6 Key Principles for Obtaining Financial Wellness

Follow these 6 steps to obtain financial wellness and take control of your finances.

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Man and Woman looking over finances together

Do It Yourself Savings

DIY projects can be a great way to save money, but how much? Often, we as workers use our hourly rate times number of hours to value time. This is partially correct, but taxes are regularly neglected.

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Saving At a Young Age

The topic of Financial Literacy is a passion of mine. Personally, I have seen how a lack of knowledge can affect others’ lives at any age. Many of us learn habits at a young age. If you are not used to setting aside a certain amount into savings each payday, it can be a difficult habit to start at a later age, although not impossible.

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Plotting a Course to Financial Freedom: An MICPA Resource Roadmap

Few areas of the nation’s economy evolve at the rapid pace of finance, making it difficult for consumers to keep track of the most relevant strategies for managing money. Whether as a tool for strengthening individual financial capability or for teaching financial concepts to others, the MICPA suggests these three financial literacy resources for their comprehensive and regularly updated content.

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Understanding Your Personal Cash Flow

One key principle in financial literacy is understanding your personal cash flow.

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AICPA Expresses Strong Support for Bipartisan, Bicameral Supply Chain Disruptions Relief Act

Michigan Representative Dan Kildee (D-Flint Twp), alongside other members of the U.S. Congress, is leading a bill which would allow auto dealerships to choose to wait as long as 2025 for their inventory to be replaced before determining the attributable income of inventory sales during 2020 and 2021. The AICPA penned a letter in favor of the bill, adding its support for its application to other industries using the Last-In, First-Out (LIFO) accounting method with well-documented impacts stemming from pandemic-related global supply chain disruption.

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Tips for Better Financial Organization

The first step to becoming financially organized is, of course, to determine how much money is coming into your household and how much is going out. Last year, MICPA Financial Literacy Task Force member Rick David, CPA, shared strategies for finding savings in day-to-day expenditures. Determining if your monthly expenditures can be reduced by switching providers for insurance, cable, phone and other services is a great place to start refining your monthly budget to increase savings toward an emergency fund.

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Fin Lit Evolution: National Financial Capability Month

Often used interchangeably, financial literacy and financial capability address a separate set of concerns. As April brings a renewed sense of awareness with its Financial Literacy Month (FLM) initiatives, we explore the difference between knowledge and behavior, and what capability means for long-term financial health.

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Tribute to Gerald Hepp CPA

Michigan native and MICPA member Gerald (Jerry) Hepp, CPA, was recently recognized for a lifetime of volunteerism and contribution to the profession with a postmortem tribute. Jerry began his career with Plante & Moran in 1958 and spent 20 years as an expert volunteer in numerous board and committee roles within the AICPA.

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What Can We Learn From the Alex Murdaugh Trial - How Smart People Can Make Dumb Choices

Capturing nationwide attention, the trial of South Carolina attorney Alex Murdaugh, a once-revered member of a prominent legal family, has highlighted the significance of investigating the causes of behavior, especially when it comes to white-collar crime.

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