https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80 Importance of having a safety net - By James Douglass en-us 2021-11-20 20:58:56 UTC 2024-06-20 02:05:43 UTC hello@padlet.com jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903825554 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!
 ]]> 2021-11-20 21:05:07 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903825554 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903831223 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.

]]> 2021-11-20 21:18:19 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903831223 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903833854 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.

]]> 2021-11-20 21:24:30 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903833854 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903836115 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.
 ]]> 2021-11-20 21:30:15 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903836115 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903839132 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.

]]> 2021-11-20 21:36:53 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903839132 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903842078 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.]]> 2021-11-20 21:44:32 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903842078 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903845251 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.]]> 2021-11-20 21:53:06 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903845251 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903867315 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.]]> 2021-11-20 22:00:03 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903867315 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903869582 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. ]]> 2021-11-20 22:05:03 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903869582 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903870854 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.]]> 2021-11-20 22:08:25 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903870854 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903873108 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.]]> 2021-11-20 22:13:45 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903873108 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903873875 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. ]]> 2021-11-20 22:15:46 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903873875 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903874582 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.]]> 2021-11-20 22:17:40 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903874582 jamesdouglass2 https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903875192 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.]]> 2021-11-20 22:19:19 UTC https://padlet.com/jamesdouglass2/l5ngjp2ssu7nbx80/wish/1903875192