https://padlet.com/danmich97/419ywk6n6vgs Importance of Saving for the Future and Having a Financial Cushion, by Daniel Susel en-us 2017-03-27 23:17:38 UTC 2023-09-09 13:33:06 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Balance.png danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/162976166 Here you will find a few tips on how to prepare yourself for the long road to retirement and saving money for unexpected expenses.]]> 2017-03-27 23:28:15 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/162976166 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/162977444 2017-03-27 23:41:00 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/162977444 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/162977613 Financial security is being able to afford all your expenses and any emergencies that may come up in the foreseeable future. For example if I injure myself and find myself out of work for X number of months can I afford to live in my current place of residence? The key to financial security is a strong budget and will power. It is easy to want the best stuff, but will something a level down that is more affordable work just as well? Those are the kind of questions you need to ask yourself before you commit your wallet to a purchase.
Build Financial goals and come up with a plan to meet those goals. For example lets say you want to go on a trip to France next year and its going to cost you two thousand dollars to make all of your plans work. In order to achieve that goal of two thousand dollars you would need to save about forty dollars a week (eighty dollars bi-weekly/paycheck). Financial goals are things you want to spend money on or save money for that are in the future.
Stay out of debt. This one can be tricky as schooling can weigh you down with debt right at the start of your life as an adult. Debt will take away your financial freedom because it forces you to make payments at certain rates that may not be flexible potential job offers that require pay cuts and it forces you to give up on possible wants later on. Keep the debt levels manageable and come up with a plan on how to pay it off (X dollars a month).
Do not be miss informed though. You do not need a lot of money in the bank to be financially stable. Shoot for 6 months worth of living expenses saved up as a nice fallback.
TD has tools and tips available to help you start budgeting and saving: https://www.tdcanadatrust.com/planning/everyday-finances-made-easy/everyday-finances-made-easy/manage-your-money-every-day-index.jsp?click=footer:planning:managing-money#Goals
CIBC also has a bunch of articles that talk about different ways to limit/lower your debt:https://www.cibc.com/en/personal-banking/advice-centre/reducing-your-debt.html]]> 2017-03-27 23:43:06 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/162977613 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/162988331 Retirement can be a very scary thing and the cause of a lot of anxiety in your life as you get older. Retirement doesn't have to be scary, and it wont be if you plan for it early on. While having financial security is not necessarily needed it is probably your best bet at having a comfortable and cushy retirement.
Financial security will enable you to be the cool grandparent who goes travelling all over the world bringing back souvenirs and spoiling your grandchildren. With your money stored away for luxuries and necessities you also have the option to start receiving your pension (although this is highly unadvised till you turn 65 years old) and other possible government benefits that may be available to you such as OAS (Old Age Security).
Without Having Financial security when retiring, you will have a very hard time with retiring. You will most likely end up working till you are 65 (if you don't want to lose a portion of your Pension) and then you will have to apply for OAS.
The Royal Bank of Canada has a page that goes more in depth with getting ready for retirement and living in retirement.
Getting ready:http://www.rbcroyalbank.com/investing/investment-advice/ready-to-retire/index.html
Living in retirement:http://www.rbcroyalbank.com/investing/investment-advice/living-in-retirement/planning-retirement-rrif-income.html]]> 2017-03-28 01:23:44 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/162988331 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/163768359 2017-03-30 16:50:42 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/163768359 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/163768756 2017-03-30 16:52:00 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/163768756 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/163769227 If reading isn't your thing or you just want a better understanding of these topics, check out these videos:
Financial Goals:http://www.moneysense.ca/videos/priority-pyramid-meet-financial-goals/
CBC Dealing with Debt:https://www.youtube.com/watch?v=fdsi65QLC8g
Global News Retirement:http://globalnews.ca/news/2511892/want-to-retire-at-65-heres-how-much-you-need-to-save/]]> 2017-03-30 16:53:18 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/163769227 danmich97 https://padlet.com/danmich97/419ywk6n6vgs/wish/163778177 1. I was quite surprised to find out that there was only the two benefits available to you when you retire (RRSP & OAS).
2. I Created a financial goal of $1,250 for parts to my computer and I met it by putting aside 20% of my pay.
3. I was not super interested in researching this assignment because it is something that has been of interest to me for quite a while now, so I have done previous research on the subject.]]> 2017-03-30 17:25:23 UTC https://padlet.com/danmich97/419ywk6n6vgs/wish/163778177