Financial Safety Net by Mitch Wilde & Lisa Cammisuli by Lisa https://padlet.com/lisacammisuli/ppnnxvdqrst9 Having a sufficient and accessible savings in case of emergency, illness or joblessness is considered a financial safety net. It is money you can fall back on in times of disparity. When planning for finances, having a safety net is like making sure you have emergency breaks or seat belts. en-us 2018-04-11 21:02:19 UTC 2023-03-25 10:11:40 UTC hello@padlet.com Article #2- How to Build Safety Nets for Your Personal Finances lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250932227 It is important to know ways that will help you develop an adequate savings for your future and in the event of emergencies. Having a well developed safety net is a method that will prevent the headaches and sleepless nights when your finances become jeopardized.
This article says that in order to avoid financial crisis, having a financial safety net in place will keep you safe. They suggest 4 tips to achieving a safety net. These tips include paying off your debts first, setting aside a small amount of money each month to build the financial reserve, making sure you have adequate insurance to cover any disabilities that may arise later on that you may not be able to afford or that may chip into your safety net, and lastly, opening up a RRSP so you can cut taxes and capitalize on your invested money.]]> 2018-04-11 21:17:24 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250932227 Article #3 - Nearly half of Canadians would face financial crunch if pay cheque delayed by even a week, survey shows lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250933309 To shortly summarize this article, it states that Canadians even though they are trying to save, the higher cost of living expenses interrupt their ability to make a sustainable income, which makes them live from pay cheques to paycheque.
The introductory paragraph in this article states that most Canadians would have trouble meeting day-to-day financial responsibilities if there pay cheques were delayed a week. This directly correlates to the importance of a safety net, as a safety net by definition is long term financial goals that you accumulate to help increase of any type of tragedy that may cause a sudden need in money. We chose this article because it directly relates to not only our generation and the struggles we will go through but how we are affected by the safety net as well. One interesting topic we found within the article was the average annual income per household at $125,000 per household. Mitch’s father is an accountant and he said janitors at Hydro One make $120,000 a year. What if this individual was married, they would be well above the average and give them the opportunity to create a strong safety net. 
]]> 2018-04-11 21:23:07 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250933309 Article #1- 5 Simple and Smart Investment Tips for Teens and College Students lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250933508 This article discusses ways in which a student can invest their money. This is relevant to a financial safety net because in order for us to become financially sound in the future, we have to accumulate money gradually over the years- investing is one way of doing so. This video has step-by-step suggestions on how to begin investing. They talk about understanding the value of money before spending it, and understanding how stock markets work before putting your hard-earned money into them. A good point they made in this video was to pay off your student debts first. In order to create a financial safety net, you want to make sure you do not owe money before you start saving money. This will prevent your savings from depreciating when the interest on those debts increases and you're forced to use your safety net to pay it off.]]> 2018-04-11 21:24:09 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250933508 Picture #1- Planning Your Future lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250934033 Sitting down and planning all your current and future expenses (liabilities and assets)will help you better understand how big of a safety net you can create and how much you will require to save to accommodate these future needs and desires. This picture accurately displays the organization and layout of how you should get started on your future. I find it extremely important to have a plan and to start by getting yourself organized]]> 2018-04-11 21:26:43 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250934033 Picture #3- Organization lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250934079 Being able to monitor your money on a daily basis or even a monthly basis is key to planning for your future and contributing to your savings. If you watch where your money goes, you will be able to maintain a steady cash flow and recognize issues before they worsen. This will allow you to see where your money goes and what requires majority of your income. By organizing and watching these expenses, you will be able to figure out how much money you have left over and how much you will need to put aside for your safety net.]]> 2018-04-11 21:27:02 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250934079 Picture #2- Spending Wisely lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250934119 Monitoring and budgeting where your money goes plays a huge role the taking into consideration how much savings you can and will have in regards to your financial safety net. If you are spending your money on car or household accessories that are not of dire need, you cash flow will become jeopardized and you will lose money that you could be putting towards your future. This picture accuracy displays a man calculating to see if he has enough money to buy a new sports car or to install a pool. By putting thought into your expenses and purchase, you can better manage and monitor your money. If you don't have the money now, you won't have it later so its better to see if you can afford it before you purchase it. ]]> 2018-04-11 21:27:19 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250934119 Video #1- Financial Safety Net lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250936070 It is important to have a clear understanding of what a financial safety net is and how to achieve one. This video explains exactly how to get one started and the importance of having one.
In the video, it says "you can't start saving for your retirement until you figure out your finances for the next month. That's where our financial safety nets comes in." This is true because if you do not track how much you are spending every month, you will not be able to have a secure and stable savings that you will be able to rely on for retirement. In the video, it mentions that in the event of an emergency, your financial safety net will be there to assist you in those times of disparity. It is important to replenish the money you withdrew from the safety net because if you don't, you will not have sufficient savings for when you need it again. Being prepared early is the key to being stable in the future, and this is the most useful advice you can receive at a young age.]]> 2018-04-11 21:38:52 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/250936070 Video #2- Do You Have a Financial Plan? lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/252159428 In order to spend money how you so desire, you have to first make sure all your liabilities are covered. You have to make sure your monthly bills and debts are paid. In this video, we found it most helpful because Ellen, a personal financial journalist, broke down the steps you need follow in order to have a successful financial plan. She talks about calculating your net worth to be able to calculate how much you ca spend and how much you need to save in order to have secure finances in your future. We liked that this video discusses more than just preparing the youth for retirement. Ellen talks about achieving our personal future goals as well. Being able to properly budget our expenses is one of the most important skills that we can have right now in order to have a wealthy savings and the ability to avoid financial crisis'.]]> 2018-04-16 14:15:48 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/252159428 Video #3- Tame the Debt Monster lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/252159594 Planning for your future is one of the only ways to assure you are going to encourage the success of it. Rona, a certified financial planner, introduces this video by saying that people don't plan their finances. She says that they say that they wish they saved more but they had to replaces the car or use their money for surprise expenses like a leaky roof. This is what we found most interesting about this video because if we do not have that financial safety net that we had set in place in preparation for unexpected future expenses, then we will not have a sufficient saving, resulting is use going paycheque to paycheque. Planning is the key aspect in a financial safety net. Always expect the unexpected and prepare for it; this is where the safety net comes in.]]> 2018-04-16 14:16:03 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/252159594 Reflective Discussion Questions lisacammisuli https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/252173184 2018-04-16 14:41:36 UTC https://padlet.com/lisacammisuli/ppnnxvdqrst9/wish/252173184