Financial Literacy Feed

financial literacy

The AICPA and its members continue to be at the forefront of the financial literacy movement with free programs, resources and thousands of CPAs across all 50 states volunteering to help Americans with their financial understanding.

 

 

 

 

 

 

 

 


 

Be thankful, not broke: Friendsgiving on a budget

Deck the halls with boughs of holly, fa la la –

Hold up! Before you whip out the eggnog, don’t forget there’s another holiday between Halloween and Christmas. You know the one, where stretchy pants are part of the dress code so you can devour ALL the stuffing and cranberry sauce.

While a dinner in your hometown is sometimes the preferred way to spend Thanksgiving, the financial impact can be daunting. On average in the United States, more than $2.9 million dollars is spent on Thanksgiving dinner food, and the average household spending clocks in at around $342 for the weekend. This is why many Americans are opting for a “Friendsgiving” instead, celebrating Thanksgiving locally with friends. It’s a popular way of saving time, travel and, most of all, money.

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Busted: 3 spooky investing myths

Grim reaperGhosts, skeletons and zombies – most of us can agree these are all pretty scary, right? Turns out, when you talk about “investing,” many people have a similar reaction to that of getting spooked in a haunted house.

Instead of running from investments and screaming like a banshee anytime someone mutters the words “stock market,” AICPA’s National CPA Financial Literacy Commission members want to put these investing myths to rest with tips for how to get past them:

Myth #1: I need a lot of money to invest.

False! Sean Stein Smith, CPA, CGMA, says that with the development of investing apps, and the increased number of opportunities to purchase fractional shares of companies, anyone can start investing simply with spare change from credit card transactions. It’s that easy! Employer offered 401(k) programs make it especially easy to invest by deducting straight from each paycheck; the automation means you likely won’t notice the money is gone.

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The road to retirement starts here

Older couple riding a bikeWhen it comes to saving for retirement, there is no one-size-fits-all plan. Each American has a unique and fluid situation, impacted by a variety of factors. Fortunately, CPA financial planners are well-versed in the different aspects that go into a tailoring a retirement plan that best fits their client’s needs.

I sat down with Leonard Wright, CPA/PFS and member of the AICPA Personal Financial Specialist Credential Committee, to learn some best practices for starting a retirement plan that helps maximize enjoyment during your golden years.

Jonathan Lynch: A recent survey found that less than half of non-retired Americans are confident they will reach their retirement goals. With all the uncertainty surrounding retirement -- where should someone without a plan begin?

Leonard Wright: Before bringing numbers and calculations into retirement planning, simply think about where you want to be when you reach that stage of your life. Ask yourself how you envision enjoying your retirement years. Define exactly what your desired lifestyle will entail. Will you downsize your residence? Do you plan on travelling? Would you consider working part-time? And perhaps most importantly, what age would you like to retire?

Once you have a clear vision in mind, you can start building the plan to make it a reality.

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Top 3 Millennial Money Woes

Millinneal Finances insightsDo you ever feel like people are constantly saying what you should be doing, without actually telling you how to do it? Same. I bet your clients feel the same way. That’s why I love our Feed the Pig campaign – it’s more like a best friend giving a subtle nudge in the right direction, instead of the typical guilt trip.

To get a better idea of exactly how millennials feel about their finances, we hit the streets to ask the hard-hitting questions that most prefer not to discuss. In doing this, our hope is to help others feel more comfortable discussing their own finances, and provide resources to reach their financial goals.

Here are a few millennial money woes we’ve come across while filming, along with strategies you can share with your clients to help guide them back to the path toward financial success.

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3 Tips for Millennials Who Want to Give Back

Almonte David 01As a young accountant who recently passed the Exam, things are going very well for you. You have gotten into a rhythm and you know the ropes. But, you’re looking to make a difference in your community – have you considered volunteering at a nonprofit?

David Almonte, CPA, CGMA and member of the AICPA’s National CPA Financial Literacy Commission, knows the merit of giving back. He was taught from an early age the value of education, a strong work ethic and volunteerism. Additionally, his skills as a CPA have given him the opportunity to make a difference in peoples’ lives. He frequently gives presentations across the country, many of them focusing on his main passion: financial literacy. By providing free and accessible resources from websites like 360finlit.org and feedthepig.org, Almonte hopes to break down the walls that very often lead to financial insecurity.

Like Almonte, you too can use the skills you’ve gained throughout your career to give back. Not sure where to begin? Here are three tips to jumpstart your community service:  

  • Brag a little. You’d be surprised by how many of your talents align with activities you genuinely enjoy. Write down your talents, then research various volunteer opportunities that utilize your skills. For example, are you a pro at creating a résumé, or know exactly how to nail an interview? Oftentimes, local homeless shelters seek out professionals to lead workshops that help clients get back on their feet. Or maybe you love writing – so find a small nonprofit that needs help keeping up its blog. Just as David uses his passion for financial literacy to give back, there are countless other needs in your community. All you have to do is look.

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