2013 AICPA Accounting Competition: Personal Financial PlanningMaking other people’s business the cornerstone of yours.
James Gutierrez is the bassist for an indie rock band called Rusty Chinchilla. He grew up in Laredo, Texas, where both of his parents worked full time to support James and his three siblings. While they never had much money, they always had enough to get by. As a result, James’ parents stressed the importance of education to their children and pushed each of them to go to college.
After graduating from high school with honors, James attended a university in Austin, Texas, on a partial academic scholarship. While working on his bachelor’s in computer science, he fell in love with the city—and the music scene—so James decided to make Austin his home after graduation. He was stoked to find a job as a computer engineer at a large local software company and even more excited that he could continue booking gigs around town with Rusty Chinchilla.
On top of that, he’s got a great idea for a mobile app he’d love to pursue. One that would allow users to search for music shows based on a wide variety of criteria, such as venue, genre, distance, price, related bands, surprise shows, and so forth. The app would also allow users to buy tickets, listen to previews of songs and share pictures and reviews of shows. Of course, building this app will take not only a lot of hard work, but also some monetary investment.
In his 26 years, James has excelled in many areas. Unfortunately, his personal finances haven’t been one of them. James went out to eat often (he’s never been a fan of cooking—or doing dishes) and made some not-so-savvy purchases throughout college, all of which ended up on his credit card. But now that he has a steady job making good money and big plans for his future, James knows he needs to get his finances under control.
That’s where you come in. James has reached out to your firm for some much needed advice and guidance. As part of a successful CPA firm that specializes in personal financial planning, you and your partners have the insight and experience to help James understand and tackle his fiscal affairs. Once you agree to take James on as a client (by forming or joining a team—of three or four students), you’ll get more specific info about him and his situation. Then your firm will devise a plan to help James get a grip on his finances and advise him on the best way to pursue his dreams in your 1,000-word-max written proposal.
Pulling together a smart and savvy team is the first step in dominating the Competition. Good thing we’ve got tips and tools to help you do that.
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