A few months ago, I was asked to join the AICPA (American Institute of Certified Public Accountants) Financial Literacy Task force. I was honored to be one of 15 high profile CPA’s from across the country chosen to assist the incredible AICPA staff in moving this initiative forward. In meetings with prospective clients, I have listened to many tales of avoidable wealth tragedies and each time this happens, my personal passion for financial literacy increases.
What a day in New York! Up at 4.30AM and heading to the studio at 5.30AM to do coast to coast interviews. Volunteers, fellow CPA’s Michael Eisenberg and Jordan Amin, and me, donated an evening and a day of our time to discuss the new AICPA poll focused on gauging current financial concerns for Americans. We discussed tips, resources and gave clear and direct advice on getting your financial house in order.
It was a fulfilling day, on many levels. For me it was my first venture in national live media. While I have been quoted in Readers Digest, Money Magazine and Good Housekeeping, live TV and radio are a bit more demanding. No one is going to edit your story or call to verify your quote. What you say in that moment is it!
It was also gratifying to know that lives were touched and perhaps changed by our collective, calm, and poised voices, giving Americans clear direction on navigating the worst financial crisis since the Great Depression.
What a day in New York! Up at 4.30AM and heading to the studio at 5.30AM to do coast to coast interviews. Volunteers, fellow CPA’s Michael Eisenberg and Jordan Amin, and me, donated an evening and a day of our time to discuss the new AICPA poll focused on gauging current financial concerns for Americans. We discussed tips, resources and gave clear and direct advice on getting your financial house in order.
It was a fulfilling day, on many levels. For me it was my first venture in national live media. While I have been quoted in Readers Digest, Money Magazine and Good Housekeeping, live TV and radio are a bit more demanding. No one is going to edit your story or call to verify your quote. What you say in that moment is it!
It was also gratifying to know that lives were touched and perhaps changed by our collective, calm, and poised voices, giving Americans clear direction on navigating the worst financial crisis since the Great Depression.
For those who missed the interviews, the AICPA poll highlights are:
- nearly 5 in 10 Americans said they are concerned about losing their jobs in the near future
- 42% are delaying major life decisions including, home ownership, marriage, children, and retirement
- 2/3rds of adults have reduced their spending
- 44% of consumers feel optimistic about the economic outlook for the US within the next year
The tips given by myself, Michael and Jordan can be summarized as follows:
- The recession is calling us “Back to Basics’ with money and finance:
o Save!
o Use credit wisely
o Plan for your future - Use budgeting and cash flow analysis as a tool
- If you don’t have a Rainy Day find, start one
- Find creative fun ways to save money such as:
o Wash your own car as a family project –make it family time
o Make your own pizza- teach your kids to cook
o Have a friend over and do your nails together rather than going to a salon
o Involve your entire family in saving for a special family goal, make it fun and a teaching experience for your kids - Invest in good times and bad – follow the advice of investing sages of our time, buy when others are selling and sell when others are buying – don’t be a sheeple (sheep- people) and follow the heard
- Financial planning pays! Always!
The AICPA also offers an advertising-free site with tons more tips, resources, calculators and life cycle advice. Check it out at http://www.360financialliteracy.org/
May prosperity be yours,
Mackey McNeill, CPA/PFS IAR
President and CEO
Mackey Advisors
http://www.cultivatingprosperity.com/
859-331-7755
Mackey@CultivatingProsperity.com
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