Ainsley cunningham education and information coordinator april 11 2006
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Ainsley Cunningham Education and Information Coordinator April 11, 2006. Agenda. Start when you are young You have money You have time Statistics Power of Compounding Set some goals Use a budget Pay yourself first Reward yourself. Money Challenge Prize Question.

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Ainsley cunningham education and information coordinator april 11 2006

Ainsley CunninghamEducation and Information CoordinatorApril 11, 2006


Agenda
Agenda

  • Start when you are young

    • You have money

    • You have time

    • Statistics

  • Power of Compounding

  • Set some goals

    • Use a budget

    • Pay yourself first

    • Reward yourself


Money challenge prize question
Money Challenge Prize Question

  • Would you rather have $10,000 or a penny a

  • day doubled for 30 days?


Start when you are young
START WHEN YOU ARE YOUNG

  • Do you know how much money you have?

  • Canadian Tweens (ages 9-14) spend $1.9 billion annually. (YTVmedia.com)

  • Canadian teens (ages 13-19) spend $14 billion annually. (YTVmedia.com)

  • Tweens influence $20 billion in household purchases annually. (YTVmedia.com)

  • You spend your money on food, clothing and entertainment.


Hook you when you are young
HOOK YOU WHEN YOU ARE YOUNG

  • Time is on your side

  • To learn good habits

  • To recover from market ups and downs

  • To benefit from few financial obligations

  • You have the money


Start when you are young1
START WHEN YOU ARE YOUNG

  • Some of the hard facts

  • Divorce rates on the rise

  • Debt is at an all time high

  • Money matters affect every aspect of our lives

  • Cost to achieve our dreams


Power of compounding
Power of Compounding

  • Compound Interest

  • Interest earned not only on your original investment, but on your accrued earnings as well.


Short term pain long term gain
Short Term Pain Long Term Gain

  • Age Invested Value

  • 19 $2000 $2,200

  • 20 $2000 $4,620

  • 21 $2000 $7,282

  • 22 $2000 $10,210

  • 23 $2000 $13,431

  • 24 $2000 $16,974

  • 25 $2000 $20,872

  • 26 $2000 $25,159

  • 27

  • 65 $1,035,161

  • Total Invested $16,000

  • !0% rate of return


Short term pain long term gain1
Short Term Pain Long Term Gain

  • Age Investment Value

  • 27 $2,000 $2200

  • 35 $2,000 $29875

  • 40 $2,000 $61545

  • 45 $2,000 $112550

  • 50 $2,000 $194694

  • 55 $2,000 $326988

  • 60 $2,000 $540049

  • 65 $805,185

  • Total Invested $78,000

  • !0% rate of return


Setting goals
SETTING GOALS

  • What is a goal?

  • Short term – Spend (weekly)

  • Medium term – Save (six months – one year)

  • Long term – Invest (many years)

  • Giving – Donate (giving to help others)


Tools to reach your goals
TOOLS TO REACH YOUR GOALS

Budget

  • A budget is like a road map. If you don’t know where you are going, how are you going to get there?

  • Income (Earnings) – Expenses (bills) = Savings (thrills)


TOOLS TO REACH YOUR GOALS

  • Pay yourself first

  • Pretend you are a bill that comes due at the end of each month

  • Saving $10 a week gives you $580

  • Save loose change by:

    • Bring your lunch to school

    • Take the bus, ride your bike or car pool

    • Cut down on double lattes or number of movies you go to

    • Borrow books from the library


Tools to reach your goals1
TOOLS TO REACH YOUR GOALS

  • Build in room for rewards

  • Don’t quit spending all together.

  • When you have reached your goal reward yourself


Key

  • Identify your goals

  • Set a plan

  • Follow through



Play the games
Play the Games

  • Review the four games

    • The Thing That Ate my Paycheque

    • Honey I Shrunk the Money

    • Kids and Cash

    • Future Fortune

  • Prizes to be won

  • Parental consent form


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