https://padlet.com/vadastone/u11ri9tqylpjomi2 Exploring the different types of savings plans. en-us 2021-11-29 22:35:19 UTC 2021-11-30 02:36:13 UTC hello@padlet.com https://padlet.net/icons/png/1f4b8.png vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919102634 While entering adulthood, having a savings account is a necessity to have, whether it acts as a safety fund or a place to invest with in the future. With my padlet, we get to explore the many different types and ways of saving our money.]]> 2021-11-29 22:41:42 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919102634 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919307323 TFSA's, also known as Tax Free Savings Accounts, are of course tax free savings accounts that also have the potential option to invest your savings as well. This article gives a simple breakdown of the differences between a regular savings account and a tax free savings account. It lays out basic definitions of what you should know about your account and what the extent of it can do now and in the future.]]> 2021-11-30 01:33:35 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919307323 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919317472 TFSA's are pretty straight forward accounts to understand and manage, but investing your savings can be a little iffy feeling. It's always good to have reassurance, so this video helps explain a little more about TFSA's. This YouTube video (and this guy in general) provides an easy "how-to" guide on TFSA's. He explains what ta TFSA is, what you can do with it, and how to use the account to its' full potential. This video also explains the downsides, potential dangers, and limitations on having a TFSA such as being underage and having to contribute a certain amount every month. There are "caps" to TFSA's which is around 6K a month max, but that's not very often someone is ever doing that. TFSA's have the potential to make a lot or lose a lot. It's essential to explore the different types of investment plans from low-risk all the way to high-risk investment plans. Keep in mind, TFSA investors usually get a fee of 3-5% of the money made from that account, so it's not all just "free money"]]> 2021-11-30 01:39:47 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919317472 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919325678 The above image shows various Canadian banks, and the interest charges on these types of savings accounts. These accounts charge all different rates. You have to do a lot of comparing and contrasting with the other banks to get the best deal, or see what fits your needs better.]]> 2021-11-30 01:44:48 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919325678 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919333199 The above article is actually by the Canadian government (which America could never compare with, even with including something like this in their education system). It explains and shows all the different options of savings accounts in Canada. It also gets you to think about the questions you really need to consider, such as "how does this fit my needs?" "what are the charges?" "what are the minimum deposits i can make?" and things such as those. It also explains how you can access these accounts and even explains how the bank you chose calculates the interests on certain types of accounts and cards.]]> 2021-11-30 01:49:02 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919333199 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919343887 Another lovely and thorough explanation video from Brandon Beavis Investing! This one is on RRSP and he seriously explains everything, and WELL. The point of an RRSP is to prepare yourself to have retirement money later in the future. These funds are mainly lower-risk investments to assure you have some chunk of money in your account, and not "gambling" it up with higher-risk investments. When you're working and have income, you want to use high-risk investments because you still have a source of income if you mess up or your investments fail. But, at retirement, you don't have that stable source of income anymore, so you have to make it stable yourself by investing in lower-risk investments.]]> 2021-11-30 01:55:36 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919343887 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919352026 RESP's are a great account to contribute money towards your childs future school/college funds. RESP's are long investments, they can range from 5 years to 10 or 15 - it depends how early you invest. It's a monthly contribution of whatever money, but, of course, there is a limit of contribution money of $50K. The Canadian government provides a 20% match of whatever you contribute, making investing go by a lot quicker. Since the money can be invested, it's very easy to make or break that contributed money.]]> 2021-11-30 02:00:30 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919352026 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919358897 This image is an easy reference to how a GIC works. You first contribute your money via a wire transfer, then interest is depositied into the account, you receive a certain amount of money with interest for a year, then finally receive your money in your account.]]> 2021-11-30 02:04:53 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919358897 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919364780 This is a great and simple article to explain interest-earning chequing accounts. There are certain privileges and disadvantages to using any banking account. This article explains the common features of this account and what its main purpose is. It also includes things you should know, such as figuring out common account fees, how to save money using these accounts, and even when to use this and how/when it's appropriate for use.]]> 2021-11-30 02:08:36 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919364780 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919376265 Savings accounts are not an easy pick and choose thing. There are many different factors to consider when selecting a type of savings account, especially because some may not even apply or make sense for you. Some things to consider before choosing an account are:
1. What will I use the account for? 
     Personal investments? To have an extra chunk of emergency money? For my future child's college fund?
2. How much money do I have to contribute to it?
3. Do I qualify for this type of savings account?
4. How much interest do I make or lose on this account?

With those questions in mind, we can now go and find out what account fits us and our future/current needs. Read to the right to explore all these different types of savings options!]]> 2021-11-30 02:15:18 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919376265 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919385708 GIC's may be a little confusing, but with this video, you get to know enough to understand what they really are. GIC's are a very safe investment with little to no risk involved. GIC's are a GUARANTEED investment, so you will make something no matter what, which is pretty rare to see. It may sound like unicorns and rainbows, but with too good comes bad. The investment must be made consistently for a fixed amount of time, and the interest rates can be sort of intense with these accounts. It's good to explore your options with GIC's and you have to be very mindful and careful with this option.]]> 2021-11-30 02:20:48 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919385708 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919391621 If you don't feel like watching a video on RESP's, take a look at this article. Soon as you read it, it gives you 7 things to know about RESP's - both the good and bad. It tells you where to open RESP's which are either at financial institutions or scholarship plan dealers (a company that only sells RESP's either as an individual or family plan). RESP's also are very strict, you have 60 days to cancel your contract and plan without any penalties, and you have to always be consistent with your money contribution, so beware.]]> 2021-11-30 02:24:04 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919391621 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919394412 The thing that surprised me most is how many savings account options there are in Canada. I don't think I expected so many savings options when I moved here, so it's crazy to see when I become a citizen I have multiple options for not only me, but my future family and/or dependents.]]> 2021-11-30 02:25:48 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919394412 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919396501 It was actually really useful to explore around with TFSA's because my boyfriend currently has one with an investment plan. He explained the basics to me, but I wanted to dig deeper with understanding it, so it was refreshing and reassuring to see that same information (and more) with reading these articles and watching these videos.]]> 2021-11-30 02:27:18 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919396501 vadastone https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919398947 I personally believe that knowing these options is definitely a staple to know with your current or future family. We all make investments sometime in our life, so it's very useful to know the basics of each account and what they do. It makes investing for you a whole bunch easier.]]> 2021-11-30 02:28:47 UTC https://padlet.com/vadastone/u11ri9tqylpjomi2/wish/1919398947