At Hsi Lai Temple, the MHG Charitable Foundation’s quarterly Mentor Seminar featured Ven. Hui Dong and James K. Wang, president of the Sino-American CPA Association, offering students guidance on mental well-being and financial literacy.
Founder Kitty Lo said the program is designed to help students build confidence, find balance, and prepare for the future. The event was held March 15.
Scholarships Given · Mentors Guide
Since last year, the MHG Charitable Foundation has offered its Mentorship Scholarship to low-income Southern California students in grades 8–12 with a GPA of 2.7 or above.
Awards range from $800 to $2,000 and include ongoing guidance from professional mentors.
Last year, 100 spots drew 949 applications, highlighting strong demand for both funding and mentorship.
Kitty Lo announced that the foundation will again offer 100 scholarships this year and continue its Mentor Seminar series with Ven. Hui Dong and CPA James K. Wang.
Lo said many students feel lost under academic and career pressure, while even aspiring young entrepreneurs often lack basic tax knowledge.
She cited a lawyer she knew who lost $5 million in two years after a hotel investment went wrong, urging students to build financial literacy early.
Calm Within · Light Others
Ven. Hui Dong said meditation is not simply sitting still, but training the mind to focus and release anxiety.
When people tie their worth to grades, performance, or success, fear and pressure grow. Learning to focus, let go, and reset is the first step toward easing stress.
He added that pressure often comes from over-focusing on oneself. When life rests only on results, one setback can throw everything off balance.
But caring for others and serving gives life stronger support and makes failure easier to withstand.
Ven. Hui Dong said true excellence lies not only in grades or achievements, but in inner resilience and a strong foundation for life.
He praised supporters and volunteers, including Kitty Lo, for their long-term commitment to public service and youth development.
Tax Basics · Startup Paths
CPA James K. Wang opened by urging students to ask one key question before launching a business: Do you really need to form a company ?
A poorly set-up business name or entity, he warned, can create tax, filing, and compliance problems—and put years of work at unnecessary risk.
He then explained the difference between W-2 wages and 1099 self-employment income.
W-2 workers split payroll taxes with their employer, while 1099 earners shoulder a higher tax burden themselves.
Still, he noted that 1099 status is not always a disadvantage, since legitimate business expenses may be deducted. The key, he said, is not the label, but knowing how to plan.
For students with steady freelance income, even a basic business name can help protect privacy, secure an EIN, and establish a formal business identity.
Systems First · Ideas Realized
He introduced common business structures—DBA, LLC, Partnership, and Corporation—along with their costs and responsibilities.
A DBA is the least expensive; in Los Angeles County, applicants can first check name availability, then file for $26. An LLC costs about $70 to file, plus an annual minimum tax.
A Corporation requires state filing, articles of incorporation, and ongoing reports.
Wang cautioned that while many choose an LLC for liability protection, that protection can disappear if personal and business accounts are mixed.
He closed by urging students to earn certifications and build skills early.
In the AI era, he said, one specialty is no longer enough—students must understand finance, systems, and resource integration to turn ideas into action.
Entrepreneurship, he stressed, is not impulse, but a long game of knowledge, discipline, and planning.
