Protecting Against Fraud – Canada

Protecting Against Fraud In the past, information about your bank transactions, credit card transactions, investment statements, and other financial paperwork came through paper documents.  People were told to keep these documents safe or shred them when they were not longer needed.  Today, the majority of our financial records can be accessed online.  Apart from a few paper records, everything you need to know can be … Continue reading Protecting Against Fraud – Canada »

Types of Insurance in Canada

Insurance The idea behind insurance is that random bad thing can happen to just about anyone, and sometimes those random things are expensive to resolve.  Car crashes, medical emergencies, and flooding can destroy your personal saving and investing accounts if they happen to you and you’re not prepared to deal with them. How Does Insurance Work? To reduce the financial risk associated with these unexpected … Continue reading Types of Insurance in Canada »

Credit Reports – Canada

Credit reports contains your credit history – both the good and the bad. If you watch late-night TV, you may have seen a few commercials offering free credit reports, so you might know a little about them. Most people don’t know how important a credit report can play in their financial lives.

Pay Yourself First Canada

On every payday, start by taking out money for savings and put it directly into your savings or investing account. Most banks have accounts that will let you do this though automatic transfers. This is one banking service that you should definitely take advantage of.
Once your savings is taken care of, use the remaining cash to pay your bills. Any money remaining can be used for fun and leisure. This method is a no excuses savings approach. No matter what else is happening in your life, you are paying yourself by contributing to your savings. This habit ensures that your savings and investments experience a steady growth rate.

This Way to a Home of Your Own—5 Stages of the Home Buying Process

This Way to a Home of Your Own—5 Stages of the Home Buying Process We all know how to buy coffee at a coffee shop. You swipe your debit or credit card and the barista hands you your coffee. Some of us have gone through the process of buying a car. You spend an hour negotiating price and then another 15 minutes signing paperwork. But … Continue reading This Way to a Home of Your Own—5 Stages of the Home Buying Process »

Lessons Completed! Student Banking Services

Lessons Completed! Student Banking Services Congratulations on playing our financial life simulation and completing all of our lessons. We now invite you to make the transition from the simulation accounts to real world accounts… Where are you on your financial journey? We’re ready to give you personalized, face to face guidance in a safe environment* at a time and location that works for you. Our … Continue reading Lessons Completed! Student Banking Services »

Beyond Salary: Knowing Your Benefits

Beyond Salary: Knowing Your Benefits Congratulations! You will soon be graduating from college and negotiating your various job offers. You have worked hard to graduate and you deserve a great paying job. But as you start to negotiate your offers, keep in mind that you really should be considering the overall compensation package. Salary is important, but so are things like location and commute to … Continue reading Beyond Salary: Knowing Your Benefits »

How Your Credit Card Interest is Calculated

How Your Credit Card Interest is Calculated Have you ever wondered how the interest that is charged on your credit card is actually calculated? If you understand a little of the credit card company’s math, you can save yourself lots of money over your lifetime by realizing EVERY DAY counts. Click on the video image below to see a simple example of how your APR … Continue reading How Your Credit Card Interest is Calculated »

10 Online and Mobile Security Tips

10 Online and Mobile Security Tips As you learn to save and become more aware of your personal finances, you will find yourself accessing your checking, savings, credit cards and other accounts online or via your mobile phone. This means bookmarking your banks URLs, installing their mobile apps on your phone, and inevitably the hassle of remembering all of your logins and passwords. While it … Continue reading 10 Online and Mobile Security Tips »

8 Tips for Getting the Most Out of Your Checking Account

8 Tips for Getting the Most Out of Your Checking Account Hopefully by now you have a real checking account that you use to manage your monthly cash inflows and outflows. But are you really using all the features that your checking account offers? While there are lots of negatives associated with a checking account, likes ATM fees and overdraft charges, there are lots of … Continue reading 8 Tips for Getting the Most Out of Your Checking Account »

Credit Card vs Debit Card: What’s the Difference?

Credit Card vs Debit Card: What’s the Difference? Over time, our society moved away from paying for goods and services with gold and silver to paying for things with cash. In the last two decades, we have been transitioning from paying for things with cash to credit and debit cards. While these 2 cards may look the same, their features and uses are very different. … Continue reading Credit Card vs Debit Card: What’s the Difference? »

8-09 Cryptocurrency Trading

Cryptocurrency Trading What are Cryptocurrencies? Cryptocurrencies come in many shapes and sizes. Some of them are designed to be like a form of “digital gold”, like Bitcoin. Others, like Ethereum are designed to be programable money. There are many different use cases for these “digital assets”. In general, cryptocurrencies are a form of digital money that is secured by the highest level of cryptography. Cryptocurrencies … Continue reading 8-09 Cryptocurrency Trading »

8-10 ESG Investing

8-10 ESG Investing ESG Investing means investing not only on the fundamental and technical aspects of a stock, but also the social and environmental impacts of how the business is run. “ESG” means “Environmental, Social, and Corporate Governance” – a measure of sustainability and social impact of a business. What is ESG Investing? ESG Investing is the concept that investors should be doing more than … Continue reading 8-10 ESG Investing »

1-08 Commodities

1-08 Commodities So far, we have talked about what the average “retail investor” thinks about when investing – bank accounts, stocks, bonds, and mutual funds. But the world is a big place, and there are bigger ways to invest! Besides the stock market, the biggest investment markets in the world are for commodities – raw materials that form the basis for the economy. What Are … Continue reading 1-08 Commodities »

How Do Bonds Work?

How Do Bonds Work? Can’t view on YouTube? Click Here A bond is an IOU. Governments and businesses can raise money for their projects by requesting money from investors. The organizations who raise money through bonds are called bond issuers. The groups or individuals who provide the money are called bond buyers, or bond holders. The bond buyer lends money to the bond issuer who … Continue reading How Do Bonds Work? »

Comparing Loans – Using Spreadsheets to Compare Car Financing Options

Spreadsheets – Using Spreadsheets to compare loans You finally made the big decision – you are going to buy a car. You did your research and the test drives – you found 3 cars that you really like, from three different dealerships. You really love them all – but at the end of the day, your final decision will come down to price. But what … Continue reading Comparing Loans – Using Spreadsheets to Compare Car Financing Options »

Savings Growth and Compound Interest Calculator!

Compound Interest Calculator! The first thing to consider with all personal finance is the idea of compound interest! This is what separates the “Piggy Bank” savers from the Warren Buffets; making use of interest compounding is how you can really make your savings grow! If you have already used our Investment Return Calculator, you can use this calculator to see how different types of compounding … Continue reading Savings Growth and Compound Interest Calculator! »

Advanced Investment Return Calculator!

Advanced Investment Return Calculator! Find out the difference between Simple and Compound Interest! See how big an impact your tax rates and inflation have on your savings over time! If you have already used our Becoming A Millionaire Calculator, you can use your targeted Expected Investment Return numbers in this calculator to see how to make that return happen! Once you see how moving the … Continue reading Advanced Investment Return Calculator! »

Home Budget Calculator!

Home Budget Calculator! Most people think that the difficult part of personal finance is building your monthly budget and sticking to it. There are tons of different expenses and payments to consider, so we put all the big ones in one place! This tool will also help you see exactly how much you can set aside for savings every month! If you already used our … Continue reading Home Budget Calculator! »

Credit Card Payment Calculator!

Credit Card Payment Calculator! Credit Cards! These are usually the first “loans” a person takes out, and the first monthly payments! Tens of thousands of young people dig themselves deep into credit card debt before they even realize it, so have fun with this payments calculator to see how much these bits of plastic REALLY cost! If you have already used our Compound Interest Calculator, … Continue reading Credit Card Payment Calculator! »

Car Loan Calculator!

Car Loan Calculator! The first BIG purchase many people make is when they buy their first car. This calculator will help show the impact of many of the biggest factors people need to consider when taking out their first loan for a big purchase. If you have used our Credit Card Payment Calculator to see how minimum payments on small loans are made, you might … Continue reading Car Loan Calculator! »

Net Worth Calculator!

Net Worth Calculator! Knowing your net worth is the first step towards growing it! This tool will help you organize your assets in one place, and even help project how they will grow in the future. If you have used our home budgeting calculator to help see where you can improve your savings, the next step is measuring your net worth to see how to … Continue reading Net Worth Calculator! »

Student Loans

A student loan is exactly what it sounds like – a loan given to students to finance their studies. This is most common for college or university students, but also works for trade schools and other vocational studies.

Cash Flow Statement

The cash flow statement allows company management to see where the company’s money is coming from and how it is being spent. Most companies will complete a cash flow statement at least quarterly because it the best financial report to show how well the company generates cash to pay its debts and fund its operating expenses.

What is a Balance Sheet?

Balance Sheet Businesses keep financial records to understand how their company is performing financially. For publicly traded companies (a business that sells shares of stock to the public on stock exchanges), these records are also shared with investors. The three main financial statements companies use are the income statement, the balance sheet, and the cash flow statement. The balance sheet provides an overview of the value … Continue reading What is a Balance Sheet? »

What is an Income Statement?

The income statement primarily focuses on the company’s revenue and expenses (what they’ve earned and what they’ve paid for) during a particular period of time. The bottom line shows a net profit or a net loss depending on the company’s performance during that time period. Companies may complete an income statement whenever they want, but typically they are completed quarterly (every three months) or annually.

Investing Strategies

An investing strategy is a plan for how to save money and help it grow. Sometimes an investing strategy can be as simple as “plan for trading stocks,” but it really means a lot more.

Starting A Business

Starting A Business Building the next “big thing”. Being your own boss. Getting the full rewards for your work. There are a lot of reasons to start a business, but taking the plunge is a step entrepreneurs have to face if they plan on striking out on their own. Why Do People Start Their Own Business? Every business starts with someone who wants to do … Continue reading Starting A Business »

Planning for Retirement

Planning for Retirement This lesson was made possible thanks to Pacific Life Insurance Company You may think that retirement is something that only old people must worry about, but that’s not true. Retirement is when you stop working and live off your savings and other sources of income. It may seem like a long way off, but the sooner you start planning for it, the … Continue reading Planning for Retirement »

Building Wealth

Building Wealth Building wealth is a long-term financial goal that provides financial security, and sets the stage for a comfortable retirement. Although there is no secret formula for becoming wealthy, the process involves developing a solid financial plan, sticking to it, and creating a sustainable strategy that grows your wealth over time. This typically requires dedication, patience, and discipline and can be achieved by incorporating … Continue reading Building Wealth »

Family Planning

Family Planning Before starting a family, you have to know how to manage a household. You probably have an idea about how to be a good housemate from the things that you like and don’t like about living with your family. There’s more to it than who will wash the dishes or who will take out the trash. Before moving in with anyone, even a … Continue reading Family Planning »

Mortgages

A mortgage is a type of secured loan, with real estate or a house used as collateral. This means you will make an agreement with your bank, credit union, or savings & loan institution to borrow a large sum of money, with a piece of property as collateral.

Buying a Car

Buying a Car Buying a car is usually the first big purchase a person will make. There is also no shortage of horror stories of people immediately regretting the decision, either by buying a new car and later struggling to meet payments, or a used car with hidden mechanical problems demanding costly repairs. When you need to buy your first (or next) car, make sure … Continue reading Buying a Car »

Spending Shocks

“Spending Shocks” are large, irregular expenses. According to CBS, more than 60% of Americans cannot absorb a $500 spending shock: spending shocks are the #1 reasons why budgets end up abandoned, and being prepared for large spending shocks is the best thing you can do to keep your personal finances healthy.

Budgeting and Spending Strategies

Budgeting and Spending Strategies Building a budget or a spending plan is tough. Sticking to the plan is even tougher. Thankfully, there are a few strategies designed to help you develop positive habits. These strategies will help you learn to save, stick with your budget, plan for emergencies, and control your impulse spending.  Budgeting Strategies Budgeting strategies refer to different ways to approach the task of budgeting in order … Continue reading Budgeting and Spending Strategies »

Pay Yourself First

On every payday, start by taking out money for savings and put it directly into your savings or investing account. Most banks have accounts that will let you do this though automatic transfers. This is one banking service that you should definitely take advantage of.
Once your savings is taken care of, use the remaining cash to pay your bills. Any money remaining can be used for fun and leisure. This method is a no excuses savings approach. No matter what else is happening in your life, you are paying yourself by contributing to your savings. This habit ensures that your savings and investments experience a steady growth rate.

Income and Compensation

Income and Compensation To be self-sufficient in our economy, everyone needs some type of income; which is money to pay the bills and other living expenses. This comes in many shapes and forms. When you have a job, the total compensation from your employer consists of more than just the paycheck you get. Different employers offer many different compensation packages. Finding the right balance between them is … Continue reading Income and Compensation »

Bankruptcy

Bankruptcy is a type of forced debt settlement, and it is a legal procedure. When you declare bankruptcy, the court will gather all your unsecured creditors together to hear about the debts you owe. They will then examine all your assets and determine a plan to pay out as much as they can to settle as many debts as possible.

Debt Management Services

Debt Management Services If you find yourself over your head in debt, there is always a light at the end of the tunnel. Credit counseling agencies, both for-profit and non-profit, exist in every state to help people build a clear, workable path back to a healthy personal financial situation. If you do need the help of a credit counselor, this is what you can expect. … Continue reading Debt Management Services »

Debt Negotiation

Debt Negotiation Most adults have faced a financial emergency, when an unexpected event has broken their budget or spending plan into pieces. Sometimes more than one emergency has occurred in a short period of time, causing debt balances to spiral out of control. Even in extreme circumstances, it is still possible to keep your personal finances under control. With some ingenuity and a little bit of work, … Continue reading Debt Negotiation »

Juggling Bills

Juggling Bills Financial emergencies happen to everyone; like your car breaks down and it drains your bank account to pay for the repairs. However, that doesn’t mean your bills will be put on hold while you catch-up. They will continue to be due, even though you won’t have enough money to pay for them this month. When creating a personal financial plan, one of the … Continue reading Juggling Bills »

Researching Purchases

Researching Purchases Every person makes hundreds of purchase decisions every month. Think about how many individual items you choose when buying groceries. Which fruits or vegetables will you buy? Which cleaning product will you pick up? What if you need new batteries… An important step in managing your personal finances is to understand the reasons why you make purchases and to be able to research … Continue reading Researching Purchases »

Work Vs Study

Work Versus Study Every high school student makes a choice when they are about to graduate – enter the job market right away, enter a trade school, or enroll in a university? Everyone will make the same kind of choice many times throughout their lives. If you first choose to work, the option is usually still available later to go back to school. University graduates … Continue reading Work Vs Study »

Protecting Against Fraud

Protecting Against Fraud In the past, information about your bank transactions, credit card transactions, investment statements, and other financial paperwork came through paper documents.  People were told to keep these documents safe or shred them when they were not longer needed.  Today, the majority of our financial records can be accessed online.  Apart from a few paper records, everything you need to know can be … Continue reading Protecting Against Fraud »

Planning Long Term Purchases

Planning Long-Term Purchases When evaluating how to spend your money, most people make a fairly simple comparison. If the benefit they believe they will receive from the purchase is greater than the cost, then most people go ahead with the purchase. To master your personal finances, you need to start thinking long-term. There are many potential purchases you believe are worth the money, so you … Continue reading Planning Long Term Purchases »

Contracts

A contract is a legally binding agreement between two parties (people, companies, or both) in which something of value is exchanged. One party promises to do something in return for a something else. Since a contract is legally binding, if one party does not do what was agreed upon, the other party can sue them in court to either enforce the contract or receive compensation. Contracts are involved in personal and business dealings, so it is important that you understand the rules governing them.

Consumer rights and responsibilities

Consumerism – Rights and Responsibilities Every time you buy something, you are considered a consumer. The noun consumerism refers to the idea that spending money and consuming goods is good for our economy. Because you are willing to spend money on goods and services, businesses can produce items, people can have jobs, money can flow, and our economy expands.  As the world’s economy grows, each person is … Continue reading Consumer rights and responsibilities »

Health Insurance

Health insurance is usually the most complicated and expensive insurance you need. Unfortunately, it’s also usually the most important, making it very difficult to avoid the cost. With very few exceptions, health insurance is mandatory for all citizens in the United States, but the way you become insured will change drastically based on your age, income, and the company you work for.

Life Insurance

Life insurance is an insurance policy designed to pay out if the insured person dies. These policies were created so that if the main income holder of a household died, the payout from the policy could be used to support his/her family. Over the last 50 years, life insurance policies have greatly expanded in both form and function. Sometimes they look more like investment vehicles than simple insurance policies.

Homeowner’s Insurance

Homeowner’s Insurance is a broad type of insurance coverage designed to cover a home, its contents, and the property it sits on. This insurance is very broad, wrapping many different types of coverage into one package.

Rental Insurance

Renter’s Insurance is taken out on property you rent to insure against damage or loss. Renter’s insurance works in a similar fashion to homeowner’s insurance. Homeowner’s insurance is designed to cover damage to a home’s interior and exterior, the theft of possessions, and personal liability for harm to others, for example if someone fell down your porch steps and sued you.

Car Insurance

Car Insurance If you drive a car, you need to be covered by some sort of automobile insurance. You have probably seen dozens of advertisements from insurance companies claiming to help lower your rates, improve your coverage, or just encouraging you to compare rates, but before you buy your first insurance policy or change insurance providers, the first step is understanding exactly how car insurance works. … Continue reading Car Insurance »

Wall Street

Wall Street” is a street in New York City, near the southern end of Manhattan Island. It is the home of the New York Stock Exchange, and the biggest center of stock trading and finance in the world.

Understanding the role of accountants in business and society

Accounting Regulation and Ethics Professional accountants are vital to our economy and society. Accountants ensure the effective use of resources by recommending ways to reduce cost, increase revenue, and mitigate risk. The accountancy profession is only as good as the quality of service provided by its members. The regulatory environment of the accounting industry seeks to ensure the quality and consistency of these services. This … Continue reading Understanding the role of accountants in business and society »

Types of Insurance

Insurance The idea behind insurance is that random bad thing can happen to just about anyone, and sometimes those random things are expensive to resolve.  Car crashes, medical emergencies, and flooding can destroy your personal saving and investing accounts if they happen to you and you’re not prepared to deal with them. How Does Insurance Work? To reduce the financial risk associated with these unexpected … Continue reading Types of Insurance »

Audits

Once you file your income taxes, the IRS will review all the forms you submit (your tax return) and either accept your submission or reject and return it to you for a correction, usually with very little turnaround time. This can happen whether you are paying what you owe or receiving a refund. However, occasionally the IRS will decide to “audit” your tax return, asking you to provide some supporting documentation before your tax return is accepted.

Tax Professional

When to Hire a Tax Professional Most young people are perfectly capable of filing their own taxes using the IRS Form 1040. However, as your personal finances grow more complex and you become eligible for tax credits, have multiple sources of income, or need to report common tax additions, filing your own taxes becomes more complicated. At the point where completing your own tax return becomes … Continue reading Tax Professional »

Tax Additions

Tax Additions: Situations Requiring You to Pay Extra Income Tax Everyone loves getting tax breaks, but what can really impact your finances is forgetting about tax additions – extra taxes and fees you owe for income that should be reported when you file your income taxes.  Forgetting to include this income and not paying the taxes owed on this amount will hurt you in the … Continue reading Tax Additions »

Filing Taxes and 1040

Income Tax Filing and the Form 1040 What is income tax? Income tax is the tax you pay on your income, usually directly taken out of your paycheck. Everyone who works in the United States should be paying income tax on their earnings. Income is more than just wages and salaries too. If you earn rental income from properties you own, investment income, interest on … Continue reading Filing Taxes and 1040 »

Sales Tax

“Sales Tax” is a tax that is charged on goods sold to end customers, the final user of that product. The sales tax is a set percentage of the sale price of the goods sold, and individual states set their own sales tax percentages. Most states use sales taxes to generate revenue to pay for the state’s operations, but some charge no sales tax at all.

Credit Reports

Credit reports contains your credit history – both the good and the bad. If you watch late-night TV, you may have seen a few commercials offering free credit reports, so you might know a little about them. Most people don’t know how important a credit report can play in their financial lives.

Short Term Financing

Short-term financing means taking out a loan to make a purchase, usually with a loan term of less than one year. There are many different types of short-term financing, the most common of which are “Buy Now, Pay Later,” “Unsecured Personal Loans,” and “Payday Loans.”

Credit Cards

A credit card is a form of unsecured credit (meaning a loan without collateral) that you can use to make everyday purchases. All credit card purchases are made using a loan. You borrow money from your credit card issuer to make the purchase and pay it back later, plus interest.