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FPSC Presentation-Focus_On_Your_Finances_0

FPSC Presentation-Focus_On_Your_Finances_0 - Second Edition...

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A Financial Planning Tool Kit for Canadians Aged 15-25 Focus On Your Finances - Second Edition -
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Welcome to Focus on Your Finances , a financial planning tool kit for Canadian youth. You’ve taken an important step towards planning your financial future just by picking up this guide. We hope you’ll find the information provided in these pages interesting and useful. Have you been thinking about buying a car? Are there interesting places you want to travel to? Is the next step in your education or career just around the corner? What about buying your own home – is that part of your longer-term plan? Have you given any thought to how you’re going to pay for these things? By now, you understand the basics. If you want something, you need money to pay for it. But the way in which you obtain money, and use it, is important. As you go through life, you’ll need to know how to make money, save it, and spend it wisely – think of it as a balancing act between paying for what you need and saving for what you want. Learn early how to handle money and the new car, trip around the world, university education or new home all become attainable goals. Financial planning is a process that helps you move from where you are now financially to where you want to be. You decide what’s important to you by setting short-, medium- and long-term goals. These could include financing a post-secondary education, buying a car, paying for a wedding or purchasing a home. This resource will take you through the basics of developing and implementing a financial plan. It will explain why financial planning is relevant to you now and how to make your money really work for you. Introduction
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Unit Page What is Financial Planning? ................................................................... 1 Goal Setting ............................................................................................. 2 Money & Savings ..................................................................................... 6 Where are You Now? .............................................................................. 8 Cash Flow ................................................................................................ 9 Budgeting ............................................................................................... 11 Credit ..................................................................................................... 12 Investing ................................................................................................ 14 Income Tax ............................................................................................ 16 Seeking Professional Advice ................................................................. 18 Major Life Events & Money .................................................................. 19 Post-Secondary Education .................................................................... 21 Want More Info? ................................................................................... 26 Notes ...................................................................................................... 27 Bibliography & Suggested Resources .................................................. 29 Table of Contents
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Have you ever tried to get a group of friends together to see a movie? It can be challenging. At the very least, you have to pick a time and place for everyone to meet or nobody will make it to the movie. The act of setting a time and place is an example of planning. You have a goal – getting your friends together to watch a movie. Many little steps are then required if you want to realize that goal. But first you need to create a plan (check the movie listings, call your friends, select a show time, designate a meeting area, arrange transportation, etc.). Without a plan, you could end up trying to track down your friends instead of sitting back and watching the show with them. Financial planning is a bit like planning to go to a movie. It’s a little more complex than organizing an activity for a group of friends, but it is similar to what you do in everyday life. The key to success is taking a step-by-step approach.
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