2 newportbeachindy.com SEPTEMBER 22, 2017 B iz B uzz BUSINESS NEWS FOR NEWPORT BEACH Art for the Soul Prepares for 20 Year Anniversary SARA HALL By Sara Hall | NB Indy Art for the Soul owner Valinda Martin opened her unique boutique on Balboa Island on June 23, 1998. Now, after nearly two decades, Martin wants to focus on revamping the store and “get back to the way I felt 20 years ago.” Martin plans myriad changes for the upcoming anniversary year, including cleaning, organizing, and refreshing the store. She’ll still offer her unusual and inspirational selection of original art and gifts, but plans to include more handmade and specialty items. The revamp should be done in time for a 20-year anniversary party in June 2018. Martin, 56, of Corona del Mar, had a second Art for the Soul store in Laguna Beach that she recently sold. Martin said she was spread too thin by running and buying for both stores, which got more difficult as time went on. She now has time to put energy exclusively into the Balboa Island store. “I can’t do all the things I could do before,” she said. “I know myself better (now).” Martin broke her back in a boating accident on Labor Day 24 years ago in Newport Harbor, leaving her paralyzed and in a wheelchair. “A lot of learning,” happened that year, she recalled, and a lot of rehabilita-tion and work to learn her new way of life. Martin decided to open Art for the Soul on Balboa Island and started with a small 1,000 square feet property next door to her current location. Eventually, she moved her business into the larger neighboring space. Martin, who worked as a sales rep for women’s clothing in Los Angeles prior to the accident, had to learn what it took to run a retail business. “It was all new to me,” she said. Valinda Martin in her Balboa Island store, Art for the Soul, as she works to refresh the boutique shop in its 20th year on the island. She worked her first trade show in her manual wheelchair, which was tough, she recalled. Traveling, being lower than the tables, and wheeling through the carpeted buildings, all presented challenges. There was a lot to learn, both person-ally and in business, she said. It was all a bit overwhelming, she admitted. But worth every minute. She has no regrets. “I’m really excited that I’ve been here 20 years,” Martin said. “It’s gone by so fast.” Art for the Soul has attracted many long-time local customers, Martin said. They’ll notice some changes inside the store with walls or shelving in the com-ing months. Small retail is very difficult in this day and age, and the local community sup-port is vital for success, she commented. They also need the support of the city, she added, suggesting more signage and marketing for the island. “The city needs to make Balboa Island that diamond that it is,” Martin said. The bridge really affected the mer-chants down there, Martin noted. “Small (business) needs support with the way that the world is changing,” she emphasized. “It’s not like it used to be.” Without that community and city support there won’t be the unique stores, like Art for the Soul and others on Balboa Island, where visits become a tradition and one-of-a-kind items are found. Hoping that the upcoming changes will reinvigorate the store and com-munity, Martin noted that she has loved every year on the island. “I didn’t know what I was getting myself into, but I’m glad I did,” Martin said, “and I’m glad I did it on Balboa Island. My heart belongs on this island.” For more information, visit art4the-soul.com. WEALTHY & WISE How to Avoid Going Overboard When Buying Yachts or Planes By Loreen Gilbert | NB Indy For many people, owning a yacht or plane is a lifelong dream. While there is no doubt that these are expensive hob-bies, it is a dream that can come true. First, determine what you can afford. In general, consider that no more than 10 percent of your BY net worth should LOREEN GILBERT be spent on a yacht or plane. If your net worth is $5 million, your purchase should be no more than $500,000.” One of the biggest mistakes made is not accounting for the total cost includ-ing fuel, insurance, hangar or dock fees and ongoing maintenance. One of the best ways to mitigate the cost is to share the purchase, cutting every cost in half. The disadvantage is that you are relying upon another per-son to help pay the bills, and if the other party stops paying, your party is over. Also, make sure to find a trusted broker who can help you avoid buying a problem. According to Justin Beitler of Aero-cor, plane brokers are specialists with a specific type of plane, and will typically charge the seller a fee of 2 to 5 percent depending on the sales price. The higher the price tag, the lower the fee. If you are thinking of financing your purchase, consider that most airplane financing companies will not finance the sales tax. However, there is a legal way to avoid paying the use tax for both yachts and planes. According to Julie Alston with Aero and Marine Tax Professionals, they have a 100 percent success rate with every exemption request they have filed with the Board of Equalization. If you qualify and follow their instructions, they can save you a lot of money. When financing, a typical down pay-ment is 15-25 percent of the purchase price. The interest rate is typically 100-150 basis more than a primary residence with an amortization of 20 years. However, according to Jim Bless-ing with Airfleet Capital, he estimates that approximately 70 percent of plane purchases today are being paid for in cash. When considering the high cost of ownership and the fast depreciation of both yachts and planes, another option is to use a fee-for-service provider. Services such as NetJets, XOJet, and JetSmarter may make sense for the busi-ness traveler. One rule of thumb is that unless you are flying 200 hours per year, financially you are better off renting than owning a plane. Finally, don’t fall into the financial trap of buying the bigger and faster plane or yacht. Remember, that if you are fortunate enough to buy a yacht or plane, you are fortunate indeed. Local resident Loreen Gilbert, founder of WealthWise Financial Services, is a registered representative and offers securi-ties through LPL Financial, member FINRA/SIPC. She can be contacted at (949)748-1177 or visit her website at wealthwisefinancial.com.