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

  •  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

Archive:

  •  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 specifictime to collect those documents and see if you need to update how yourfinancial 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)

Links discussed in podcast:
www.hud.gov  |  www.govtrack.us

  •  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)

Links discussed in podcast:
www.360financialliteracy.org

  •  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.
Links discussed in podcast:
www.ssa.gov  | www.medicare.gov |  Download the podcast (Mp3, 5.4 MB)

  •  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.
Links discussed in podcast:
www.experian.com  | www.transunion.com  | www.equifax.com

Download the podcast (Mp3, 3.6 MB)

  •  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.

Links discussed in podcast:
www.federalreserve.gov
Download the podcast (Mp3, 4.9 Mb)

  •  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.
Links discussed in podcast:
www.savingforcollege.com  | www.scholarshare.com  |  www.finaid.org
Download the podcast (Mp3, 4.6 Mb)

  •  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
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.

Link discussed in podcast:
www.finra.org .

Download the podcast (Mp3, 4.8 Mb)

  •  August 2007: Financial Aspects of Divorce, Part Two
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.
Links discussed in the podcast:
www.courtinfo.ca.gov (Family Court Services Programs) | www.calbar.ca.gov (California State Bar)

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