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This website is about students in debt. This is written in an interview style with Alim Dhanji. It talks about how grads can stay away from borrowing money from their parents. Alim Dhanji talks about how student debt challenges have changed in the last generation. He talks a bit about how he worked during the summer and gave his saved money to his father who used it to pay his tuition. So by the time he graduated he didn't have much debt at all. The average amount of student-loan debt is around $10.000 -- $60,000 once they graduate.

Alim Dhanji says he would encourage students to save their money and pay off their student-loan debt before you take on any other large purchases (ex. car, house, etc). He also encourages students to stay away from debt building credit cards. Alim Dhanji encourages saving money for five years (Five-Year Plan) and not planning on moving to a big city (Toronto, Vancouver, etc.) but rather move to a smaller communities.

I chose this website because it has variety when it talks about financial planning. It gives you the option to read about financial planning for families, women, men, couples, students and seniors.

I found it very interesting to find out that today, student-loan debt is about $10,000 -- $60,000 per student. I always knew students can end up in big debt after university / college but I didn't realize it was so much debt. This just shows that saving your money and creating a budget can be very beneficial to your financial plan and could help pay off your debt.

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We spoke to Alim Dhanji, CFP ®, about how students can get on top of their debt themselves without depleting "the bank of Mom and Dad." Alim gives regular talks about financial planning to students at the University of British Columbia, where he hears directly from students about all their financial challenges.

How student debt challenges have changed in a generation
When Alim was going to university 20 years ago, he worked full-time in the summer as an intern. He would save the money he earned by giving it to his father, who would ensure that it would be used for his tuition. This helped him come out of school without much debt at all.

Today's students face different challenges. Tuition and room-and-board costs are much higher than they were two decades ago, and most of the students that Alim talks to are on track to graduate with a student-loan debt averaging between $10,000 and $60,000.

Pay down debt by living like a student
When new graduates get their first jobs, they are naturally tempted to spend money. Alim cautions against this approach. "Continue to live like a student to manage debt and pay it off," he says. He's a fan of paying off student debt first before undertaking other large purchases such as a vehicle or a home.

Alim also cautions that not all debt is created equal, and new graduates should stay away from bad debt such as credit cards. "It's kind of like a water bottle; you have money coming in, money flowing out, and you have to tighten up the leaks as much as possible."

Time is not on your side when it comes to paying off student debt, says Alim. It's important to start focusing on paying it down right away. He recommends personal budgeting to stay on top of finances, which can take the form of anything from a spreadsheet to a budgeting app such as Mint.

Various programs and tax credits are also available for students and new graduates, such as programs for working in remote areas, and the ability to transfer tuition tax credits to parents to get money back sooner rather than later. These are all things that a Certified Financial Planner ® professional can help you with.

Buying a home rarely realistic for your five-year plan
Alim believes that, for most graduates, buying a home in an urban area such as Vancouver shouldn't even be part of an initial five-year financial plan. "You need five years of savings, and the cost of home ownership continues to go up," he says. He is seeing many people moving away from the city to buy a house in smaller communities in British Columbia. He thinks this is worth considering for new graduates who want to build home ownership into a longer-term financial plan.

Alim works with quite a few new graduates, and he thinks seeking the services of a CFP professional is worth considering for people who really want to tackle student debt. "A CFP professional will help you organize your goals, organize your debt, save your taxes and get started on the right path."

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Student Debt-Avoiding the Bank of Mom and Dad - Financial Planning for Canadians

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We spoke to Alim Dhanji, CFP ®, about how students can get on top of their debt themselves without depleting "the bank of Mom and Dad." Alim gives regular talks about financial planning to students at the University of British Columbia, where he hears directly from students about all their financial challenges.

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The second website I chose, talks about making a budget for your financial plan. This website talks about why a budget is important and why a budget can help you. It tells you to think about your financial plans before you set a budget -- think about your short-term and long-term goals while putting a budget together.

It also touches on making a emergency fund (safety net) which in theory should be able to pay for your living expenses for about  3-6 months. You should also track your money so you can know your income and expenses. This website gives you tips like keeping track of your expenses (groceries, lifestyle products, etc). As well as keeping a copy of your bills and dividing your expenses in two categories, needs and wants.

I chose this website because I think it is very helpful to people beginning their first financial plan. It gives you tips and tricks to help you through the process of creating your very own financial plan.

I find it very helpful when I read the tips they give you when you start to create your own budget and financial plan. It tells your to track your daily expenses and to keep your bills.

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Why make a budget

A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.

A budget is especially important if you:

don't know where your money is going

don't save regularly

have problems paying off your debts

feel overwhelmed by your finances

feel like you're not in control of your finances

want to make the most of your money

are planning for a major purchase or a life event

Making a budget can help you:

set spending limits

find ways to pay down your debts

reduce costs and save more

live within your means

reduce financial stress

have more money for things that are important to you

feel in control of your finances

What to consider before you make a budget

Take these simple steps before you make your budget.

Think about your financial goals

Identify your short-term and long-term goals. Make saving for those goals part of your budget.

For example, goals may be:

Short-term goals:

paying off your credit card

reducing your weekly expenses

starting to build an emergency fund

Long-term goals:

paying off all of your debts

saving to buy a home or a car

saving to have children, to go to school or to retire

To deal with unexpected situations, create an emergency fund. Your emergency fund should provide you with enough money to cover your living expenses for 3 to 6 months. These amounts can sometimes seem out of reach. That is why you should start by saving a small amount on a regular basis.

Having an emergency fund will help you reduce financial stress and avoid getting trapped in a debt cycle.
Learn how to set up an emergency fund.
Know where your money is going

Tracking your money will help you figure out what comes in and what goes out of your pocket. Every dollar you spend affects your overall budget.

For example, if you spend $3 a day on coffee, it will cost you more than $1,000 a year.

To keep track of where your money is going, take note of what you spend.

Try this exercise for 1 or 2 months:

keep track of everything you buy, from groceries to a daily cup of coffee

keep track of bills you pay during this period, for example your telephone or internet bill

try dividing your expenses into 2 categories: "needs" and "wants"

Small changes to spending habits can have a major impact on your budget and your ability to save.
Find ways to save money before shopping.
Evaluate your needs and wants

Knowing the difference between your needs and your wants is key to making a smart budget.

A "need" is something that is necessary, required or essential. For example, a roof over your head, clothing, food, or medication.

A "want" is something that you'd like, but don't necessarily need. For example, meals at a restaurant, a trip, a gym membership, or designer shoes.

Needs and wants aren't the same for everyone. One person's "want" may be another person's "need". For example, if you live near a bus route, a car may be a want rather than a need. However, if you don't have access to public transit and can't move around otherwise, you may need a car.

Your needs and wants may also change over time. For example, a large house may be a need while you're raising a family. However, a condo or a smaller home may be what you need when your children move out.

Once you've figured out your needs and wants, you're ready to make your budget.

How to make a budget

In order to make a useful budget you need an effective tool that is easy to use.

The Budget Planner is a tool that allows you to create a personalized budget and save it online. It gives you tips and guidelines and helps you figure out your next steps with suggestions. It also creates charts that show you where your money is going. You also have the option to compare your budget with those of other Canadians like you.
Use the Budget Planner to make a budget.
Steps to make a budget

Take the following simple steps to make your budget.

Step 1: List your income, savings and expenses

take your recent pay stubs, bills, and account statements

enter the amount of income, savings and expenses into each category of the Budget Planner

if you can't find a field for a specific item, you can always add and name your own items

When you're done, review the amounts to make sure you didn't forget anything. These items should represent your current situation.

As you're entering data, the tool will give you tips to help you save more and/or spend less. Consider those tips to balance your budget.

When you're done creating your budget, save it online so you can return to it anywhere, at any time.

Step 2: Review your results

The results section provides you with average guidelines. These guidelines tell you what Canadians usually spend or save for each budget category, for example, food, housing, clothing, insurance.

Look at the different alerts you receive for each category:

green thumbs up: this amount is within the average range

yellow warning sign: this amount is slightly above the average range

red hand sign: this amount is above the average range

These alerts will help you determine where you should focus your attention or try to reduce costs. Everyone's situation is different and while the guidelines can't apply to everybody, they provide a good starting point.

Review your results graphics, they give you a clear visual of your overall budget. You'll see a graphic that shows you how your budget compares to those of other Canadians in similar situations. It's valuable to compare your financial habits with people with similar age, income, housing and family situation.

Step 3: Review your next steps

In the next steps section, the tool gives you personalized suggestions. These suggestions are based on your situation and what you have entered in your budget. They help you figure out your next steps whether you have money left or are overspending.

Read them carefully and follow the links to useful educational tools and content to improve your budget.

Tips to help you stick to your budget

Now that you have a budget, try to stick to it and improve it as you go.

To help you with this task, try the following:

keep all your receipts and bills

limit your spending as much as possible to what's in your budget

update your budget with any changes, for example, a pay raise or a bill increase

compare your budget to what you actually spend at the end of each month

Evaluate your budget from time to time. If your actual spending often varies from your budget, adjust your figures to make it more realistic.

When comparing your budget to your actual spending, ask yourself the following questions:

are there large differences between your actual spending and your budget

which categories have the largest differences

are differences due to an unusual situation or is this likely to happen each month

can you save enough money to reach your financial goals or pay off your debts

Continue with this exercise each month. You can set a reminder or book time in your calendar to review your budget regularly. If you make it a habit, you are more likely to stay on track.

Related links

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budget; managing your money; financial goals; tracking my money; my financial needs; my financial wants; tracking your money; your financial needs and your wants; budget planner; personal budget; budget maker

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Tips on how to make and stick to a budget. Consider your needs, wants, spending habits and financial goals.

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The third website I chose, gives you five tips for healthy finances. The first tip they give you is to know what and how your spending your money and then prioritize what you spend your money on. The next tip is a very obvious one, save your money. Saving short-term ensures that you have an emergency fund. They also say to use credit wisely. Use credit on purchases like a house because the value will increase over time. Stay up to date on your banking. This website advises you to set up an automatic bill payments to ensure you won't have late payments.

I chose this website because I think it has very good tips for people starting their financial plan as well as people who may already have one but need some extra advice on how to maintain it. This is also another example on why savings is a key component to a financial plan.

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With our online tools and expert advice, managing your personal finances has never been easier.

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The last website I chose, explains that budgeting and planning are two different things. It touches on how people may thing that if they have their budget under control then some how their financial plan is as well. It tells you to look at you 5-10 year plan even 10-15  year plan in advance and write down where you see yourself by then.  This website also touches on setting aside enough money for you to live comfortably for 3 months. Just in case of some unforeseen issues, like you lose your job.

I chose this website because it goes into depth about making a budget and how crucial a budget can be when it comes to a financial plan.

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Have you ever heard the saying, If you fail to plan, you plan to fail? This is particularly true when it comes to your finances. A 2017 survey (a CIBC poll of Canadians with household incomes above $100,000) says almost half of Canadians have no financial plan in place at all. Nothing detailed that tells them how they will reach their goals.

This is putting half of the country's residents at risk for financial ruin. No financial plan means no emergency fund, no nest egg, no extra money at all. Consider that a small hiccup, like a temporary job loss, a family emergency or a house repair could send many people's bank accounts deep into the red.

With a financial plan in place, Canadians will feel more confident in their ability to manage unexpected changes in their finances. They can see in black and white individual personal goals, financial needs and priorities in areas such as income and expenses, taxes, mortgage planning, education needs, retirement, estate planning, and insurance. Why not have one?

However, the security that a financial plan can provide depends on how good it is. Here are some things to keep in mind when laying yours out.
Budgeting and planning are different
Many Canadians might feel if they have their budget under control their financial plan is too. While budgeting can be an important part of financial planning, there is so much more to consider. Sit down and identify your financial goals. Look at your life 5-10-15 years in advance, write down where you want to be at each of these stages. If buying a house is your goal in 5 years, how are you doing with the down payment. If retirement is 10 years away, how is your retirement fund looking. By identifying your short and long term goals you will be able to better map out how you're going to get there.
Bigger is better when it comes to an emergency fund
You should have enough money saved aside to fund your life for up to three months, if for example you were to lose your job or have to take an unpaid leave for some reason. Just a note, this is not three months of salary, but money that represents what you spend on average over a three month period. This includes your rent or mortgage payments, utility costs, transportation expenses, cost of groceries, and membership fees. To really get a handle on what you spend each month, track your expenses. Every penny that goes out of your account you should write down. There is also a secondary effect of tracking purchases - that is you get to see where you might be spending too much. Don't stop at three months, if you can afford to beef up your emergency fund, do it. I recommend saving 15 per cent of your pay cheque into this fund.
Debt is the biggest obstacle
When it comes to financial planning nothing will slow you down faster than debt. No matter how well you map out your goals you are bound to hit a roadblock if you are saddled with large debt payments. A healthy financial plan includes a path to being debt free. Outside of your mortgage debt, what other debts are you carrying? Credit cards, a line of credit, even loans to a friend - all of this is money you owe and some of it also comes at great cost to you. Tally up how much debt you have. Come with a plan to tackle it but start with your highest interest debt first. Seek the help of a debt management service if you need to.
It's a journey
By making a financial plan you are setting yourself up for success - but it's not a one-time exercise! Make sure you check in on your financial progress every six months. Adjust your savings and investments accordingly. Seek the advice of a professional when you need to, whether it be a tax professional, a financial advisor or a money coach. These services are often money well spent. Just find out up front what they will cost you.

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How to have a better financial plan than half of Canadians | CBC Life

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Have you ever heard the saying, If you fail to plan, you plan to fail? This is particularly true when it comes to your finances. A 2017 survey (a CIBC poll of Canadians with household incomes above $100,000) says almost half of Canadians have no financial plan in place at all.

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The video I chose, talks about what exactly is a financial plan. It talks about how your financial plan should be evolving with you rather than keeping the same old financial plan as you grow. It says to review your plan regularly especially if there is a major change in your life (ex. divorce, death in the family, married, or expanding your family).

I chose this video because it actually explains what a financial plan is and why it is important to have.

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The second video I chose, gives people budgeting tips for young adults. One of the main tips he has is "don't spend money on what you don't need" he also says his father used to tell him to "make your money work for you". He says to get as much interest off your money as you can and over time you'll have a lot more money.

I chose this video because I really liked that he is passing down budgeting advice that he leaned from his father and sharing it with other people. In hopes that these tips will help young adults today be a little more careful with spending their money and shedding some light on getting your money to work for you by making some interest on it.

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Jesse was fortunate that when he was still very young, his father explained the importance of budgeting and avoiding debt. Now, as a young adult, Jesse continues to put the lessons he learned from his father to good use.

Budgeting for young adults

If you're just starting out in your career, you already know there are many demands on your limited income. With everything from student loans to moving out on your own and taking on additional living expenses, it can be a challenge for young people to make ends meet when first entering the workforce.

That's why it's essential that you have a budget that ensures you can manage your expenses without relying on debt. Poor financial decisions made, even at this early stage in your career, can negatively affect your credit score and it could take years for you to rebuild your credit.

Creating a personal budget

If you've never before created a personal budget, it may seem a daunting task, but it's really not that difficult. Just follow the steps outlined in this Oaken Blog feature, and you'll be well on your way to creating your own personalised budget. If you currently have a lot of debt, especially high interest debt such as a credit card balance, you'll even find tips for attacking this debt first.

You should also check out the Financial Consumer Agency of Canada (FCAC) website. The FCAC is an independent government agency that provides helpful advice on managing your personal finances. The FCAC even includes an online budget planning tool that you can use to create your budget. There are also some great budgeting apps available that you can download directly to your mobile device.

1. List your expenses

To get started, you first need to understand where your money goes each month. To track your monthly expenditures, review your banking statements for the past 6 months and note each transaction. Start with your monthly "fixed" costs - these are your regular expenditures that you have each month, including housing costs (rent or mortgage payments), loan payments and utilities.

Next, look at other monthly expenses such as your grocery and transportations costs, as well as your entertainment spending. These amounts will vary, so record the average you spend on these items each month. Finally, any expenditure that doesn't fit one of these categories should be included as a "miscellaneous" expense.

While it may be tempting to make your financial picture look a little better on paper, it's important that you accurately document your actual spending. To get the most from this exercise, you need to start with a true understanding of your spending needs.

2. Identify areas where you can reduce spending

Chances are that after looking closely at your spending, you'll be surprised - or maybe even a little discouraged - when you see how much you actually spend each month. That's okay - you now have the information you need to make a critical assessment of your spending, and can start taking the necessary first steps to get your finances on track.

When it comes to finding areas where you can potentially reduce your monthly costs, pay close attention to your miscellaneous spending. Many items in this category will be more discretionary in nature than things like groceries and utilities, so it may be easier to find potential savings here.

3. Set new spending goals

Now that you have a more precise record of your spending, you can go ahead and set a target for each item you listed in your budget. Keep in mind that you must be reasonable when setting your new spending goals. If you typically spend $450 a month on groceries, it would be unrealistic to set a budget of just $200.

Also, be sure to include an entry for the amount you intend to add to your savings each month. By including a monthly savings contribution in your budget, you'll give yourself a much greater chance of becoming a successful saver. Whether setting aside money for unexpected emergencies, or saving for your retirement, including a savings goal should be a mandatory component of your overall budget.

4. Prioritize your debt

If one of your financial goals is to pay down your outstanding debt as quickly as possible, you need to first understand that not all debt is created equal. Credit card debt, for instance, has a much higher rate of interest than most other loans. For this reason, paying down an outstanding credit card balance should be considered a high priority.

You should also be aware that paying just the minimum amount on your credit card each month will cost you much more in the long run. That's because when you pay only the monthly minimum, most of your payment goes to the interest and very little is applied to the outstanding balance. Worse still, when you carry a balance over to the following month, the interest continues to compound each month on the outstanding balance, adding even more to your total debt.

Two common tactics to paying down debt as quickly and efficiently as possible are the "snowball" method and the "avalanche" method. They are similar in their approach in that they focus on creating a plan that targets specific debts, before moving on to tackle other outstanding debts. Click here to read more about these two methods of prioritizing your debt.

5. Review and update your budget regularly

Finally, you'll need to update your budget as your circumstance change. Buying a house, getting married, and starting a family are all major milestones that most young adults will experience. As your priorities change, so too must your budget.

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Budgeting tips for young adults | Oaken Financial

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Jesse was fortunate that when he was still very young, his father explained the importance of budgeting and avoiding debt. Now, as a young adult, Jesse continues to put the lessons he learned from his father to good use. If you're just starting out in your career, you already know there are many demands on your limited income.

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The third video I chose, talks about questions to ask a potential financial planner you may think of hiring. She says you should ask about their qualifications which sounds very straight forward. Ask them how long they've been in this field of workYou wanna make sure you have a very qualified person that will handle your financial plan. As well as if they will be the only one you'll be working with and how much they charge -- which seems like a question everyone would ask. As well as how you will pay them.

I chose this video because I think its good too watch videos like this if your thinking of hiring a financial planner. This video gives you a lot of good questions to ask them. Some seem like yes of course I would ask that and others are questions people may not think to ask.

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Here are 10 questions that will help you choose a competent, qualified professional.

1. What are your qualifications?

If you've chosen someone from the Find a Planner tool, you already know they're FP Canada-certified. But ask about their other credentials.

2. What experience do you have?

Ask how long they've been in practice, where they've worked, and how their work history relates to their current practice.

3. What services do you offer?

Some financial planners offer financial advice, but sell no financial products.

4. What is your approach?

You want to know, for instance, whether this person will only draw up a plan for you, or also help you implement that plan. You want to ensure that they spend the time up front, getting to know you and your financial goals.

5. Will you be the only person working with me?

Often a CFP professional will act as a quarterback, sourcing others' expertise to ensure you get the service you need.

6. How will I pay for your services?

Planners can be paid in several ways, from the cost of the financial product they sell you, as a percentage of the assets you entrust to them, or they could charge an hourly or set fee. It's important to understand how you'll be paying for their expert service.

7. How much do you typically charge?

The planner should be able to provide you with an easy to understand estimate of their fees.

8. Who, besides me, will benefit?

Ask the planner if they have a written professional obligation to put your interests ahead of their own. If they're a CFP professional, they'll attest to this obligation each year, when they renew their certification with FP Canada. You need to know that this is about putting your kids through college, not just theirs.

9. Are you regulated?

Planners who hold the CFP credential are subject to internationally recognized professional standards. But they could also be regulated by provincial authorities if they are, say, selling insurance or securities.

10. Can I have that in writing?

Ask the planner to give you a written agreement that details the services to be provided and how they charge for them. Don't be afraid to ask questions if something isn't clear in the agreement. And once you've established the initial agreement, ask your CFP professional how often they'll be updating it.

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10 Questions to Ask Your Financial Planner (VIDEO) - Financial Planning for Canadians

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Here are 10 questions that will help you choose a competent, qualified professional. If you've chosen someone from the Find a Planner tool, you already know they're FP Canada-certified. But ask about their other credentials. Ask how long they've been in practice, where they've worked, and how their work history relates to their current practice.

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The last video I chose, talks about how many people don't actually have a financial plan in place. They use excuses like I had to get the car fixed or I had to fix the roof on my house. She says that these are not excuses at all because typically these are very common issues that may occur in someones everyday life. She says the hardest financial lesson she's ever learned is that its important to balance your life. Balancing on saving for the future and enjoying your life today was a tough lesson for her.

I chose this video because I found it interesting to hear from someones personal experiences.

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Would $1,000 in the bank cover all your bills for the next six months? Probably not. And yet, about a quarter of Canadian homeowners confess to only having $1,000, or less, set aside for an emergency.

These are the findings of the latest survey by Manulife Bank of Canada. Turns out, more than a third of mortgage holders in Canada would have difficulty making their regular mortgage payment within three months if the main income earner in their household lost their job. Yet, experts, including Manulife Bank, recommend that each household keeps enough in emergency savings to cover three to six months of expenses.

"A high-interest savings account is a good option. Or, if you've got a home equity line of credit, you could use your savings to reduce your debt and save interest - and still have access to that money if an emergency arises," said Rick Lunny, president and CEO of Manulife Bank of Canada.

The concern is that Canadians are living beyond their means-a situation that's grown over the last decade along with surging real estate prices. According to the Manulife survey, 40% of homeowners have difficulty managing common expenses associated with home ownership, let alone creating a financial buffer (commonly referred to as a "rainy-day fund" or "emergency savings").

It appears that up until very recently, Canadians were heeding the advice of experts and cashing in their emergency funds. The idea was that if you lived in a financially stable household, it actually made more sense to use that cash elsewhere and open up a line of credit that you could use if there was a crisis. The theory was that the cash sitting in an emergency fund-typically in a high-interest savings account or a money-market fund-was earning less than what your debt cost you. Rather than keep the emergency fund, many Canadians used it to pay down their debt.

But with recent headlines of mortgage rate hikes and a potential increase in U.S. interest rates (which would prompt an increase in Canadian interest rates), the idea of having an emergency stash of cash is back in favour, particularly if you, like one in six Manulife survey respondents, who would encounter financial difficulty with any increase to their mortgage payment.

Get advice, stress-test your finances

"A financial buffer is an important part of a financial plan," said Lunny. "If you don't have extra cash at the end of the month, it's very difficult to build a rainy-day account. For those who find themselves in this situation a good place to start is working with an advisor to create a budget. Many people are surprised at how much of their money is going toward things that they don't consider that important."

According to a new study sponsored by Mackenzie Investments, 72% of Canadians didn't have a written financial plan.

In the same survey, more than two-thirds said that the solution to feeling more secure in the future was to either discover new or additional ways to generate income or to find a better paying job. In other words: more money, less problems.

But professional money coaches know this isn't actually the solution to debt problems. As Sheila Walkington, co-founder of Money Coaches Canada, has told us in the past, a key component of her job is to "help clients deal with the psychology of money. To help them shed their negative attitudes and bad habits and to motivate them to get a grip and stop self-sabotaging their financial goals." Yet, in the recent Mackenzie survey, only 11% acknowledged that developing a financial plan would help and 6% believed that advice from a professional would help.

In the past, MoneySense has advocated strongly for the development of a financial plan. As award-winning journalist, Julie Cazzin, : "[a] personal finance plan is [a] road map, helping [you] navigate to [your] dreams. And the roads to those dreams were built on details."

To establish your own financial plan, check out the 11 Steps to Financial Freedom , which includes worksheets and tips on how to create the right financial plan for you.

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It's time to master your debt, with sound financial planning

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Would $1,000 in the bank cover all your bills for the next six months? Probably not. And yet, about a quarter of Canadian homeowners confess to only having $1,000, or less, set aside for an emergency. These are the findings of the latest survey by Manulife Bank of Canada.

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I chose this photo because I like how it has some statistics on it. I find it vert interesting that only 18% of Canadian's agree that their very knowledgable about financial matters and planning and that 7 out of 10 Canadian's don't have a written financial plan in place.

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Life's Better with a CFP® Professional - Financial Planning for Canadians

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These infographics summarize the results of global research that helped illustrate the value of financial planning with an appropriate professional.

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What I learned about my topic that surprised me was that student-loan debt is about $10,000 -- $60,000 per student.

This topic is relevant in real-life because soon I will have to be thinking about creating my own financial plan. When I move out and get my own place I'll have to create a budget for myself and keep on top of my financial plan.

I think the important thing I would pass on to my family or friends would be that  you need to have a financial plan in place and that budgeting and saving your money if a big part of that.

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I chose this photo because I think that the process of creating a financial plan will be very helpful for people starting about and learning about why budgeting and saving is very important to creating and maintaining your financial plan.