How to Read Financial Concepts for Smart Teens and Young Adults: An Introduction to Personal Finance for Youth (Financial Literacy Series for Smart Teens Book 3) DOC
Financial literacy is what you need to know to grow and prosperThis is a collection of financial facts, concepts, thoughts and ideas from commercialbrochures, from notes of books I have read, seminars I have attended, from FinancialCourses completed, from school courses I have taught, from radio and TV programs andpractical situations and experiences I have encountered in life. May this be adiscussion starter for you and your mentors.I encourage you to learn more about each topic of interest as it applies to you, ascurrent information may change with financial institutions and governments.These topics are intended for your education, your discussion, and not for specificinvestment advice. Financial literacy is your responsibility, so use the information inthe following pages as a starting point to become financially literate.The topics are listed somewhat in the order as you may encounter them during yourlifetime, from a child to a young adult, or even older, but use them in any order thatmeets your need. Some topics may be repeated, as you will encounter them again andagain at different maturity levels. Henry J.Wieler76 More about Banks and Banking, Credit Unions77 Get Smart about Debt78 Good Debt, BAD Debt79 Easy Credit for Bank Loans encourages More Debt80 Payday Loans and Debt81 Credit Cards and Debt82 Student Loans and Debt83 Car Loans and Debt84 New Furniture and Debt85 a) Mortgage Debt-Purchasing your own home85 b) Mortgage Contracts85 c) Constant Rate Mortgage85 d) High Ratio, CMHC Insured Mortgages85 e) Closed and Open Mortgages85 f) The RRSP Home Buyers Plan86 Credit Score87 Credit Counseling Services – Tackling the Debt88 Bankruptcy89 Insurance – The Purpose of Insurance90 Types of Insurance Compulsory and Optional,90 a) MSP – Medical Insurance90 b) Employment Insurance -E I or U I91 Disability Insurance92 a) Critical Illness Insurance92 b) Long Term Illness/ Care93 Automobile Insurance -Liability and Vehicle Collision94 Vehicle Storage Insurance95 Roadside Assistance Insurance96 Home, Contents, and Mortgage Insurance97 Travel / Medical Insurance98 Travel Cancellation Insurance99 Life Insurance100 Types of Life Insurance101 Life Insurance – Terms to Understand102 Life or Disability Insurance103 Investing in Yourself -Owning your own Business, some Pros and Cons104 Investments, use caution, its your money105 Ways to increase your Wealth106 What to Invest in107 Investment Opportunities for You108 Investments – Stock Markets109 Investments – Mutual Funds110 Types of Mutual Funds, a) income generating and b) growth oriented111 Choosing Funds – Factors to Consider112 Investments – Buying or Building your first Home – Pros and Cons113 Buying a Condominium114 Investing in Other Real Estate115 Pensions116 Canada Pension Plan (CPP)117 Old Age Security (OAS)118 Retirement at Last, - What next, where can you serve?119 Retirement may be a Long Time120 Your Legacy – Possibility Thinking, Final Distribution of your AssetsBonus Topic -The Economy
