Found 7 posts tagged as "Education"
To coincide with Financial Literacy Week, British Columbia’s Securities Commission published its National Report Card on Youth Financial Literacy. The report, which is based on the information provided by over 3,000 surveyed students between the ages of 17 and 20, showed some very interesting results.
According to the report, 49% of respondents predict they will be making between $40K and $80K in for their first 10 years (with an average projected income of $90,735 by the time they're 30 years old).
It’s nice that our Canadian youth have such high hopes for their financial futures – but unfortunately their cheerful optimism is nowhere near reality.
The study included a variety of questions on expected income and thoughts on homeownership, as well as a financial literacy test. On average, only 35% of Canadian youth scored an “A” or higher on the financial literacy test. The highest scores were found in the provinces of Alberta and BC where personal finance education is more prevalent. Over 90% of the individuals surveyed were enrolled in post-secondary programs.
Raise your hand if free money for your kid's education sounds like a cool idea. Mike Holman thinks so too. As the father of two, blogger behind Money Smarts Blog, and author of The RESP Book: The Simple Guide to Registered Education Savings Plans, Holman is on a mission to make free tuition happen more often.
The biggest roadblock to collecting thousands of dollars in free education grants and bonds from the government of Canada is time -- parents often wait too long before starting their child's RESP to fully benefit from the free cash.
"You are allowed to catch up for missed years, but it requires a lot of money," says Holman. "[You] also miss out on compounding. [It's] much better to start when the child is young, even if it is a small amount per month."
How much money is up for grabs?
My youngest child starts college in September and wants his own credit card. I am concerned because his older sister got into trouble with hers. Should we just give him a cash allowance instead?
I view credit cards as fantastic tools that allow young people to build credit ratings and often come with loads of great perks such as travel insurance, air miles and roadside assistance. However, as with any tool, comprehensive training on how to use it is required. These steps will help him use his credit card correctly.
Start with a budget
Let your son develop his own budget for food, gas, clothes, phone bills and other miscellaneous expenses he believes he’ll be met with and discuss ways to manage his budget over the 8 months he’s in school. Establish and agree that making unaffordable purchases outside the budget will result in paying much more for them in the long run as a result of the interest accrued so these are categorically off the table.
According to a study published in 2009, gambling is Canada’s largest entertainment industry: the same size as movies, TV, recorded music and professional sports - all combined.
If gambling comes before family or work, is causing money issues or is harming your physical or mental health, you have a problem.
The Ontario government sets aside funding from proceeds from their casinos and other betting establishments for gambling research, education, counselling and a fully staffed Problem Gambling Hotline (1 888 230-3505) where you can get access to free counselling and a self-help guide. Other provinces have similar programs in place.
If you’re a math whiz, speak fluent French or a master of English literature, you could earn good money as a part-time tutor. Of course, your skills don’t have to be focused on just academic subjects. Perhaps your area of expertise is more hobby-oriented, like sewing, playing the guitar or photography. There are a lot of people out there – young and old – who are willing to pay for that expertise. All you need is the knowledge and time to teach them.
The necessary skills
Of course, you need to be an expert in your subject area. But it’s equally important that you know how to impart that knowledge in a way that’s easy to understand, especially if you’re dealing with younger children. Some other skills that you’ll need to be a good tutor include:
Got some time during your daily commute, or do you prefer listening to quality shows while walking the dog? Whatever time you're looking to fill, go ahead and turn your iPod into a money-making machine by downloading any of these five financial podcasts -- they're all free!
1. Planet Money
Adding NPR's Planet Money to your regular podcast playlist is a smart way to hear top economists, high rollers, and regular people talk about money in a fun and accessible way. This down-to-earth 30-minute show goes around the world to explain everything from deflation to the financial crisis without a single note of pretentious babble. The recent shows -- 'Economic History of Cheapskates' and '4th Graders Read A Credit Card Agreement' -- are both entertaining and educational.
2. Canadian Business Podcast
Stream some Canuck content through your earphones by downloading the Canadian Business Podcast -- a quick 10-minute program that tackles topics ranging from 'The Rising Cost of Everything' to 'Investing in 2011'. This show is produced by Canadian Business magazine.
3. FP Big Picture
Published every Friday, the The Big Picture podcast recaps the week's financial events from a Canadian perspective. At around 20 minutes per podcast, the staff at the Financial Post offer an in-depth view of the week's top finance and business stories. Recent shows discuss credit reports, TFSAs, and income splitting for seniors.
4. Money Girl
Money Girl’s Quick and Dirty Tips for a Richer Life is a polished podcast by host Laura Adams, a personal finance author and trainer. Episodes are short, informative, and offer practical tips for managing money. Popular shows cover real estate blunders and reasons to take a personal money day.
5. The Dave Ramsey Podcast
Add a little Southern drawl (with right-wing attitude) to your free financial mix with The Dave Ramsey Podcast -- a 40-minute abridgment of his hour long call-in radio show. Every episode features Ramsey coaching his listeners on how to get out of debt and invest for the future. Ramsey is a firm believer in keeping a stocked emergency fund and living a debt-free lifestyle.
Your Turn: What's your favourite money podcast?
Kerry K. Taylor writes at Squawkfox.com, a blog where frugal living is fun. Kerry is the author of 397 Ways To Save Money: Spend Smarter & Live Well on Less.
 It's that time of year when final exams weigh on the minds of students. But taking a study break to file a tax return could put you at the front of the class with a smart tax refund.
For students with very little income, filing a tax return can offer big advantages other than a refund, since it's the only way to receive all benefits available. Here are eight reasons why every student should file a tax return:
1. Get the GST/HST Credit: Students 19 and older must file a tax return to qualify for the GST/HST credit -- a tax-free quarterly payment that assists low income earners by offsetting the GST/HST paid. To receive this credit, students must apply for it each year when filing a tax return, even if there is little or no income to report. Visit the CRA to calculate your GST/HST credit.
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