Reviewing REG

Ok so I'm officially done with watching the videos for REG tax. I actually have about a hour and half of videos on sims left but I'm planning on finishing that by weeks end. The beginning of the weeks focus is to review individual taxation, transaction in property, partnerships, and some corporate tax. I'm going to master liquidating and non liquidating distributions, and basis questions. When I'm done with that I'll start the business law section. My goal is to knock business law out in one week to a week and a half tops. With this schedule I will have between 2.5 to 3 weeks for a final review. Along with my Yaeger Cram that I bought I really feel confident. I think that's pretty good. I'm also practicing answering my questions in 2 mins tops. If I don't know the answer I just make a educated guess. The funny thing is that I'm realizing that I need to stop second guessing myself, when I do I usually guess wrong and my first choice was usually right. If I stick to this schedule I think I'll be able to get some BEC studying into this plan. I won't go full force into BEC until after 7-31 but I will start with cost accounting and budgets first.

BEC Part 2

I just scheduled BEC round 2 for August 30th. My plan is to start studying financial management and cost accounting first and planning and measurement (since those were my problem areas on my score report). I'll study IT, business structures last. I'm so determined to kill this test!!! I'm actually getting motivated and excited now!! Hopefully I can turn this 69 into a 96 (or atleast a 85).

Message Boards

So this was on my mind today.

I really like using the message boards that are available to get sources of encouragement while trying to tackle the beast. However, I must admit they it can really be s source of distraction. For starters sometimes I find myself reading about everyone’s journey while I could spend that time studying, and also it can be discouraging when I see people who have to retake and retake and retake and retake again parts of the test. I can’t help to think if I’ll be in that same boat as well. I mean I have confidence in myself but then sometimes I get side tracked into thinking if I’ll be the AICPA’s cash cow also. I’m not blaming the message boards at all. I’m taking responsibility and realizing my own weaknesses and determining what is best for me. What’s best for me is to encourage myself (and others) as well as keep positive (and reading about multiple failures is not going to put me in that place).

I’m really thinking about limiting my time on these boards for only a few minutes out the week and only going on there if I have a question or maybe to be a source of motivation. I don’t want to turn a blind eye to the real issues that are evident when trying to pass but seriously I don’t need to have it in my mind that I may take me forever to pass.

I wonder if anyone else has experienced this or going through this now.

Milestone

I think I’ve reached another milestone. I wasn’t sure if I wanted to talk about it because I didn’t want to jinx myself thinking that I discovered something when I actually didn’t. But I decided that I would talk about it because this could potentially help someone else out who is on the CPA boat. Well my milestone is that I think I figured out how to study.
That sounds weird right? Well a lot of people read and read and read and read some more but if you ask them a question they give you that confused look. Well with BEC I think I was still giving that confused look when I went to take the test. I realized that I really understand something if I can basically explain it back to myself (Ummm no I don’t talk to myself…LOL) or somebody else. I should also be able to clearly and concisely explain it without stumbling over words. Because stumbling over words means that I don’t understand it and that means when I’m taking the test I’ll be stumbling over answers which is #nobueno.

So the other day when I was studying for REG I realized that I have to watch the video, do the questions, watch some more video if I can’t explain it and then follow that up with some more questions. I’m also going to start implementing writing my own summary of what I learned. So during the final review and during the test I can quickly reference that in my head and move on to the next question.

Another thing I’m finding useful is to remember key points in my Yaeger video so that I can visually go back and remember something. I also remember Phil Yaeger’s corny jokes…LOL. Anyway I’m proud of my milestone and I’m so determined to knock these tests out. I hope I’ve encouraged someone or enlightened someone else as I’ve done to myself.

Sooo Tired

I'm managing to get out a few words because its been a long day. Despite working 12 hrs I managed to watch one video of Estate Taxes. I'm learning an effective way to study. I'll blog about that later. Goodnight.

All in a days work

I've been studying off and on all day for 12 hrs. I can't study (ok maybe I shouldn't say.can't) I prefer not to study for long periods. of time because I tend to lose focus and forget. I'm proud of myself because I did what I dId I was going to do. So now I'm done for the night. I'm not going to force myself to study when I know I won't retain anything.

YAWN!!!!!!

Well I finished my fourth video today and typed up notes...yayy me. So by Friday I will do the 5th video and review Corp Taxes all day on Saturday and Sunday.

Progress Progress.

Yaeger CRAM

I just ordered the Yaeger Cram for REG and BEC. Next week I'm going to pay for BEC again and reschedule for the end of August. I also have to see what the hell I did with my FAR NTS. That was a dumb move to pay for it before I knew my results. But hey you live and you learn. I think it expires at the end of October. If it does I'm going to have to take it then.

I managed to type up my notes last night for Corp taxes and go over the questions again. I didn't do the 4th video but I will tomorrow. I felt myself losing concentration and I didn't want to torture myself and risk losing the ability to understand just because I'm trying to meet my goal. Atleast I met one goal. So I'm going to give myself a pat on the back for that one.

**Determination IS Key*** without that then what the hell do you have????

Getting into IT

Yup this is my life right now. I'm in Barnes and Nobles and I just got through another video of Corp taxes. I'm really going to make it by business to get through at least half of video 4 tonight. I'm also going to type up my notes and go over the questions in the video. Ambitious huh?? Yeah well these days I have no choice. I'm a bit tired from a long day of work, but you know the saying that it takes 21 days to make something a habit. Well this is my habit.

The Benefits Of Becoming a CPA

Well besides the fact of having those nice three letters I see a number of benefits.

1) Increased marketability
2) More opportunities for growth
3) Ability to educate others from a professional perspective
4) Greater understanding of accounting and finance
5) Sooooo much potential to so many different careers.
6) Opportunity to work anywhere
7) Potential and ability to start own business (i.e. tax/bookeeping business)


I could go on and on....but I feel that these are the most important. I also feel that for me its important because I currently feel stuck at my job. I know that by obtaining my license I will have so many opportunities that will be in reach (atleast I feel close than what they are now).

I wonder what everyone else's motivaiton is?

Progress

Ok so I spoke to Phil Yaeger today. I kinda understand the reasoning behind adding back charitable contributions to Ordinary Income when doing partnership returns but I'm still trying to get the rational down. But I digress.

My new feat is determining how to speed up my study time. It is taking me way to long to get through REG. I still have three parts of Corporate 5 parts of Gifts and Trusts and then I'd say 10 parts of everything else. All of this by July 31st. Plus I still want to give myself time to do a review and take a practice exam.....sigh......big sigh..... but I won't complain I'm just going to own this test. My goal for tomorrow is to watch 2 hrs of video. If I can do that I will feel much better about my study plan. I'm also going to order my CRAM for REG either this week or no later then next week. Ok I'm going to bed now. I know I'll be having dreams of Ordinary Losses, Charitable Contributions and DRD's.

So This is the Plan for This Week

So My goal is to finish Corporate Taxes this week and review partnerships questions.

Saturday night I went out to dinner with two of my coworkers one of whom is a CPA and sometimes it really pays to get out there and see what life is like on the CPA side. Guess what??? It looks pretty good. I needed that extra push and this spark to get me going again. So every week I'm going to make a study schedule and really really really put 110% into not breaking it. I'm also going to do atleast 20 questions a day in addition to my daily studying. My goal is to study atleast 2hrs a day during the week and atleast 4-5 hrs a day on the weekend. I'm realizing that the key is to retain info not so much strive for 1 million hours of study. Because you can study a ton and still fail ( hmmmm yeah I know the feeling).

Ok so let the adventures begin.

The RunDown

Ok so let's just get to it

I decided back in September 2009 that I need to get on top of my game and take the CPA. So I did my research and realized that I was short some credits... (womp womp). I signed up for 6 credits, sent in my app, and I was approved!!

Ok so now I'm all focused and getting my mind right and I study for two months hardcore (or so I thought) for BEC. I took that on 4/9/2010. As soon as I walked into the test center, my emotions started going CRAZY!!!! Sweating non stop, itching, scratching, just a HOT MESS!!! As I clicked through the questions I felt a little confident but some of them were getting the best of me. The test is allotted 2.5 hrs and guess what... I left with 3 mins on the clock. I didn't even get up to go to the bathroom. I needed all my time!!

Ok so fast forward to May 15th. I went to the NASBA website and entered my section ID (and I was at work) and what do I see a BIG FAT69..... you want to talk about pissed and depressed. Yeah that was me! I had to leave work early because I was so upset.

I've decided that I can't continue to have this pity party and if I'm going to do it...I'm going to do it right. I'm taking REG on July 19th and I will retake BEC again before the end of August. My original goal was to take all four parts starting April and be done by August.....ummm yeah so now I've realized that I must have been on something because now that I'm learning my study habits and my ability to retain that isn't happening. So my new goal is to pass two by the end of the summer.


I think this blog will help motivate me as well as help others. I want it to be a form of encouragement to myself and others.


Tests are meant to be passed and this is just another test!!!