ainsley cunningham education and information coordinator april 11 2006 n.
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Ainsley Cunningham Education and Information Coordinator April 11, 2006

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  1. Ainsley CunninghamEducation and Information CoordinatorApril 11, 2006

  2. 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

  3. Money Challenge Prize Question • Would you rather have $10,000 or a penny a • day doubled for 30 days?

  4. 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.

  5. 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

  6. 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

  7. Power of Compounding • Compound Interest • Interest earned not only on your original investment, but on your accrued earnings as well.

  8. 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

  9. 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

  10. 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)

  11. 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)

  12. 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

  13. TOOLS TO REACH YOUR GOALS • Build in room for rewards • Don’t quit spending all together. • When you have reached your goal reward yourself

  14. Key • Identify your goals • Set a plan • Follow through

  15. $10737418

  16. 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