Finances in 60 Seconds
They say money makes the world go round — so, then, why are so many people financially illiterate? According to a study that examined 150,000 people across 140 countries, only 57% of Americans were financially literate as of 2015. Other studies, like those done recently by the National Financial Educators Council, have found that only 16% of Americans ages 18–26 are hopeful about their financial future.
some quick finance tips, check out these well- established influencers. HUMPHREY YANG — @ HUMPHREYTALKS Yang is verified by TikTok, which means he’s been
TIKTOK INFLUENCERS ARE HOPING TO CHANGE THAT.
TikTok was launched in 2016 and slowly grew before booming in 2019 and becoming a household staple in 2020. Personal finance experts, like advisors, teachers, and economists, saw an opportunity amid the dance crazes and lip-syncing. Today, personal finance TikTok creators are becoming increasingly popular on the app and offer quick tips about common financial mistakes, saving for retirement, and understanding weird market trends, like the insanity with GameStop, Reddit, and the stock market in January 2021. However, there is a caveat to those relying on TikTok for financial advice: Don’t. While the good influencers creating the videos do offer sound advice worth considering, there are plenty of uninformed “experts” that spout bad advice. Plus, the short length allowed on each video means video creators have to boil down complex market advice into short sound bites. The bottom line is that TikTok personal finance accounts are great introductions to financial literacy, but they cannot replace expert advice and information. If you want to check it out or offer the Gen Z in your life
authenticated as an online public figure, and he’s amassed more than
21.8 million likes. His advice ranges from breaking down the latest trends in the market to highlighting common financial ideas in simple terms. RAHUL RAI — @THELAYMANINVESTOR Any investment advice should always be properly vetted, so Rai’s videos feature him performing “duets” with other personal finance accounts to critique or promote their advice. DELYANNE BARROS — @DELYANNETHEMONEYCOACH Pulling from her personal experience and candidly sharing her best practices, Barros has amassed nearly 173,000 followers and offers insights into how the market works. Barros’ goal is to retire by 45, and followers can watch along as she pursues that dream.
The Respite We Needed But Don’t Wait Until the Last Minute
In February, our office and many of our clients were faced with a terrifying ice storm that left us without power for several days. While things returned to normal
also save you from having to rush as we get closer to that final date. This is something we saw last year. Many people waited to file until the extended deadline, which caused a significant increase
throughout March, it did take a toll on many of us. Luckily, the difficulties this caused us did not go unnoticed. The IRS understands the strain this put on Texans and Oklahomans and have thus extended the tax deadline from April 15 to June 15 this year. We would like to mention that this may not apply to all of our clients. If you’re unsure about whether or not your tax deadline has been moved, get in touch with our office before reaching out to the IRS.
of clients in our office. Unfortunately, this meant that some fillings were done after that deadline.
Though we lost a week or two in February, we gained two months in the tax season. Hopefully, this will give you the time you need to get things settled and file your taxes. Make sure to send your tax information to our office at Tim Thompson CPA today, and we’ll start working on it immediately. If you’re trying to file your taxes yourself and have any questions about the process, reach out to us. We’re here to help you in any way we can.
Additionally, though the tax deadline has been moved to the summer, it’s important not to wait until June to start filing. For anyone who typically files after April 15, this is a good opportunity to avoid paying penalties for filing late. Taking the time to get all your tax information in now will
2
MyDFWCPA.com
Published by Newsletter Pro • www.NewsletterPro.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online