Paying for the future
How much is tuition at Trent U a year according to the slide show?
What is income?
Money earned from work or other sources
What is the safest investment
A bond
What is a bank?
A for profit company that holds and borrows money
Around 60%
What are the three things that your pay check goes into?
Needs, wants, Future savings
What is Cryptocurrency
A type of currency that exists only in digital form.
What does TFSA stand for
Tax Free Savings Account
What is a credit union?
Non for profit cooperatives who's goal is to server their members
What debt should you get rid of first?
High interest debt
What is a bonus of a grant from OSAP
Do not have to pay a grant back
What is the difference between a credit and debit card?
A credit card is borrowing money. A debt card is used to deduct money directly from the cardholders bank account.
What is a stock?
A single share of a company
What is overdraft?
When you spend more money then is available in your account.
3-6 months
What are three ways to help pay tuition?
Scholarship, OSAP, Bank Loans
What is a Mortgage?
Money borrowed from a financial institution to purchase a home and repaid over many years
What are the three investing accounts we talked about?
TFSA FHSA and RRSP
What is the advantage of a Bank over a union
higher interest rate
What is the equation for financial security
Financial skills + Good decisions = Financial security
What is a SMART goal
Specific, Measurable, Achievable, Realistic, Timely
The skills needed to handle money wisely
What are the big four stock indexes
S&P 500, TSX, DOW jones, NASDAQ
How many years do you have to wait to have you student loans be eliminated by bankruptcy?
7 years
What does financial security mean?
Having enough money to cover your expense, handle emergencies and save for the future