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.
Nearly two million students are estimated to graduate with a bachelor’s degree this year. As they enter the job market and evaluate the employment opportunities before them, it’s a good time to remember that the perfect job should be about more than just salary. The American Institute of CPAs (AICPA) asked young millennials who graduated from college in the last two years or will graduate in the next year about the workplace benefits they find most important. Matt Rosenberg, CPA and member of the AICPA’s National CPA Financial Literacy Commission, spoke to AICPA Insights about the survey results and shared some insight young job seekers should keep in mind as they evaluate their employment opportunities.
The top three workplace benefits that younger millennials say will help them reach their financial goals are: health insurance, paid time off (PTO), and student loan forgiveness programs. Does that match your experience working with clients?
Continue reading "Workplace benefit advice for the Class of 2019" »
Earlier this year, U.S. consumer debt reached $4 trillion for the first time ever-- with one trillion of that figure consisting of credit card debt alone, also a record high. Debt isn’t inherently bad if you have a plan to pay it off without incurring interest charges. But paying down loans competes with other financial priorities, like saving for retirement and creating an emergency fund. So, it’s no wonder that 40 percent of all Americans can’t cover a $400 financial emergency without borrowing money or selling something. Unfortunately, living paycheck-to-paycheck while struggling to pay off debt and grow their savings account is the reality for many Americans.
Continue reading "CPAs play a leading role in financial literacy" »
Anyone else feel a tad bit inadequate after watching “Tidying Up with Marie Kondo” on Netflix? If you haven’t heard of the series, during each episode, organizing expert Marie Kondo helps clients clear out clutter in their lives with her KonMari method. Before watching I thought I was a relatively neat person, but now I have a tiny voice in my head yelling, “WOW, STAND THAT UP VERTICALLY, YOU SLOB,” every time I put away laundry.
But enough about me. Let’s talk about how we can apply some of Kondo’s tactics to another aspect of life that may need some work: money.
Continue reading "How a CPA can help KonMari your finances" »
Gourmet meals. Luxury villas. Dope music. Private jets. All on a secluded Bahamian island – sounds pretty epic, right?
Fyre Festival, the brainchild of tech entrepreneur Billy McFarland and hip hop artist Ja Rule, was expected to be an out-of-this-world, glamorous music festival. At least that’s how it was sold on social media – until festival-goers arrived on the island to find prepackaged sandwiches instead of celebrity chef-cooked meals, FEMA tents in place of the luxury villas…and no music. Needless to say, no one was happy after dropping up to $12,000 per ticket to be there.
Continue reading "3 personal finance lessons the failed Fyre Festival can teach you" »
Everyone has a friend or relative that is difficult to purchase a gift for. I’m sure you’re thinking of one after reading that sentence! That’s why gift cards are so popular –the person gets to pick out something they know they’ll like. It’s really a win-win situation. However, in recent years, scammers caught wind of the lucrative gift card market and have come up with schemes to target consumers.
AICPA Insights reached out to Howard M. Silverstone, CPA/CFF, a forensic accountant and member of AICPA’s Fraud Task force to learn how Americans can protect themselves from gift card fraud this holiday season.
AICPA Insights: I only recently heard about gift card fraud a few weeks ago. How long has this scam been around?
Continue reading "How to avoid gift card fraud this holiday season" »