inside she desired a different lifestyle and committed to learning how to get it. She was born in Auburn, CA, which was founded in 1849 during the Gold Rush. Her great-great-grandfather, Daniel Austin Rice, was the first Wells Fargo agent in the greater Sacramento Valley, transporting gold from Rattlesnake Bar, near Auburn, to Sutter’s Fort in Sacramento to a bank for safe keeping.
Family history aside, Kimberly felt different from her family, but her mom said that made her like her ancestors who were very intelligent, intuitive, and had an astute business sense that complemented their God-given gifts. When she was 10, her mom told her that “God has blessed you with the best of your father’s gifts and the best of mine, and in turn, “I believe you’re destined to do great things in your life.” Kimberly began to set goals – first to work to buy a pair of jeans – and eventually worked her way through college and became one of the few women stockbrokers at Merrill Lynch. Taking the long view helps Kimberly represent her clients’ interests according to their needs, helps plan their investments, and creates flexibility in case things need to change.
THE 50/30/20 RULE BROKEN DOWN
Many of Kimberly’s long-time clients know her favorite investment statement, “Stay diversified, stay the course.” One of Kimberly’s basic financial principles is “The 50/30/20 Rule.” The 50/30/20 Rule splits everything into three main categories:
1.Core Expenses (also Essential Expenses) - No more than 50% of your pay should go toward Core Expenses, which are the fundamentals to living: Housing, Food, Utilities, and Transportation
2. Tithing, Retirement, and Debt reduction - A Minimum of 30%of your pay should be allocated to build a strong financial foundation. Which are:
Tithing - 10%
Retirement contributions, savings contributions - 15% Debt payments, if you have debt - 10%
These contributions and payments are made after you pay your Essential Expenses before discretionary or "all other spending," but before you do any other spending.
3. Discretionary Spending: AKA "All other spending" - No more than 20% of your take-home should be
Allocated to discretionary which include but are not limited to:
Cable, Internet, Cell phone plans, Childcare, Dining and Entertainment, Gym fees, Hobbies, Pets, Personal care, Shopping, etc.
While deception (or things you think you need, like takeout food) items are the last things you should buy in your budget, never feel guilty for enjoying or purchasing a little indulgence of a nice dinner as long as you've taken care Core and Saving first.
Kimberly has a strong relationship with God and she says He has always been a driving force in her life. She grew up in a household that believed in God. Her father was Lutheran and her mother was a Seventh-Day Adventist. She accepted Jesus at a very young age. When she was in college, she began attending a conservative Southern Baptist church with a relative. Kimberly publically professed her faith in Christ. She even thought she was going to be a pastor or a nun (the desire to be a pastor has always been there). With the financial crash in 2008, Kimberly truly learned to put God first and to trust Him completely. She says though, like all of us, she struggles daily surrendering everything to God, she knows He is in control. Kimberly has seen God provide for her and all of her clients. Though we have moments of weakness, God can use our frailties. We have to trust God where He has us and trust His plan for our ultimate destinies. We discover this by daily time alone with Him and asking Him where He would like us to go. We need to be willing participants in what God is doing. If they are not already, we need to get our fiscal houses in order. Then, through planning and prayer, we can fulfill God’s plans for our lives.
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