Financial Empowerment
Financial Empowerment is a service of CalCPA Institute. Monthly podcasts help consumers make sense of today’s complex financial issues. All podcasts are under 15 minutes in length.
E-mail your questions to FinancialEmpowerment@calcpa.org .
Most Recent
• October 2009:
Preparing for End of Life
Like it or not, each of us will die someday. And we need to prepare. CPA Mike Allmon has advised several clients on what they should do to make sure their estates are disposed of as they would wish. He covers wills, living trusts, letters of instructions, and powers of attorney in this podcast.
The News You Can Use segment discusses whether or not prepaid cards are a good choice for consumers who cannot get a credit card and notes that beginning in February 2010, credit card companies may require applicants to prove they are financially independent.
Links discussed in the podcast:
www.aicpa.org,
www.consumeraction.gov,
www.ftb.ca.gov
Download the podcast
(Mp3, 5Mb)
Archive:
• September 2009:
Maximize Your Social Security Benefits
When is the right time to start withdrawing your Social Securitybenefits? There is no one correct answer that applies to everyone.Variables such as health, investments, and marital status affect thedecision. Mitch Freedman, a CPA and personal financial specialist,discusses how you can decide what is best for you.
The News You Can Use segment notes the three-year anniversary ofFinancial Empowerment podcasts and the topics covered in previouspodcasts.
Download the podcast (Mp3, 5Mb)
• August 2009:
Take Care When Lending to Family and Friends
Lendingto a close relative or a friend can strain relationships. But if itmust be done, Rob Seltzer, CPA, advises making the loan arrangement asbusinesslike as possible. That includes charging a fair rate ofinterest and putting the terms in writing.
The News You Can Use segment reviews the new law that changes how credit card companies bill customers.
Download the podcast
(Mp3, 5.6Mb)
• July 2009:
Property Titles: Which Is Best?
When you buy a house, you need a property title, the type of which you select when you sign the final purchase papers. There are several titles to choose from, including tenancy in common, joint tenancy, and sole ownership. CPA Gloria Birnkrant explains what a title is and how to determine which type of title is right for you.
The News You Can Use segment discusses the importance of leaving information about important online accounts and passwords to a trusted person in the event of your death or incapacitation.
Links discussed in the podcast:
www.clta.org
Download the podcast
(Mp3, 5.5Mb)
• June 2009:
Who Pays the Gift Tax?
Planning to make a large cash or property gift to someone? Then youshould be aware of the tax consequences, if at all, and how gifts givenover a lifetime can affect estate taxes upon your death. Havingprovided numerous clients with advice on the subject, CPA Mary Kay Fossprovides a guide to gift tax rules.
The News You Can Use segment reviews how recent changes in California's state income tax have affected employee withholdings.
Links discussed in the podcast:
www.irs.gov
|
www.ftb.ca.gov
Download the podcast (Mp3, 5Mb)
• May 2009:
Don't Wait Until Wedding to Talk Finances
Couples in love often overlook the need to review how they approach budgeting and financial obligations prior to their wedding day. CPA Leslie Dawson advises couples to review their financial expectations as early as possible. She discusses community property, prenuptial agreements and whether or not separate bank accounts are appropriate.
The News You Can Use segment offers tips on how you can improve your credit score.
Links discussed in the podcast:
www.myfico.com
Download the podcast
(Mp3, 5.4Mb)
• April 2009:
Retire Without Going Broke
What can you do if the funds in your retirement plan have taken a nosedive? Jerry Nightingale, a CPA and personal financial specialist,advises taking such actions as trimming your budget, reallocating your assets, and taking on additional work to shore up the funds you may be depending on in your "golden years."
Download the podcast (Mp3, 5.4Mb)
• March 2009:
Should You Get a Reverse Mortgage?
A reverse mortgage can supply cash to homeowners who are at least 62 or older. But even in these tough economic times, is getting a reverse mortgage a good idea? It depends, says San Jose CPA Dan Morris, who explains the pros and cons of reverse mortgages.
The News You Can Use segment focuses on debt collectors who hound the relatives of individuals who died with unpaid loans.
Links discussed in the podcast: www.hud.gov , www.aarp.orgDownload the podcast (Mp3, 5.4Mb)
• February 2009:
Unemployed Still Must File Taxes
Although you might be out of work, Uncle Sam expects taxes to be filed and paid on time. But there are some deductions you can take to ease your tax burden. Rob Seltzer, a CPA and personal financial specialist,explains what unemployed people can do to lower their tax bill.
The News You Can Use segment discusses tax benefits in the recently passed American Recovery and Reinvestment Act, otherwise known as the economic stimulus bill.
Download the podcast
(Mp3, 4.8Mb)
• January 2009:
Take Charge of Your Credit Cards
With credit card interest rates going up and credit card debt increasing, consumers should think twice before offering plastic for purchases. CPA and personal financial coach Michele Day of Dublin,Calif., explains how to use credit cards wisely.
Download the podcast (Mp3, 4.8Mb)
• December 2008:
Getting a Grip on the Stock Market
With the volatility of the stock market, savvy investors need to reassess their risk tolerance and how they approach investing.Top-rated financial adviser Mitch Freedman, CPA/PFS, discusses some of the advice he is giving his own clients nowadays.
The News You Can Use segment notes that $16 billion in United States Savings Bonds are no longer earning interest and explains how to check the current value of a bond.
Download the podcast
(Mp3, 3.3Mb)
Links discussed in the podcast:
www.aicpa.org
|
www.treasurydirect.gov
• November 2008:
Is Bankruptcy for You?
Bankruptcy may seem an easy way out of debt, but it can seriously harm your credit score and has long-term financial implications. CPA Parisa Nesva Derani of Menlo Park, Calif., explains the different types of bankruptcy and why you should consider other options before filing for bankruptcy.
The News You Can Use segment discusses what you can do if your credit card company sends you a rate-increase notice.
Download the podcast
(Mp3, 3.3Mb)
Links discussed in the podcast:
www.nfcc.org
|
www.nacba.com
|
www.federalreserve.gov
• October 2008:
Make a Date to Plan Finances
Good financial planning requires an annual review of your investments,insurance policies, will and other important documents. Brooke Salvini,a San Luis Obispo CPA/PFS, encourages listeners to set aside a specific time to collect those documents and see if you need to update how your financial resources are allocated.
The News You Can Use segment highlights scams the Federal Trade Commission is warning the public about.
Download the podcast
(Mp3, 3.5Mb)
Links discussed in the podcast:
www.agingwithdignity.org
|
www.ftc.gov
• September 2008:
Lower Taxes Before Year End
Don't wait until Dec. 31 to find ways to reduce your 2008 income taxes.Start planning now to take advantage of deductions, exemptions, andcredits you may be entitled to. Brooke Salvini, a San Luis ObispoCPA/PFS, shares her ideas on how to lower your tax bill.
The News You Can Use segment explains why most bank depositors should have confidence in the safety of their accounts.
Download the podcast (Mp3, 3.6Mb)
• August 2008:
Benefits of New Housing Act
CPA and Attorney Scott Haislet explains how the Housing and Economic Recovery Act of 2008 can help you with the purchase of a home. The legislation includes a $7,500 tax credit for first-time purchasers. That essentially is an interest-free loan.
The News You Can Use segment discusses special tax deductions available to military personnel and volunteer firefighters.
Download the podcast
(Mp3, 3Mb)
• July 2008: Maximizing Your Retirement Accounts
Want to have millions to play with when you retire? Start early and contribute often to your retirement account. That's the message of Rob Seltzer, a Beverly Hills CPA and Personal Financial Planner.
The News You Can Use segment discusses the need to secure important records prior to a natural disaster such as an earthquake.
Download the podcast
(Mp3)
• June 2008:
Getting Control of Your Debt
Overextended on your credit cards? Do you have difficulties paying your bills? If debt is overwhelming you, San Jose CPA Dan Morris offers advice on how you can control your current debt and suggests ways you can minimize debt problems in the future.
The News You Can Use segment focuses on the benefits for small businesspeople and entrepreneurs that are in the federal government's economic stimulus package.
Download the podcast
(Mp3, 5.4 MB)
Links discussed in podcast:
www.nfcc.org
|
www.sba.org
• May 2008:
How to Teach Children About Money
Parents should teach children about the value of a dollar as early as possible,believes CPA Jason Melillo. He's helping his own children understand financial concepts through games and by getting them to find ways to save for a trip to Disney World. Melillo provides additional tips that can make learning about money fun for both parents and children.
The News You Can Use segment notes the growing longevity of Americans and what people should do to minimize financial worries in their later years.
Download the podcast
(Mp3, 3.6 MB)
Links discussed in podcast:
www.360financialliteracy.org
|
www.familyeducation.com
• April 2008:
How Small Businesses Can Succeed in a Recession
Isa recession good for small business? That sounds counterintuitive, but if a small business pays careful attention to both its numbers and its customers, it may even thrive during an economic downturn. CPA and business consultant Gloria Birnkrant explains what small businesspersons need to do to keep their firms profitable.
Download the podcast
(Mp3, 2.6 MB)
• March 2008:
How a Recession Affects Home Sales
With housing prices dropping and many homeowners facing foreclosure because they can no longer afford their mortgage, this may not be the right time to sell your house ... or maybe it is. It depends on more thanjust what is happening in the economy. Tustin CPA Bob Weinberg provides some guidance for sellers and buyers in today's housing market.
In the News you Can Use segment, learn why requesting direct deposit for your tax refund will speed up your tax rebate. And it also helps if you have a Social Security number whose last two digits are 20 or below.
Links discussed in podcast:
www.yourhome.ca.gov
|
www.rcac.org
|
www.irs.gov
Download the podcast
(Mp3, 4.4 MB)
• February 2008:
Recession-Proof Your Retirement
If a recession comes and you are nearing retirement, you'll need the proper mix of investments as well as strong saving habits to ensure a comfortable lifestyle in the years ahead. Dan Thomas, Newport Beach CPA and a personal financial specialist, explains what you can do to retire with a decent nest egg even if the economy suffers a setback.
In the News You Can Use segment, you'll learn how you can send your child or grandchild to an elite, private university for next to nothing.
Download the podcast
(Mp3, 5.4 MB)
Links discussed in podcast: www.ssa.gov | www.medicare.gov
• January 2008:
Credit Card Fraud
Keeping credit cards and their numbers safe should be a top priority for every consumer. Thieves can easily steal credit card numbers as well as personal identification numbers (PINs) from people who log onto unsecured websites or who don't monitor their cards while making purchases. San Diego CPA Minel Diaz provides advice on how you can minimize the possibility of credit card fraud.
The News You Can Use segment has some suggestions regarding wise use of the tax rebate the federal government likely will give taxpayers.
Download the podcast
(Mp3, 3.6 MB)
Links discussed in podcast: www.experian.com | www.transunion.com | www.equifax.com
• December 2007:
Registered Investment Advisers
Putting together a good portfolio of investments requires the advice of an expert, such as a registered investment adviser. Sheryl Rowling, a San Diego CPA, explains the differences between a fee-based RIA firm and a broker, who usually works on commission. You'll learn how to select an investment adviser and more wisely invest your hard-earned money. In the News You Can Use segment, learn about recent activity by the Federal Reserve Board that could reduce the likelihood of another subprime mortgage crisis.
Download the podcast (Mp3, 4.9 Mb)
Links discussed in podcast:
www.federalreserve.gov
•
November 2007:
529 Plans
A great way to save for a college education--whether it be for your child or yourself--is through a 529 Plan. Every state offers 529 plans, which allow you to place money into investments that grow tax-deferred and which can ultimately pay most or all of college educational expenses. CPA Joe Kovar, who has helped numerous clients set up 529 plans, explains how they work. The podcast also discusses student loan consolidations, and why recent graduates might consider waiting until next summer to consolidate their loans.
Download the podcast
(Mp3, 4.6 Mb)
Links discussed in podcast:
www.savingforcollege.com
|
www.scholarshare.com
|
www.finaid.org
• October 2007:
Disaster Preparedness
The fires that swept through Southern California at the end of October underscore the importance of disaster preparedness. Everyone should make sure that important records are secure from fire damage. CPA Mitch Freedman, an expert in disaster preparedness, provides advice based on his own experiences, not only with the fire that approached his own Malibu home but also with the Northridge earthquake of 1994.
Download the podcast
(Mp3, 4.6 Mb)
•
September 2007:
Financial Adviser Team
Download the podcast
(Mp3, 4.8 Mb)
Link discussed in podcast:
www.finra.org
.
Los Angeles CPA Harold Katz explains why everyone could use a team of advisers to provide a lifetime of financial guidance. He recommends that the team consist of a life insurance agent, a disability insurance agent, an investment adviser, a trust and estate attorney, and a certified public accountant. The podcast also provides information about checking on the background of the advisers. The News You Can Use feature explains how to save money when using ATMs.
• August 2007:
Financial Aspects of Divorce, Part Two
Links discussed in the podcast:
www.courtinfo.ca.gov
(Family Court Services Programs) |
www.calbar.ca.gov
(California State Bar)
Inthe second of two podcasts on how divorce affects a couple's financialsituation, CPA Leslie Dawson talks about the tax consequences ofspousal support, selling the family home and the monetary aspects ofremarriage. She even notes that sometimes couples thinking of divorcemay have second thoughts once they carefully review their financialsituation.
Download the podcast
(Mp3, 3.3 Mb)
•
July 2007:
Financial Aspects of Divorce, Part One
Peoplethinking about divorcing their spouse should review their financialsituation before filing the paperwork. In the first of two podcastsabout the financial aspects of divorce, CPA Leslie Dawson discusses howdivorce affects a couple's income tax situation, their investments,life insurance, retirement plans and their joint holdings, such asresidences and businesses.
Download the podcast
(Mp3, 3.3 Mb)
•
June 2007:
The Tax Advantages of Buying a Home
Buying a home not only results in a place to live, it also providesseveral tax advantages. Angie Grainger, CPA/PFS, discusses expensesthat can be deducted as well as those that can't. She also explainssome of the resources that can be tapped for the down payment and loan.
Download the podcast
(Mp3, 11.9 Mb)
•
April and May 2007:
Good Habits For Keeping Out of Debt
(Parts 1 and 2)
Just knowing that we need to save more isn't always enough. These valuable tips will help you become more aware of your spending habits and will help you develop the necessary discipline to get back into financial shape.
Download the podcast
Part One (Mp3, 11.7 Mb)
Download the podcast
Part Two (Mp3, 12.4 Mb)
•
March 2007:
Your Retirement: Start Saving Early
If you want a comfortable lifestyle in your 70s and 80s you should start saving for it in your 20s. This edition of Financial Empowerment helps you get started.
Download the podcast
(Mp3, 11.4 Mb)
•
January and February 2007:
Prepare Now for Filing Your 2007 Taxes
(Parts 1 and 2)
Putting money in the collection plate every Sunday? Get a receipt! Learn about the new rules for deductions that will affect your 2007 taxes.
Download the podcast
Part One (Mp3, 6.2 Mb)
Download the podcast
Part Two (Mp3, 5.8 Mb)
•
November and December 2006:
Renting an Apartment
(Parts 1 and 2)
There’s more to renting an apartment than the monthly check to thelandlord. There’s also the security deposit, utility bills, insurance,and other costs. Even your commute can affect whether or not anapartment is right for you. CPA Mitch Freedman points out what otherfactors you need to consider before signing a lease in our secondpodcast about renting an apartment.
Download the podcast
Part One (Mp3, 6.1 Mb)
Download the podcast
Part Two (Mp3, 6.1 Mb)
• September and October 2006:
Identity Theft
(Parts 1 and 2)
Do you need identity theft insurance? Young adults who are the prime target of identity thieves might want to consider it. In our second podcast about identity theft, Michael Eisenberg, CPA, offers additional advice about ways to reduce your chances of having your identity stolen and what you can do should you be a victim.
Download the podcast
Part One (Mp3, 5.2 Mb)
Download the podcast
Part Two (Mp3, 6.6 Mb)
Financial Empowerment Interview Links:
www.consumer.gov/ncpw
(interactive games that teach participants about identity theft)
www.consumer.gov/idtheft
(information about identity theft as well as forms victims can use to close fraudulent accounts)
www.irs.gov
