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![Page 1: Personal Financial Management for Teens M.A. Goldberg, April 2012 Presented by Michael A. Goldberg, BComm, BEd Richmond Hill Public Library, April 2012.](https://reader035.fdocuments.in/reader035/viewer/2022062422/56649e7b5503460f94b7bcd2/html5/thumbnails/1.jpg)
Personal Financial Management for TeensM.A. Goldberg, April 2012
Presented by
Michael A. Goldberg, BComm, BEd
Richmond Hill Public Library, April 2012
Personal Financial Management for
Teens
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Agenda
A) Selecting & Opening a Bank Account
B) Percentage & Interest Calculation C) Debt & Credit CardsD) Budgeting - managing your
• Income• Savings• Expenses and budgets more effectively
E) Saving & Investing
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Personal Financial Management for TeensM.A. Goldberg, April 2012
“FLingo!”
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Personal Financial Management for TeensM.A. Goldberg, April 2012
A) Opening a Bank Account
1. Types2. Savings3. Chequing4. Which one’s for Me?
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Types of Bank Accounts
Savings vs. Chequing
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Opening a Bank AccountSavings Account
Advantages of savings accounts:• Good for emergencies• Good if you’re not comfortable with investing• Convenient – can use a debit card for deposits
(putting-in) or withdrawals (taking-out)• No risk of losing your money
• Deposits in Canada are protected by the CIDC (Canadian Deposit Insurance Corporation)• Insures up to $100,000/institution
Image Source: (http://www.cdic.ca/Protecting_Your_Deposits.html, October 23, 2010)
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Opening a Bank AccountChequing Account
Similar to Savings accounts?• Chequing accounts are a safe - covered by the
CDIC
Differences?– Used for different reasons (bill payments, etc.)– Pays less interest – Can cost more in fees
• Cheques• Transaction charges• Service charges• Minimum balance charges• NSF (non-sufficient funds) charges
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Which One’s for Me?
Depends on the purpose of having an account
– Save money?– Pay bills?– Internet banking/access? – Debit card needed?
– Whatever you use the bank for, make sure you minimize any charges!!!
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Personal Financial Management for TeensM.A. Goldberg, April 2012
FCAC’s Bank Selector Tool
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Who can get an account/what’s needed?
• Anyone can have an account• If you’re under 18, you need a
parent/guardian to help you sign-up• When you get your account, you will
need to provide identification
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Personal Financial Management for TeensM.A. Goldberg, April 2012
High Interest Savings Accounts
• This should be considered• Lately, some high interest savings
accounts are paying 2% interest/year• Examples – President’s Choice
Financial, ING Direct, ICICI, Ally
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Personal Financial Management for TeensM.A. Goldberg, April 2012
B) What does Percent mean?
Per Centout of/
divided by100
%
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Personal Financial Management for TeensM.A. Goldberg, April 2012
C) Debts & Credit Cards
1. Why do People Borrow Money?2. Why you should Avoid Borrowing
Money3. Credit Rating4. Types of Debt5. Credit Cards
Credit Card Video
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Personal Financial Management for TeensM.A. Goldberg, April 2012
1. Why do People Borrow Money?
• Large purchases they couldn’t otherwise afford, like…
• House• Car• Education (after high school)• Start a business• Emergency• Pay off another debt, but at a lower
interest rate
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Personal Financial Management for TeensM.A. Goldberg, April 2012
2. Why you should avoid borrowing money
• It can become a habit• You have to pay interest (takes
money away from other things you need)
• If misused, it could damage your credit rating
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Personal Financial Management for TeensM.A. Goldberg, April 2012
3. Credit Rating
• Your ability to repay what you borrow, is scored
• Your credit rating will have an effect on how much, or at what rate, you may borrow in the future
• If your credit rating’s bad, you may not be able to borrow at all
• Once you start borrowing, you should check your credit rating every year (sometimes mistakes are made)
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Personal Financial Management for TeensM.A. Goldberg, April 2012
4. Types of Debt
• Credit Cards• Overdraft Protection (let’s your
chequing account go negative without bouncing checks – a big money maker for banks!)
• Loan• Mortgage (used to finance house)• Lease (like a long term rental)
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Personal Financial Management for TeensM.A. Goldberg, April 2012
5. Credit Cards
Credit Cards– Let you pay for things without money
(for now!)– Most are issued by banks
(Visa/Mastercard)Charge Cards
– Issued by particular stores– Avoid these, as their use is limited to
the one store– Charge higher interest rates than
regular credit cards
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Credit Card Tips– Pay credit cards off every month – once you
carry a balance, you get charged interest (and it’s expensive debt)
– Ask the bank for a better/lower interest rate– Avoid cards with annual fees– Look for rewards associated with the card
(travel points, groceries, cash bonuses, etc.)– Shop around – lots of banks will eventually
offer you a credit card – find the lowest interest rate
– Only own ONE credit card
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Personal Financial Management for TeensM.A. Goldberg, April 2012
APR
– Annual Percentage Rate• The interest rate you’ll pay, which is quoted
on an annual basis– Must be quoted/stated when you sign-
up for credit– Always try to figure out “What will this
cost me per year?”
18%???
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Personal Financial Management for TeensM.A. Goldberg, April 2012
D) Budgeting
1. Income2. Expenses3. Creating a
Budget
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Personal Financial Management for TeensM.A. Goldberg, April 2012
1. Income & its Sources
What is Income?– Basically, its Money you Earn or simply receive– Write down all of your sources of income!
Income Sources:– Job– Parents! (eg. Allowance, gifts)– Government – Investments– Others?
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Personal Financial Management for TeensM.A. Goldberg, April 2012
2. Expenses
What are Expenses?– Things you pay for, that have little value
once purchased– Write down all of your expenses
Examples of Expenses:– Clothing – Entertainment (eg. movies, video games,
music)– Transportation– Food – Haircut– Rent
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Personal Financial Management for TeensM.A. Goldberg, April 2012
3. Creating a Budget
What’s a Budget?– A plan for saving and spending (calculated
monthly or yearly)
What are the steps involved in creating a budget?
– Calculate all income– Calculate all expenses– Find the difference between Income &
Expenses to determine if you have a • Budget surplus (positive result) • Budget deficit (negative result)• Balanced Budget
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Budgeting
Budget Surplus/ = Income – Expenses Deficit
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Budgeting
What’s next?• Figure out where you can reduce
expenses/increase surplus• Do something with the surplus!• What would happen if the end
result was a budget deficit?
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Expenses
How do you control Expenses?– Make sure you really need the purchase– Comparison shop
• Don’t just go into a store and buy something – do some research and ask yourself “Is this the best price?”
– Ask “Can you do any better on the price?”• This sometimes gets you a better deal • What’s the worst that can happen? They say “No!”
– Avoid going into debt because of the purchase• Ask yourself “Can I afford this?”
– Find cheaper ways to play • eg. Rent movies instead of buying (or borrow from
the library)– Coupons!
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Budgeting Tips
• Keep receipts when making purchases (to get accurate calculations)
• Keep it up-to-date – things change over time• Always look for places where you can spend
less• If you’re comfortable with computers, use a
spreadsheet, or other pre-set budget maker.• Use a Budgeting App!• Keep it realistic! Sometimes things don’t go
as planned, so don’t be too critical.
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Budget Tips – Cut Spending!
• The Latte Factor! Avoid getting into the habit of buying expensive coffees/drinks EVERYDAY!!! (This could save you about $1000/year!)
• Bag your lunch instead of buying it• Think of the yearly (annual) expense
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Personal Financial Management for TeensM.A. Goldberg, April 2012
5. Saving & Investing
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Saving
Why Save for the Future?– Rainy Day– To meet certain Goals– Emergency– Retirement
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Saving – The 10% Solution
How much should I save?– According to David Chilton, author
of The Wealthy Barber, you should save 10-percent of all the money you receive (income)
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Personal Financial Management for TeensM.A. Goldberg, April 2012
With saving, the most important step is to
get started.
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing
Definition?It’s an item of value that you buy to get income or to grow in value.
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing
Types of Investments– GICs (Guaranteed Investment Certificates)– Savings Bonds– Stocks– Mutual Funds– ETFs (Exchange Traded Funds)– Real Estate– Others?
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing
Five Basic Steps of Investing1. Set Goals2. Determine what kind of investor you
are (how much risk can you handle)3. Pick a mix of investments (asset
mix)4. Choose investments5. Keep track of your investments
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing - The Miracle of Compound Interest
• Compounding is simply making interest on interest.
Year Principal
Interest
Total
1 $100.00
$10.00 $110.00
2 $110.00
$11.00 $121.00
3 $121.00
$12.10 $132.10
4 $132.10
$13.21 $145.31
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing - Rate of Return Calculation
(New-Old) Old
For example, if you have a $100 investment that has turned into $110 after a year, the rate of return is calculated like this:
($110-$100) 100
=10/100 x 100%= .1 x 100%= 10%
X 100%
X 100%
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing – Rule of 72
This is a simple calculation used to determine how many years it will take your money to double.
Example:Your investment earns 8% interest per year. How long will it take to double? Answer: It will take 9 years for your investment to double.
72
Interest Rate
72
8
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Personal Financial Management for TeensM.A. Goldberg, April 2012
Investing
Tax Shelters• TFSA (Tax-Free Savings Account)• RRSP (Registered Retirement Savings Plan)• RESP (Registered Educational Savings Plan)• RDSP (Registered Disability Savings Plan)
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Personal Financial Management for TeensM.A. Goldberg, April 2012
FLingo Revisited & Feedback!
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Personal Financial Management for TeensM.A. Goldberg, April 2012
ResourcesCanada Deposit Insurance Corporation. <http://www.cdic.ca>Chilton, David. The Wealthy Barber. Stoddart: Toronto, 1989.Financial Consumer Agency of Canada. <http://www.fcac-
acfc.gc.ca/>Investor Education Fund.
<http://www.getsmarteraboutmoney.ca>Vaz-Oxlade, Gail. Debt Free Forever. Collins: Toronto, 2009.Vaz-Oxlade, Gail.
<gailvazoxlade.com/resources/interactive_budget_worksheet.html> (The site includes a link to an Excel/spreadsheet version! Check out the rest of her site.)
http://www.getsmarteraboutmoney.ca/education-programs/Documents/2008_fm_10_creditreport.pdf (Additional information on Credit Reports)