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Grow Your Financial IQ

Grow Your Financial IQ. Tips and Strategies for taking control of your finances. Presented by:. About Me and Money. 5 years with the NBSC Telecom and IT industry UNBSJ Alumni (BBA 2004) Self-diagnosed shopaholic and travel addict Independent – home owner

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Grow Your Financial IQ

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  1. Grow Your Financial IQ Tips and Strategies for taking control of your finances. Presented by:

  2. About Me and Money • 5 years with the NBSC • Telecom and IT industry • UNBSJ Alumni (BBA 2004) • Self-diagnosed shopaholic and travel addict • Independent – home owner • Money motivated me to take charge and make a change

  3. Why Money Should Be A Priority • Women typically earn 25% less than men, tend to be out of the workforce longer than men and will have a lower pension • 4-in-10 young Canadians don’t know how much money they earned or spent last month • Young Canadians think they’re going to be earning much more than they really do • It’s harder to save

  4. Creating a Financial Roadmap Will help you to: • Understand what is most important in your life • Understand what drives your financial decisions • Focus on accomplishing your goals • Stick to your plans

  5. Creating a Financial RoadmapStep 1 : Your Values • What brings me meaning and pleasure in life? • What do I consider “priceless”? • What do I care most deeply about? • What do I stand for? • Who are the most important people in my life? • What is the purpose of money in my life?

  6. Creating a Financial RoadmapStep 2: Your Goals Goals are accomplishments that fulfill your values. Are your goals SMART? • S – specific • M – measurable • A – attainable • R – realistic • T – timely

  7. Creating a Financial RoadmapStep 3 : Your Plans • How are you going to get there? • What steps do you need to take? • Update the plans, adjust for changes • Financial planning sheet • Financial Roadmap chart

  8. Navigating Your RoadmapSmart Spending • Think twice – do I NEED this? • Use cash – our brains can process this • Make a list • Pack a lunch • Zero balance or Get out the scissors • Look at your bank statements

  9. Navigating Your RoadmapBudgeting • Be honest • Be detailed • Track everything • Allow for change • Give it a chance • Stick to it

  10. Navigating Your RoadmapBudgeting and Creative Savings • Fixed Costs • These are not flexible and you have to pay them (tuition, student feeds, rent etc) • Needs • These are things you have to buy, but what you pay for them is flexible (power bill, groceries, personal items) • Wants • These can have the most impact on your budget. These are things that you can live without so you can trim the costs or even eliminate them (entertainment, shopping, phones etc)

  11. Navigating Your RoadmapTips for Creative Savings • What can I do to save money on: • Tuition? • Scholarships, bursaries and grantswww.studentawards.comwww.scholarshipscanada.com • Buy used text books • Recycle binders/book bags from last year • Rent? • Have a roommate • Don’t waste energy/water • Food/Personal Items/Entertainment • Don’t do groceries when you’re hungry • Wait for sales to go shopping and use coupons • Don’t take the credit or debit card to the bar. • iTunes, Netflix

  12. Navigating Your RoadmapInvesting • RRSP • Tax benefits • Automatic saving • Investing decisions • Not JUST for retirement savings • TFSA • Canadian residents, 18+, $5000 annually • Investment income and withdrawals are tax-free • Unused contribution room carries forward and accumulates in future years

  13. Working With a Financial AdviserRoles and Responsibilities • Set and work towards financial goals • Choose suitable investments • Set a plan and track your progress • Ask questions, take notes and be informed • Keep your adviser up to date • Keep a record of meetings

  14. Working With a Financial AdviserQuestions to Ask • Are you registered with the New Brunswick Securities Commission? • What is your background? • How will you be paid? • Exactly how much will it cost me? • What types of products and services can you offer? • How will you help me reach my goals?

  15. Be an Informed InvestorAsk Questions • How does the investment make money? • What fees or commission do I have to pay to buy, hold and sell the investment? • What has to happen for the investment to increase in value? • What are the risks? • How easy is it to get my money out?

  16. Work the Plan • Be involved or at the very least be informed • Identify your values • Set some goals • Make a plan • Talk to someone you trust - Connect with a professional • Learn – books, web sites, programs etc. (book list in your package)

  17. Questions? Marissa.Rignanesi@gnb.ca facebook.com/4NBInvestors @4NBInvestors InvestInKnowingMore.ca

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