Description
Studies show that the vast majority of Canadians are not financially literate and do not have the skills or knowledge to take care of their money in a way that will help them pay off lingering debt, save money for things that matter, and build long-term wealth. Financial literacy is being able to understand money and how it works. Mastering your personal finances is crucial for being able to achieve your financial goals and aspirations. The top 5 areas of financial literacy that people tend to lack in are: Budgeting: Many people want to learn how to create and stick to a budget in order to manage their money effectively and achieve their financial goals. Investing: People often want to learn more about investing in order to grow their wealth and prepare for retirement. Saving: Saving money is an important aspect of personal finance and people often want to learn how to save more effectively. Credit management: Many people want to learn how to build and maintain good credit in order to access better credit products and rates. Retirement planning: As people approach retirement, they often want to learn more about retirement planning and investing in order to ensure they have enough money to live on during their retirement years. This course is all-encompassing, meaning that it covers ALL aspects of personal finance / financial literacy that you need in order to reach and exceed your financial goals regardless of how big or small they are. Topics covered include:- Developing a financial plan- Time value concepts relating to money- The concept of an annuity- What is cash flow?- How to track your personal cash flow and create a budget.- Budgeting strategies- Tax basics- What services do banks provide and why do people use them?- What to look for in a bank- Different saving methods- What are credit reports?- What is identity theft?- Homeowner and mortgage basics- Renting or buying a home?- Insurance - automotive, life insurance- Investing - different types of investments- What is diversification and asset allocation?- What are bonds?- Pros and cons of mutual funds- Retirement planning (Old age security vs Canada Pension Plan)- RRSP vs TFSA- Estate planning basics
