https://padlet.com/katiestevens10/6i1f7zr9vev7 Everything you need to know about financial planning. en-us 2019-11-19 16:20:31 UTC 2019-11-25 16:33:32 UTC hello@padlet.com katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413469618 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.

]]> 2019-11-19 16:30:13 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413469618 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413486420 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. ]]> 2019-11-19 16:53:28 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413486420 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413486943 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. ]]> 2019-11-19 16:54:17 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413486943 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413487093 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. ]]> 2019-11-19 16:54:29 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413487093 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413487265 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. ]]> 2019-11-19 16:54:45 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413487265 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413487432 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. ]]> 2019-11-19 16:54:59 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413487432 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413488051 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. ]]> 2019-11-19 16:55:57 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413488051 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413492379 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. ]]> 2019-11-19 17:01:39 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/413492379 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/415993674 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. ]]> 2019-11-25 04:55:09 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/415993674 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/415994661 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. ]]> 2019-11-25 05:01:31 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/415994661 katiestevens10 https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/415996314 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. ]]> 2019-11-25 05:14:50 UTC https://padlet.com/katiestevens10/6i1f7zr9vev7/wish/415996314