‘360 Degrees of Financial Literacy’ Offers Wealth of Valuable Information
Steve Poehler is my brother and this week’s guest writer. He discusses ‘360 Degrees of Financial Literacy’ and how it is a useful and valuable resource.
You can read more about his background after the end of his article.
A Little Background
Growing up, we all had our favorite subjects and classes in school, right? For me, I always enjoyed math, and then in high school, “Personal Money Management” turned out to be the best and most practical class I ever took.
In it, I learned the basics of balancing a checkbook (does anyone do that anymore?), creating a budget, and investing for beginners. Basically, the course gave me a solid foundation for how to handle money, and honestly, I wish high school and college students today were required to take a “Personal Money Management”-type class as a requirement for graduation. (Have you seen the statistics on the amount of credit card debt in this country alone?)
Well, fast forward a few decades from that class, and now I’m a CPA (Certified Public Accountant), and I get the pleasure of working with numbers, math, and money every day, which for some of you might sound boring. But it has turned out to be a valued profession for me.
While I’m not a CFP (Certified Financial Planner), I do know a few things about finances, and it started back in that classroom in Colorado.
One thing I’ve quickly learned after officially becoming a CPA is—to know your resources. While I don’t have an immediate answer to every question that’s asked of me off the top of my head, I’ve worked diligently over the last four-plus years as a CPA to build a network of other people, websites, newsletters, and publications, where I can find the answer if I don’t initially know it.
‘360 Degrees of Financial Literacy’
Arguably the most practical resource I’ve come across is a website called, “360 Degrees of Financial Literacy”, hosted by the American Institute of Certified Public Accountants (AICPA), of which I am a member.
The 360 Degrees website offers a plethora of free tools that anyone can take advantage of.
Basically, 360 Degrees of Financial Literacy holds itself out as “a national volunteer effort of the nation’s CPA’s helping Americans understand their personal finances and develop money management skills,” according to the website. The program “focuses on financial education as a lifelong endeavor—from children learning about the value of money to adults reaching a secure retirement.”
One caveat—the site “offers general information for managing personal finances” only and “does not recommend specific financial actions.” As the site advertises, “For financial advice tailored to your situation, please contact an expert, such as a CPA or a personal financial advisor.”
A Wealth of Information
Still, the wealth of information on the website is invaluable. (Did I mention it doesn’t cost anything, too? After all, CPA’s and CFP’s can be expensive!)
The home page welcomes you with options to delve into budgeting, goal setting, spending, or taxes.
That’s just the start.
Browse By Topic
You can also browse financial information by topic, from “credit and debt” to “in crisis” to “investor education” to “the work world” to “retirement planning” to “taxes” to “spending and saving.”
“Ask the Money Doctor”
If you have specific questions, you can even post them to the “Ask the Money Doctor” section. Answers come from a “volunteer panel of qualified CPAs that have attained the Personal Financial Specialists (PFS) credential for comprehensive financial planning,” according to the website. If you don’t have a question yourself, you can look through current and past Q&A’s, as well.
“What do YOU want to do…”
Another extremely helpful offering is the “What do YOU want to do…” section. There you choose three goals from a list that includes “Build a Nest Egg, Start a Family, Change Careers, Pay Off Debt, Plan for Retirement, Worry Less About Money, Improve My Credit Score, Combine Finances, Buy a Car or House, and Plan For Education”. After you’ve made your selections, then you click on “Make My Plan,” and you’re on your way to creating a roadmap to reach those goals.
Calculators
The site also provides a practical “Calculators” tool that features everything from estimating a monthly mortgage payment based on loan size and interest rate to a personal income tax return estimate, where you enter your expected income, credits, deductions, and other information, and it spits out an estimate of how much tax you will have to pay.
Bottom line: The 360 Degrees of Financial Literacy website is a great tool that, as a CPA, I highly recommend everyone check out, regardless of their age, situation, and financial knowledge.
We All Need the Training
After all, each of us is busy between work, family, and outside commitments. However, being able to manage personal finances is not necessarily a given.
Most of us have to learn how to do it. However, with a little training, we can budget and come up with a solid financial plan, so we don’t end up with thousands of dollars in credit card debt or retire at age 75—or, heaven forbid, even have to declare bankruptcy.
As the saying goes, “Money doesn’t grow on trees,” and everything costs more these days. So we can’t spend and spend and spend and think that we have endless supplies of money.
We need the tools, the knowledge, and a plan—and that’s where 360 Degrees of Financial Literacy comes into play.
Happy planning!
Steve Poehler is a father, a husband, and a huge sports fan. A former sports writer, Steve is now a CPA who spent five years working at a public accounting firm before becoming a Senior Financial Analyst for a nonprofit organization, the Catholic Archdiocese of Portland. Steve loves to work out, be outdoors, and follow sports, including his beloved Denver Broncos. Steve lives in Portland, Oregon, with his family.
