In the News: 4 Helpful Quotes from CPAs

I read so many great quotes from CPAs every day and have such a limited space to summarize them on the blog– it can get to be a bit frustrating.  As I began drafting my bi-weekly ‘In the News’ post, I decided to switch things up this week.

I present to you four helpful quotes from CPAs. Hey – everyone can use a little help now and then.

As Kelli Grant reports in MarketWatch, going to summer camp may be a rite of passage for children, but for parents, it seems more like an initiation into the woes of tuition payments.

What parents might not know is that camp expenses can translate into a tax break.

Student Debt Delays Spending, Saving and Marriage [INFOGRAPHIC]

According to a new survey conducted for the AICPA by Harris Interactive, only 39% fully understood the burden student loan debt would place on the future and 60% have at least some regret over the choice of education financing.  Furthermore, 75% have made a personal or financial sacrifice--such as delaying a home purchase and postponing marriage and children--because of monthly student loan payments. The press release includes tips for parents and students on both saving for college and managing loan payments. The below 360 Degrees of Financial Literacy infographic, Realities & Regrets of Student Debt, highlights the findings.  

In the News: Americans are Feeling the Effects of Money Stress

For many Americans money stress brought on by lighter paychecks this year is affecting more than their wallets — it’s taking a toll on their waistlines, friendships and the amount of sleep they get. That’s according to results of a new survey fielded for the American Institute of CPAs by Harris Interactive in recognition of National Financial Capability Month.

The telephone survey, conducted between March 14 and March 17, asked 1,011 U.S. adults to name all the ways financial stress is affecting their lives. Of those who rate their financial stress “very” or “somewhat high,” almost half, 47 percent, said they are sleeping less; 43 percent said they have less patience with friends or are seeing them less often and 31 percent are eating more junk food or gaining weight.

Why I’m a Financial Literacy Volunteer

Teaching financial literacy continues to be one of the most gratifying activities of my career.  Although it requires a portion of my already limited time, the rewards (tangible and intangible) are tremendous. Following are the reasons I think public service via financial education is important to us as individual CPAs as well as to our profession.

The Need is Great

Financial education is not taught in our public schools and our economic/financial environment continues to become increasingly complex. Many people do not have the basic information they need to make financial decisions and they don’t know whom to trust. There are large segments of our population who need the professional, objective advice that CPAs can give, but who cannot afford the fees: teenagers and college students, the elderly and middle/low income adults, to name a few.  

CPA Profession Flexes Its Financial Muscles This April

April is Financial Literacy Month! This annual event is centered on improving Americans’ understanding of financial principles and practices. During this time every year, the AICPA and state CPA societies bolster financial literacy efforts with added events and resources.
 
Even with the craziness of tax season, it is amazing to see the dedication of CPAs across the country. Here is just a sampling of the various financial literacy events taking place this month.
 
The Texas Society of CPAs is encouraging families to participate in their 30 Days of Personal Finance. They’ve posted 30 tips for each day of the month, ranging from creative savings ideas to budgeting tips.
 
The New Mexico Society of CPAs will speak on financial literacy at an Albuquerque middle school on April 22. Three CPA volunteers and a NMSCPA staff member presented at the event last year, and it was so successful for the school that they have decided to make it an annual event! You can see pictures from last year’s event on their Facebook page. This year they will be giving away Feed the Pig and 360 promotional materials to kids and parents, in addition to raffling off copies of Save Wisely, Spend Happily; a copy of the book is also being donated to the school’s library.