Basic Financial Skills

Do you have the necessary skills to make sure that you are always headed directly toward your financial goals?  It is easy to spend money; it is much harder to reign it in and make it do what you need done to protect your future while providing for you in the present.
“Big Picture” elements such as investments and loan agreements can be very complex and difficult to understand, resulting in a raw deal for the average person who has not sought adequate counsel.  Additionally, detailed daily life decisions and management as basic as keeping tabs on what is spent versus total income from all sources, can trip up the average person. Monthly reports summarizing income and expenses help immensely to monitor finances. In addition, preparing and adhering to a budget helps one insure one is prepared to meet certain larger expenses, such as car insurance or property taxes, which may not be part of the monthly budget.
Basic necessary financial skills also include responsible spending, and general knowledge about tax requirements, as well as tax returns. Credit cards and loan agreements have to be read carefully to prevent unnecessary charges and fees. All of these details are an important part of an individual’s total financial picture.
Nowadays, many options are available in the financial world for insurance, loans, investments, and other needs or wants. Often, financial advisors and accountants can help greatly to assess the needs for individuals as well as businesses. Tax preparers are especially qualified for such a task due to the knowledge acquired by providing tax services. Many tax preparers are aware of a person’s or business' situation already.  CPA Financial Advisers are uniquely positioned to assist you with valuable financial advice that includes professional tax advice coupled with investment advice.  In addition, financial options are so widely available that seeking the advice of a professional can improve your financial skills greatly as well as provide the comfort of knowing that you are making sound, well-informed choices.
/posted by Andrea Paezold-Ruehl, CPA