The AICPA provides information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice.
Your tax practice sees a lot of traffic, no doubt. Clients of every stripe pass through your doors seeking your guidance on all kinds of things. While every CPA tax practitioner is at the ready with good advice and service on all things tax, many go above and beyond with additional planning services. There’s even the occasional left-field question about the best restaurant in town or which university seems best suited to their kids. Over time, you’ve come to identify the personalities of your clients, and you might have noticed that many fit into some broad client types. Do you recognize any of these?
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In 1984, an entire profession that had survived more or less intact for 600 years found itself facing a monumental, earth-shattering change. It was that year Apple Computer released the Macintosh. Laughably underpowered by today’s standards, it nonetheless represented the literal future of computing with its graphical user interface (something the consumer market had never seen before) and suite of creative software.
Quickly following its release, industrious programmers took advantage of the available printing abilities of the machine—robust for its time—and created the first desktop publishing software. Just like that, businesses, government agencies, churches and even families who once turned to professional print houses to design, typeset and print everything from flyers and post cards to catalogs, were able to bring at least the design portion of the equation in-house. Suddenly, everyone was a “designer.” It was a game-changer for markets, but it also led to a lot of truly awful design and typesetting, perpetrated by amateurs with little to no training in visual arts.
Continue reading "Ones and zeros aren’t always heroes" »
What if you put together a budget but forgot about income taxes that would be deducted from each paycheck? That’s what happened to me when I graduated from college, so I can tell you: It would be a disaster! My first paycheck was a huge shock, since I was taking home much less than I had expected. But incorporating a few easy budgeting tips can help set you up for a path to prosperity and avert potential disasters.
Start early. Right after graduation, create a budget before committing to long-term expenses – like rent – so you start with a clean slate. The largest part of any budget will likely be housing costs. A good rule of thumb is that they should not add up to more than 30% of your salary. For example, if you make $50,000 a year, your total rent should be no more than $15,000 a year, or $1,250 a month. If you live in a high rent area, then 30% may not be realistic for an entry-level salary – which means you may have to scrimp on other items or find roommates.
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Some career paths move in a straight line. Others take twists and turns. Opportunities sometimes crop up when we least expect them, and we have to weigh the pros and cons to determine our next steps. If you were asked ten years ago to accurately describe your career path over the next decade, could you? I know I couldn’t.
I started my career at a large firm in audit and now I’m on an entirely different path that I would have never predicted. The winding road that led me to where I am today was built upon a series of experiences and intentional decisions along the way. Could your career course use more direction? Here are some tips to get on track, based on my own personal experiences throughout my career:
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Mind-blowing. That is the word that pops in my head whenever I see the statistics on women needing financial planning and the corresponding number of women planners available to provide those services. The numbers tell a story that needs a new ending:
- Women age 65 and older are three times more likely than men to be widowed, and 46% of women over 75 live alone.
- 55% of women between 25 and 34 prefer working with female financial advisors.
- Women represent only 15.7% of the financial planning industry
- Only one third of women surveyed by Prudential in 2015 said they were either on track or ahead in their retirement plan.
Continue reading "Needed now: female financial planners" »