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1. What did you learn about your topic that surprised you the most?

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1. What did you learn about your topic that surprised you the most?

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The most surprising thing was about the two different certifications that financial planners have! One of the reasons I included it was that after reading about it on the Financial Planners of Canada website, I wanted to know more about what they have to do to become and maintain those certifications.

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This image shows a basic financial pyramid, an example to help you have a strong base. The second part of the pyramid is Building Your Safety Net, which includes protecting yourself with insurance, growing your savings and creating an emergency fund.

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This image shows how to help make a financial safety net. These are seven links to help you improve your finances in case of an emergency situation where you need it.

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Video #1 - how I manage my money 💵 ‏‏‎ ‎income , expenses , budget , etc || personal finance in my 20s

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Video #1 - how I manage my money 💵 ‏‏‎ ‎income , expenses , budget , etc || personal finance in my 20s

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This video shows an example how someone young can actually create a budget and using Excel to map out your finances. Budgeting and knowing what expenses you have coming are important tools in figuring out how to plan for the future. In order to have a safety net in the first place you need to know how much income you normally have.

I included this video because I thought it was important to see someone actually making a budget. A lot of people learn better by seeing someone doing it rather then trying to learn themselves.

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how I manage my money  💵   ‏‏‎ ‎income , expenses , budget , etc || personal finance in my 20s

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 Video #2 - Top 11 Financial Planning Thumb Rules | Learn With ETMONEY

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 Video #2 - Top 11 Financial Planning Thumb Rules | Learn With ETMONEY

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This video provides eleven rules to help you make a financial plan, most of the rules cover how much money you can expect to make on an investment. One of the rules covered is the 10-5-3 rule. When you make an long term investment, the rate of return can be determined by assuming a 10% annual return from equities, 5% return from debt and 3% from your savings account. This rule can provide you with an estimate on your return.

I selected this video since it provided a few simple, clear rules for someone to follow, including a few I hadn't heard before.

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Top 11 Financial Planning Thumb Rules | Learn With ETMONEY

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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This topic is something I have known about for a few years now, I always have a set amount of money put away in case I need it or in case of emergency. What I don't have is a set budget since my expenses are luckily few and far between, but it might be a good idea to start working on one so it's easier to do in the future.

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Video #3 - Best Questions to ask a Financial Advisor in 2021

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Video #3 - Best Questions to ask a Financial Advisor in 2021

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This video is asking about what questions to ask a financial advisor, this is useful because not everyone is going to know what a financial advisor would be looking for when they meet for the first time. Some of the questions the video recommends you ask are ones that may be uncomfortable, but provide good insight into how your financial advisor might help you.

The reason I included this video was because one of the questions the video recommends is why did your last two clients leave you? This question might be awkward to ask, but it could be useful information to have if those two clients didn't end up working out for the same reason you are looking for an advisor.

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Best Questions to ask a Financial Advisor in 2021

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Video #4 - How To Manage Your Money (50/30/20 Rule)

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Video #4 - How To Manage Your Money (50/30/20 Rule)

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This video shows a good starting point for a budget. Fifty percent of your income should go to needs such as groceries, rent, bills and other things. Thirty percent should go to wants, things that you still would like to have, but aren't absolutely critical. Twenty percent should go to savings like a TFSA, somewhere you can see your money grow.

I selected this video to provide a basic starting point for financial planning in video form.

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How To Manage Your Money (50/30/20 Rule)

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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I think the most important thing to pass on is the video about 50/30/20. I feel like that provides the most basic financial plan that someone can do, it gets across the point of saving, but also not denying yourself wants just to save money.

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This is a great resource to start out learning about financial planning, from the Government of Canada itself. It contains worksheets and checklists to help you figure out what financial plan works for you, a template for creating that financial plan and videos to understand how to put everything together into a workable plan.

The first part of this module specifically talks why someone needs a financial plan, and provides four case studies to show the importance of financial planning at any stage of your life, even when you think it might be too early or too late to start.

I selected this website because it was trustworthy, and provided a good written way to present information about financial planning.

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Module 11: Financial planning - Canada.ca

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Understand how financial planning, estate planning and financial professionals can help you reach your goals.

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Sometimes, it can be tough to set up a financial plan on your own, it might be because you have far too much debt, a business that also needs to be looked after, or your bills might outweigh your income. In that case, it might be a good idea to look into finding someone else to help you make a financial plan. This website has a tool that is able to search of financial planners in your area, including what clientele they cater to, and their area of focus.

There are two different certifications of financial planners that are included in the searching tool, Qualified Associate Financial Planner (QAFP) and Certified Financial Planner (CFP).

I selected this website because I wanted to examine financial planners and provide information on why someone would need to seek out a professional to help them.

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QAFP™ Certification

Qualified Associate Financial Planner™ certification is a great way to start your career in financial planning. QAFP professionals have demonstrated the knowledge, skills, experience, and ethics to understand their clients' everyday financial planning needs and to provide holistic financial advice for Canadians that fits their diverse lives and supports their goals. This certification can also be a stepping stone to CFP certification.
Learn More

CFP® Certification

Certified Financial Planner ® certification is the world's most recognized financial planning designation and is considered the 'gold standard' for the profession. CFP professionals have demonstrated the knowledge, skills, experience, and ethics to examine their clients' entire financial picture, at the highest level of complexity required of the profession.
Learn More

Find a Financial Planner

Get started on the road to financial confidence with the help of a professional financial planner.
Find a Planner

Find information and resources to support you in your financial planning career.

Learn everything you need to know about earning a designation through FP Canada.

Financial planning sets you on a course to achieve your personal financial goals so that you can Live Life Confidently™.

Life is complicated and it can be overwhelming to even think about starting the financial planning process. A professional financial planner can look at your whole picture and provide the guidance you need to take charge of your future.

Find a Planner

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QAFP™ Certification Qualified Associate Financial Planner™ certification is a great way to start your career in financial planning. QAFP professionals have demonstrated the knowledge, skills, experience, and ethics to understand their clients' everyday financial planning needs and to provide holistic financial advice for Canadians that fits their diverse lives and supports their goals.

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Website #3 - QAFP and CFP Qualifications 

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Website #3 - QAFP and CFP Qualifications 

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This website shows the difference between a QAFP and a CFP from a non-bias source. A QAFP is your basic course you need to be a certified financial planner, your planner must pass this course first before being able to try for a CFP certification.

In order to obtain the QAFP certification, you have to complete an education program, pass a national exam and have one years work experience. Once you obtain your certification, you have to complete Continuing Education courses each year.

The CFP qualifications are much the same, the only difference is you must obtain three years of work experience. CFP's must also maintain their certification by completing Continuing Education courses each year much like QAFP's.

I wanted to include this website because I wanted more information on CFP's and QAFP's and see what qualifications someone would need to become one.

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QAFP™ Certification

QUALIFIED ASSOCIATE FINANCIAL PLANNER™ certification demonstrates a financial planner's competence and commitment to the highest ethical standards of responsibility. QAFP professionals have demonstrated the knowledge, skills, experience and ethics to provide holistic financial planning strategies and solutions for clients who have financial planning needs with a limited level of complexity.

The QAFP designation presents an appealing certification option for financial planners wishing to serve a broad market, or for those wishing to gain recognition of their professionalism along the path to CFP certification. QAFP professionals play an important role in helping average Canadians with their everyday financial planning needs.

To obtain the QAFP designation, candidates must complete a rigorous education program, pass a national exam and earn one year of qualifying work experience. To maintain certification, QAFP professionals must keep their knowledge and skills current by completing Continuing Education courses every year. They must also adhere to FP Canada Standards Council's Standards of Professional Responsibility, including a Code of Ethics which mandates that QAFP professionals must always place their clients' interests first. FP Canada vigilantly enforces these standards among its certificants.

We are pleased to advise that the Centennial College Financial Services Diploma 2483, the Business Administration Finance Diploma 2493, and the Financial Planning Graduate Certificate 2843, all meet the Core Curriculum required for FP Canada for the QAFP. Details are included here.

CFP® Certification

The most widely recognized financial planning designation in Canada and worldwide, the CERTIFIED FINANCIAL PLANNER® designation provides assurance to Canadians that the design of their financial future rests with a professional who will put their clients' interests ahead of their own.

CFP certification is considered the standard for the financial planning profession worldwide. CFP professionals have demonstrated the knowledge, skills, experience and ethics to examine their clients' entire financial picture, at the highest level of complexity required of the profession, and work with their clients to build a financial plan so that they can Live Life Confidently™.

To obtain the CFP designation, candidates must complete a rigorous education program, pass a national exam and earn three years of qualifying work experience. To maintain certification, CFP professionals must keep their knowledge and skills current by completing Continuing Education courses every year. They must also adhere to FP Canada Standards Council's Standards of Professional Responsibility, including a Code of Ethics which mandates that CFP professionals must always place their clients' interests first. FP Canada vigilantly enforces these standards among its certificants.

There are approximately 16,500 CFP professionals across Canada, part of an international network of more than 175,000 CFP professionals in 26 territories around the world.

We are pleased to advise that the Centennial College Financial Services Diploma 2483, the Business Administration Finance Diploma 2493, and the Financial Planning Graduate Certificate 2843, all meet the Core and Advanced Curriculum required for FP Canada for the QAFP. Details are included here.

Please Note: Effective January 2022, a post-secondary degree will be a requirement for CFP certification.

For further information, please refer to https://www.fpcanada.ca

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centennial college financial services diploma

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Financial Planning Professional Certifications - QAFP and CFP

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QUALIFIED ASSOCIATE FINANCIAL PLANNER™ certification demonstrates a financial planner's competence and commitment to the highest ethical standards of responsibility. QAFP professionals have demonstrated the knowledge, skills, experience and ethics to provide holistic financial planning strategies and solutions for clients who have financial planning needs with a limited level of complexity.

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This wall will give you some friendly information about financial planning, and why it is important to have a fund to fall back on in case of unforeseen costs!

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Website #4 - 5 Financial Mistakes to Avoid When You're Young

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Website #4 - 5 Financial Mistakes to Avoid When You're Young

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These are simple tips published on the Chartered Professional Accountants - Canada website. It's important to avoid these mistakes by making a financial plan.

The mistakes included in this list are accumulating credit card debt, investing before paying off debt, delaying life insurance investments, not setting an end goal and living paycheque to paycheque.

Some of these goals are smart and some of them you might not be able to control. Investing before paying off debt is useful information as investments can be a gamble on if you end up ahead, where as debt will still be looming even if your investments do not pay off.

On the flipside, living paycheque to paycheque may not be in the persons control. Someone might have an unexpected expense that they cannot control, that's where a good financial plan comes in to help soften the blow.

I included this website because I wanted a nice summary on what someone shouldn't do financially. Someone could make these mistakes without a financial plan and have no backup fund in case these mistakes happen.

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As a fresh graduate, saving for the future can be hard to envision. But being money-wise in these earlier years can have exponential pay offs in your later years.

According to experts, there are several spending traps to avoid when you're early in your career that can help set you up for a more stable financial future.

1. ACCUMULATING CREDIT CARD DEBT

Spending within your means may seem obvious, but when you're fresh out of school and looking for a job, this can be challenging.

"I think a lot of young people, even in university, don't really have steady employment and end up spending more than they would have spent in cash," says CPA David Trahair, a personal finance expert and author of CPA Canada's free practical guide, Survive and thrive: Move ahead financially after losing your job.

Credit cards in and of themselves aren't bad-in fact they're a helpful way to establish a credit history-but it's important to understand what you're signing up for. High interest rate cards can accumulate debt quickly, if you're not paying down the balance each month, Trahair says. Spending only what you can afford-or only what you must, where possible-can set people up for better financial health, since they are actively trying to keep balances low.

If you do find yourself in a position where you need to take on debt, try to use a lower interest rate, point-free card. "The benefit of the points rewards is often less than one per cent a year," says Trahair. "It doesn't make sense to carry a balance when the credit card rate is as high as 20 per cent or more."

Another option is to obtain an unsecured line of credit, he says, to avoid high-interest rate credit cards. However, without having previous past credit to build up a good credit score, a parent may have to guarantee the credit card or loan to qualify the candidate.

2. INVESTING BEFORE PAYING OFF DEBT

While the idea of saving and growing money is attractive, investing money only makes sense if your credit card debt is paid down, says Trahair.

"When you're in credit card debt, the company is charging you interest," he says. "To save, you're taking money that would otherwise be spent to pay down that credit card." With companies charging between 20 to 24 per cent interest, credit card debt quickly accumulates.

"People like the idea that they have savings," says Trahair. "They'll say, 'So I owe $10,000, but I have $2,000 of savings. They're in worse shape than the person that only has $8,000 on that credit card [because of the accumulating interest]. The best investment is paying down that credit card debt."

3. DELAYING LIFE INSURANCE INVESTMENTS

Often when you're young, obtaining a life insurance policy isn't top of mind-but it should be, says CPA Garth Sheriff, who runs CPD consulting firm Sheriff Consulting.

"Theoretically, it's when you're the healthiest," he says. "You're more likely to get a lower premium plan and, if you get something that you can lock into, it can also be a savings return vehicle. It's not only a safety net, but it also builds equity."

Plans such as universal life insurance and whole life, he says, work like investment policy funds that have a cash surrender value-meaning you don't just acquire funds in death, but the cash value builds up as savings. Each plan has its own risk tier, so be sure to research the appropriate plan and available options, he says.

4. NOT SETTING AN END GOAL

Understanding why you are trying to save money leads to a more successful outcome, says Trahair. While this goal may be different for everyone, ultimately, each person has a life target they want to meet, whether it's buying a home or planning for retirement.

"The best thing you could do for your personal finances is track where your money's going," he says. Trahair recommends using free budgeting apps or those available through banking services to help identify spending habits.

Budgeting, he says, requires historical information. But. if you're just graduating or starting out on your own, you won't have this data. If you track your spending even for just one month, you'll reveal a strong financial picture, as most people tend to have the same habits (save for the odd month where there may be a big-ticket item purchase or vacation, etc.), he says.

Reducing the number of spending sources is also advised. "If you have three or four bank accounts and three or four credit cards, this exercise is going to be very difficult," he adds.

5. LIVING PAYCHEQUE TO PAYCHEQUE

This is the least desirable scenario for anyone. Sheriff recommends striving for six months to a years' worth of funds if possible-and start that saving habit when you're young. Having a financial safety net has the added benefit of improving your borrowing power in the future.

"That early time in your life, as you're building your credit history and your ability to borrow, is really important," he says. "Even if you don't know what your plan is."

Whether you're saving for an additional designation or taking a year off, Sheriff says being prepared for the unexpected can help you remain in good financial standing and possibly avoid additional stress and debt, adding, "You never know what life is going to throw at you."

PLANNING AHEAD

As a post-secondary student, learn how to better manage your finances to set yourself up for stronger success. No matter what stage of life you're in, these money management worksheets can help set you on the right track. And find out how best to talk to your kids about money and help set them on the right financial path.

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5 financial mistakes to avoid when you're young

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As a fresh graduate, saving for the future can be hard to envision. But being money-wise in these earlier years can have exponential pay offs in your later years. According to experts, there are several spending traps to avoid when you're early in your career that can help set you up for a more stable financial future.