NYSSCPA Provides Financial Basics for Consumers

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NYSSCPA Provides Financial Basics for Consumers

FOR IMMEDIATE RELEASE

Contact: Lois Whitehead, Public Relations Manager
212-719-8405
lwhitehead@nysscpa.org

NEW YORK, NY, MARCH 28, 2008 -- When you review all the recent events surrounding the subprime mortgage crisis, how much of the crisis applies to you?

The New York State Society of Certified Public Accountants (NYSSCPA) contributes some of the planning basics for consumers to keep in mind before or during a crisis with financial advice from Michael Goodman, CPA, a member of the NYSSCPA Financial Planning Committee.

Financial Planning 101:

It is very important for individuals to know the basics of financial planning and build a financial foundation to avoid having to react in a crisis. While the economy changes and develops over time, the basics underneath are never really new.

Here are some points from Goodman to keep in mind:

Be aware of debts and have a comfort level for personal cash.
Pay down consumer debt to keep a good credit rating.
Pay off the highest rate credit card balance first, then work your way down and consider how much you can comfortably scale back on your expenses.
Make sure you can afford the payments before taking on any debt and always have a financial back-up plan.
For peace of mind and sound financial planning, it is important to have a rainy day fund.
Diversify investments to lower risk.
Save in regular (taxable) accounts to build up net worth outside of your home and retirement plans to offer access to funds for goals during your working years without tapping 401(k) or home equity.
Read the fine print before signing a contract for a reverse mortgage. Such mortgages are a last resort for seniors.

About the NYSSCPA

Representing 29,000 CPAs, the New York State Society of Certified Public Accountants (NYSSCPA) is the oldest state accounting organization in the nation, celebrating its 110th anniversary this year.

Incorporated in 1897, the Society is a not-for-profit organization that seeks to establish and maintain high standards of integrity, honor, and character among certified public accountants. Its members are CPAs working in public practice, industry, government and education in a state that serves as the home of Wall Street and major financial institutions.

The New York State Society of CPAs is located at 3 Park Avenue, New York, NY 10016. To learn more about the Society call 800-633-6320 or visit the Society’s website at www.nysscpa.org.