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Financial Literacy Matters

Posted on 27 May, 2019 at 16:30

Financial Literacy is necessary knowledge to make financially responsible decisions that are integral to our everyday lives.

 

The ability to manage personal finances is an essential skill for survival in an increasingly complex financial world where individuals are responsible for their own financial decisions on retirement planning, money management, major purchases, financing, health care, insurance and savings choices. Consequences of poor financial choices are not limited to the individual, family, or company facing financial troubles; their financial problems impact entire communities.

 

A few examples resulting in financial difficulties are the lack of “rainy day” savings, not making wise money choices and too much debt. Financial problems create stress and anxiety, which may lead to poor health, performance and distractions at home, school and work.

 

A recent January 11, 2019 Forbes article recapping a survey found:

 

  • 78 percent are living paycheck to paycheck, including one in ten employees making six figure incomes.
  • About 25 percent of employees do not save monthly
  • 75 percent are in debt and believe they will always be in debt.

Financial Literacy teaches individuals how to make better choices, avoid bad financial practices and provides resources to get back on course when problems arise.  A CPA’s education, experience and reputation as a trusted advisor makes us a natural resource to educate our communities and the public on financial literacy. As CPAs, our knowledge of financial topics puts us in an excellent position to discuss best practices, planning, risk management, retirement, elder care, health care, savings, investing and tax planning within our communities.

Take one step this week to improve your financial habits!  Your future self will thank you! 

What is Financial Literacy & why is it important?

Posted on 2 May, 2019 at 0:50

Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual, business owner and organization leadership to make informed and effective decisions through their understanding of finances.  

The ability to manage business & personal finances is a necessary skill for survival in our increasingly complex financial world where individuals are responsible for their own financial decisions on retirement planning, money management, major purchases, financing, health care, insurance, and savings choices. Bad financial choice consequences are not limited to just that individual, family, or company that is facing financial troubles but their financial problems impact entire communities. A few examples which may ultimately result in financial difficulties are the lack of preparation for “rainy days” saving, lack of making wise money choices, and too much debt. Financial problems create stress and anxiety which may lead to poor health, performance and distractions at home, school, and work.

A recent January 11, 2019 Forbes article on an U.S. worker survey found:

78 % are living paycheck to paycheck including one in ten employees making six figure incomes.

About 25% of employees do not save monthly, and

75% are in debt and believe they will always be in debt.

Education and knowledge helps folks make better choices, avoid bad financial choices, and can provide resources to get back on course when problems happen.  Reach out to learn more on how CFO Support, Inc|Grove Solutions may help You in crease Your knowledge  and implement new habits! 

#FinancialLiteracy 

 


Financial Consultant with the Heart of a Teacher

Posted on 1 November, 2018 at 0:05

Cash is King.  Money Does Not Grow on Trees.  A Budget tells Your Money Where to Go. 

Financial Freedom is as unique as each business, family & individual. Financial problems create stress. Financial Freedom provides independence and life choice flexibility.

Ever wondered how a financial consultant could help your business, non-profit, family and/or you?  Well .... here's a couple of points (and the types of knowledge and experience my services provide - shamelesss plug for me here!:)):

* Accurate financial reports are essential for profitable organizations.  You much know your history - actual income and spending.    Are your QuickBooks reports understandable & correct? Do you use your QuickBooks reports to run your business? Are you exporting QuickBooks information into Excel to get the answers you need to manage your business? Would you like to see that information saved as a custom report in QuickBooks?

 

* Budgets & Forecast provide plans to manage your finite financial resources to achieve your Business & Personal Priorities?

 

* Cash Flow Challenges? Learn about PROFIT FIRST trans-formative cash management system and how it can help plan for your future cash spending.

 

* Are you working on a Business Plan? Do you need financial projections? Ask me about the cloud-based solution called Live Plan!

 

* Learn financial best financial practices and practical ways to use them.

 

* Is your Business supporting your family & your personal financial needs? How about the financial needs of your Employee and their families?  As the business owner, are you planning for your retirement?  Does the business provide adequate funds for your personal expenses & income tax payments?

 

* Families and individuals have a resources for their personal financial questions. The Ramsey Solutions Master Financial Coach training and mentorship further expanded my long time knowledge to serve as your trusted personal financial consultant.

 

* One of today's most popular benefits Employers are offering is personal financial coaching as an Employee Benefit.  As a business owner, you know your employee's financial problems don't stop while they are working.  

 

 

Here's to Your improved Financial Success! 

Honored to share my knowledge & serve,

 

Denise

 

Financial Consultant with the Heart of a Teacher| Denise W. Grove, owner of CFO Support, Inc.|Grove Solutions

QuickBooks Online Live - May 15, 2018

Posted on 4 April, 2018 at 9:30

Want to learn more about QuickBooks Online (QBO)?  Join me for the morning sesssion on May 15, 2018 in beautiful Auburn, Alabama!  Using QBO already but KNOW you aren't receiving all the benefits?  Then, join me for the afternoon session for a deeper dive into Reports, Apps and Add-ons! CPAs  - are you looking for practical CPE Accounting & Auditing credits?  Join me!  Register now at the Auburn University Outreach website!  

http://www.auburn.edu/outreach/opce/quickbooks/


Why An Accountability Coach for Your Finances?

Posted on 11 October, 2017 at 18:50

What are the benefits of an Accountability Coach?  

As Meredith Bell shares in her article An Accountability Coach Can Help You Get Results "It’s the rare person who can change a habit or master a new skill without the aid of a coach or support system. All athletes have a coach who shows them how to do the skill the right way, gives feedback, and offers encouragement along the way.

One of the most effective strategies you can implement is to get yourself an accountability coach. This is someone who will hold your feet to the fire to make sure you do what you say you’ll do.

You want to choose this person carefully. You have to be able to count on your coach to keep appointments and be committed to your success. Because you may expose your imperfections and vulnerabilities along the way, there also needs to be strong trust. And your coach needs to know how to give encouragement since you’re likely to hit some rough spots along the way. " Source: https/www.businessknowhow.com/growth/acccoach.htm

For me - an appointment, a deadline or a commitment to another person  for any goal is motivating to get it done.     My tennis coach did wonders for my first serve :)and my sessions with her were on my appointment calendar.  A Financial Coach serves the same role  - a trusted advisor to help you attain your money goals by providing resources and a sounding board in a confidential safe environment.  Contact me today at [email protected] to work on your Financial Wellness goals and let's get your first appointment scheduled!