Make a few adjustments at home and save a ton on your bills

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How far would you need to go to save up on your bills? Apparently, not that far according to some financial experts. Small adjustments at home can help a person save hundreds, if not thousands, of dollars a year.


Let’s take a look at some of these minor changes.


First things first. If you have good internet connection, get rid of TV and magazine subscriptions. Almost everything a person needs can be found online. This eliminates the need for TV and print publications. While you’re at it, use the TV sparingly to save on electricity.


Unplugging devices at night before you go to sleep may seem la small act, but it can have a huge impact on your yearly budget. Since devices can suck energy from socket even when they’re turned off, unplugging them can save you $8 to $10 a month. That’s easily over $100 a year.

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As far as household fixtures go, doing away with ordinary faucets and replacing them with low-flow taps can cut the water bill in half. You can find these faucets in your nearest hardware store.


Insulated water tanks are also great at saving energy since it keeps water hot longer when you need it.


As the weather starts to get colder, open the windows as bit for natural air to cool the place instead of using the A/C or even a fan.


Do you want to share tips on how to save money? Feel free to do so in the comments section below.


Hello, my name is Steve Sorensen. I’m a CPA based in Colorado. I live for imparting financial advice. Learn more about me and the stuff I’m passionate about here.

Fintech trends to pay attention to as we near 2019

With the unprecedented rise of blockchain and its offspring cryptocurrency, the fintech industry has undergone seismic upheavals in recent years. Indeed, blockchain is considered by experts as the most disruptive technology to arrive in the last decade. But 2018 is almost over and other trends are on the rise. Let’s look at the top three emerging technologies that are, while by themselves mostly offshoots of blockchain, may prove equally disruptive.


The first trend to watch is the rise of Decentralized Apps or Dapps for short. Expect wider deployment of apps that work within the canopy technology of blockchain. With Dapps, an open-source software ecosystem will arise globally, pooling resources across a variety of machines, even from idle PCs. It is seen as both easy and secure to develop, leading to a more liberated, community-owned setup.

Data mining is already all the rage but expect it to gain a more streamlined policing infrastructure, benefiting those that harness data with transparency and honesty in mind. This is the immediate impact of the arrival of the GDPR or General Data Protection Regulation, which is now mainly implemented in the EU. Tech giant Microsoft is at the forefront of implementing GDPR restrictions on a more global scale.


Finally, as cryptocurrency gains more mainstream acceptance, so will the need for more secure processes. With this demand comes huge leaps in quantum computing technology. Quantum-powered PCs can do computations way beyond current standard computers, allowing for even faster fintech logistics handling and the solving of complex algorithms.


My name is Steve Sorensen and I’m a certified public accountant and business writer based in Colorado. I help provide companies with strategies for avoiding employee embezzlement, legally lowering taxes, and improving their overall financial structure. More finance tips and insights here.

Three Important Tips To Achieving Financial Security

Over the last few years, almost all research conducted on retirement noted that individuals are unable to demonstrate financial readiness for their retirement years. The main reason is the lack of financial literacy. A lot of people believe that saving for retirement isn’t for everyone because it is too expensive. But nothing could be further from the truth.

If you start now, you can reach the age of retirement and be able to afford it. Here are three ways to start:

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Start as soon as you can

The earlier you start, the earlier you can afford retirement. So, when’s the best time to start? The moment you received your first paycheck, you should start saving for your future. If you haven’t already, then start now.

Be prepared for emergencies

According to experts, your emergency fund should be at least six months of your monthly income. Try to build up your savings so you can have something when rainy days come. A health insurance should be one of your top priorities.

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Invest for retirement

Your immediate and short-term needs are easy to focus on. However, it’s not so easy for young adults to plan for the long term. They’re too busy living in the present to care. After all, retirement is a long way off. Only 19 percent of adults age 25 and under contributes to a traditional or Roth IRA. Remember, the earlier you start, the easier it is to save for retirement.

Hi, my name’s Steve Sorensen. I’m a certified public accountant. I consult for business finance and investment, banking, and also on issues involving employee embezzlement. Visit my blog to know more.

The Necessary Steps to Take When an Employee is Caught Stealing

Dealing with employee theft, whether it is as simple as taking money from the cash register or as complicated as the falsification of an expense account or issuance of phony checks, is never an easy undertaking for any business leaders.

While there is a need for justice to prevail and to admonish and correct the wrongdoer, it is also essential to practice due diligence to enforce parity and protect the entire organization.

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The following are some of the necessary steps that should be taken in cases of an employee caught stealing:

Investigate

The last thing organization leaders would want to do is formulate and implement decisions that are based solely on mere hearsays.  Evidence should be gathered to ascertain what had happened.  There are also cases when third-party investigators need to be brought in as they have expertise in the field.

Check the policies

It is important to base the decision or penalty on company policies because doing so can be the difference between a quick resolution of employee theft and complex litigation.  Company rules need to be enforced consistently as well.

Use words carefully

Just like the previous step, using euphemisms or appropriate terms can save the organization from litigation or defamation cases.  For example, the word “theft” can open a can of worms.  In most cases, especially if the accusation has not been proven yet, it is better to use “violation of company policy.”

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Hello, I’m Steve Sorensen from Colorado. I work as a financial advisor, helping clients create retirement plans, regularly monitor current economic conditions, and prevent employee embezzlement. Follow this Facebook account for similar reads.

Accounting Myths You Should Stop Believing

Accounting is not a simple job. It involves numbers and principles that would take years to master. Although accounting is a well-known process, many people still believe a few myths in the field. Let’s take a closer look at some of the misconceptions you may have about accounting.

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Accounting and Math

People would probably take one look at accounting and assume that it’s all about mathematics, like geometry or calculus. But no. Accountants use math in accounting, but they also use knowledge in other fields such as business and government processes. Accounting not only looks at numbers, but also at assets, liabilities, and so on and so forth. CPAs would tell you that accounting is more about research and storytelling than math.

The identity of accountants

A person who’s trained in prepping taxes isn’t necessarily an accountant. An IRS agent isn’t necessarily an accountant. They could be, but people regularly equate accountants with these individuals. Accountants can work on their own, or in companies, or in the government. They’re not limited to a few fields. Financial planners are also mistaken to be accountants, probably because accountants review a lot of finances in their work. It should be noted however that being an accountant is a big plus for some jobs, such as being a financial advisor or a Chief Financial Officer.

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Hello! Steve Sorensen here, Colorado-based CPA and business writer. For more about all things business, check out this page.

Five Common Financial Mistakes To Avoid

Industry experts say that financial literacy is more important than ever. Current political and economic climates have created shifts within the financial industry. While the market remains stable, adults should be more knowledge-savvy. This implies doing one’s due diligence and avoiding these five common financial mistakes.

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Paying debts with savings: This initially sounds like a good idea, but this is detrimental in the long run. Most people shave off their retirement savings, under the impression that they can easily fill the gap. However, even the most disciplined planners have difficulties placing money aside once the sense of urgency is gone. Most of the time, the pace just continues and people forget saving after the debt is paid.

Not having an emergency fund: This is not a nice thing to plan for, but the reality is, emergencies happen. People need to have an emergecy fund when the uexpected inevitably occurs. More importantly, these funds should not be supplemented by credit cards. These can add more to one’s debt.

Not budgeting: Again, a seemingly tedious task. However, analysts have found that people’s financial futures are highly dependent on their budgets -- or lack thereof. Present-day actions affect future financial status so it is necessary to begin budgeting now. Having a budget also helps people decide where they want to go in terms of their short- and long-term goals.

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Having no insurance: As with the emergency funds, these are important (though admittedly boring) tasks that all adults need to do. Insurance, whatever the coverage is, is essential to securing a stable and comfortable future.

Ignoring additional income opportunities: The previous four points were more of reactive measures, but emphasis should also be given on proactive action. Thinking that one’s current job pays the bill is enough is poor thinking. Nothing is guarenteed and there are many ways to earn additional income while still having personal time.

Another great advice is to speak with a financial advisor for a more in-depth discussion. Steve Sorensen is a financial blogger interested in emblezzement topics and how to develop better financial literacy. Learn more when you follow this blog.

Golden Rules For The Golden Years: How To Plan Your Retirement

Ask any financial advisor for trade secrets and almost all of them will mention setting up a good retirement plan. Current studies suggest that young adults need to start saving as soon as possible to assure themselves a happy and financially secure retirement. Despite recent surveys revealing that around 60 percent of workers say they need less than a million to retire well, financial analysts say that professionals should take their 401(k) very seriously. Planning ahead and saving for retirement now are crucial financial milestones.

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There are several ways to improve one’s retirement plan.

Retirement is expensive: It is impossible to fully know how much one would need to retire comfortably. However, it is always safe to overestimate and work from there. Retirement is an expensive time - especially if you are considering a well-off lifestlye. Financial analysts advise taking a look at your most lucrative job and needing at least 70 percent of that to suit your retirement needs.

Get involved: Most companies offer a retirement savings plan. Make sure to sign up for their personalized 401(k) plan and contribute as much as you can. Not only will the taxes be lower, but there is a strong possibility that the company will give a little bit extra. The more funds invested in the plan, the wider the safety net.

Consider inflation: It is best to start early. Young adults are asked to consider inflation and learn how to invest wisely. This means knowing how much you can save every month and your own pension plan. A good way to allocate funds is to spread capital among several investment options. This way, there are multiple channels for growth.

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Don’t touch it: This is a big no-no. There will always be extenuating circumstances that will tempt one to withdraw just a little from their retirement savings. Do not give in to the temptation. Take care of this savings account. If you change jobs, try rolling them over to an individual retirement account or to your new employer’s plan.

Most importantly, keep up-to-date with the latest financial trends and consistently follow your budget.

My name is Steven Sorensen and I write about the financial industry and tips on how to be more business-minded. Learn more about me and what I write about when you follow this Twitter account.