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Do you find it challenging to follow through on a goal? Trust me, you are not alone. As a lifelong learner and self-proclaimed collector of ‘useless knowledge,’ I have often felt overwhelmed trying to figure out what truly deserves my attention. Currently, I am on a mission to conquer the CPA exams, and this journey has been a perfect opportunity to dig deep, identify my main struggles and hone in on practical ways to stay focused on the big picture.

Here’s what has been helpful for me thus far:

1. The Pomodoro Technique
Remember that little kitchen timer your grandma had? Well, it’s time to bring it back!
Break down your study sessions into intervals of 25 minutes using the Pomodoro
Technique (Italian for tomato). When that timer goes off, take a 5-minute break! Stretch,
get up, have a sip of water – do anything that isn’t studying. Pushing yourself past your
limit won’t do your mind any favors. In other words: step away from the books!
You may return to your seat after your break. 

2. Take a Breath
Did you remember to take your breaks? That is great! Whenever I am ready to hit the
books again, I make a point to focus on my breathing before (and while) diving back in.
Changing the ratio of your breaths is a great starting point to releasing stress and
tension: start by breathing in for a count of four and out for a count of eight for a few
minutes. A variation of that breathing technique is Box Breathing, which can also help
reduce stress and increase focus and attention.

3. If Possible, Have a Dedicated Study Space
Ideally, having a room dedicated to studying for the exams is great! That might feel like
a huge luxury and slightly out of reach. Even if a dedicated room isn’t available, a quiet
corner is more than enough if you can dedicate that space to studying and only
studying. That means keeping your phone and any other distracting devices away from
the area!

4. Dropping the Ball is Part of the Process
Life happens and sometimes we fall away from our aspirations. What would you say to
a child who fell off their bicycle or made a mistake when trying something new? You’d
likely encourage the little one to get up, wipe the dust off their clothes and try again.
Just as you would encourage a child to keep going, I am here to remind YOU that the
same applies for adults setting and attempting to reach their goals! If you took a week
break, a month break or even a decade-long break from studying (or really any goal you
have), you can always come back to your dedicated space. You can try again.
It is there and waiting for you when you’re ready to pick yourself back up.

You would be amazed at what you can accomplish if you pace yourself and remember
to take a breath.

Are you a student or recent graduate eager to get out there and make a difference in
the world? MPK Advisors & CPAs are always on the lookout for talented and bright
minds and would love to hear from you! Please see our ‘Careers’ page for more
information and feel free to email us at Careers@MPKAdvisors.com.

I thought I’d start out  by telling you what prompted me to write on this subject. After having to help when my mother went through a serious illness, moving her several times after my father passing, and talking to friends and clients about their struggles and what they went through when a parent or loved one passes or became incapacitated, I thought I’d write about what can be done to make things easier for those we love.

Get a trust in place. First and most importantly, I highly encourage your loved ones to create a trust.

One of the most common types of trusts is the revocable living trust, although there are several types of trusts available depending on estate planning goals.  If you do not have one and you have a spouse, or are single, or have children or own a business or own any property or investments (I think that just about covers everyone) you need a trust. Once you have the trust, the next most important thing to do is make sure your eligible assets  are put into trust and, if they can’t be held in a trust, then make sure there is a designated beneficiary assigned for each asset. Please consult with your legal counsel regarding the consequences of not having a trust, and assigning designated beneficiaries, if you should become incapacitated or pass away. Remember, whoever you choose as executor needs to know they are your executor and be willing to manage everything when the time comes. It’s a big job, especially if you haven’t planned, downsized, or provided them with any information in advance.

Plan and put into action downsizing.

Downsize your assets, simplify your investments, and clear out the “stuff” that has been in boxes for ever and no one will want when you’re gone, or you won’t be able to take with you when you move into a smaller housing situation. Selling or donating unused vehicles or RV’s could save you registration and insurance costs immediately. Tax documents should be saved for 5-7 years after filing the returns, the statute of limitations is generally 3 years from the date the tax returns were filed. You need to permanently keep records related to Real Estate purchases (ones you still own) and long-term investments (that you also still own) if you don’t own it and have sold or disposed of it over 5-7 years ago then it could be shredded.

Talk, talk, talk.

I mean tell your kids, friends, loved ones about your plans, your hopes, dreams, and desires, that way they know your wishes if you should become incapacitated or pass away. Last year, my mother became completely unable to make decisions for herself so all decisions concerning her living situation, her financial situation, and her medical decisions had to be made by me and my sister. We were fortunate and knew what she wanted, and we knew where everything was. Thankfully she is doing well, and now we can consult her on any decisions we make on her behalf.  However, this will not always be the case, I have several friends and colleagues this last year that had to make all the decisions concerning their loved one and it was not easy because they didn’t know what they wanted, or where to find information that they needed to make the best decisions for their loved one.

Have an ‘estate instructional manual’ for heirs.

It is recommended that you have a binder, spreadsheet, word document or some other document that lists out where all your assets are, who your financial advisors are (CPA, CFP and attorney) and how to contact them. Also, include the usernames and passcodes for all the various online accounts, and note where a copy of your trust is located. All this information will help the person that is taking over for you when you become unable.

This planning isn’t just important for our “senior” citizens, it should be done by everyone at any age.  You may be the person who has to take over or you may be the person who needs help. Recently I read a book about a young mother of 5 young children whose husband had to become mother and father , literally overnight, due to his wife’s illness.

My hope is that this blog will encourage you to act and move forward in making these changes early.

Please contact our office for referrals for trust attorneys or paralegals, or if you need to schedule a consultation.