4 tips to smart budgeting for new graduates

Shutterstock_690887317What 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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3 tips to help your clients through hurricane season

Shutterstock_494660788With some areas still dealing with the impact of last year’s disastrous hurricane season, it’s hard to believe we’re yet again in the midst of another one. This year, the National Oceanic and Atmospheric Administration (NOAA) predicts there will be 10 to 16 named storms, including up to four Category 3 or higher hurricanes. This is slightly above the 30-year average of 12 named storms, including three major hurricanes.

The extent of devastation in 2017 may have your clients wondering how they can prepare financially for worst-case scenarios. As their trusted advisor, you can help. Share these helpful tips, all of which can be found in the Disasters and Financial Planning guide for preparedness and recovery:

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A Father’s Day wish list

Shutterstock_1059277193First celebrated in 1910, Father’s Day is a day that goes far beyond greeting cards. It’s a day everyone honors fathers and all that they do for us. Whether it be advice, help from a handyman or just a hug, they deserve to be celebrated.

We asked CPA dads what they’re hoping to receive on their special day. Here’s what they said:

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4 ways to jumpstart the career you really want

GettyImages-180409192Some 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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Public vs. Private Blockchains: What CPAs should know

GettyImages-917325314The word “blockchain” has been tossed around as if all blockchains are the same. Real-time access to information, increased transparency and encryption are standard benefits of any blockchain. However, there are two different types of blockchains: public and private, both of which are important for CPAs to understand so you can decide which option is better for your organization or firm.

Public blockchains

The idea of a public blockchain is what most people think is, and what technology purists would consider, the “real blockchain.” Completely decentralized and open to any individual or institution to join (known as members in blockchain parlance), the most well-known example of a public blockchain is the one that runs Bitcoin.

While a purely public option does include many of the benefits associated with blockchain technology, these same attributes can make implementing a blockchain less than ideal for business purposes. By allowing anyone and everyone to join a public blockchain, the approval and consensus process can take too long for it to be it useful for the volume of daily transactions. And depending on how data is approved, the electrical cost can be too expensive for practical use, considering the sheer volume of information processed by most organizations.

 

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