Social Media
The Chase Bank Glitch was what type of fraud?
Cheque Fraud
Can you invest in your TFSA account?
Yes and it is even recommended
Bi-weekly and semi-monthly are the same
False
Bi-weekly amounts to two more payments per year.
What does an annual fee on a credit card imply?
It means there is a fee associated to owning the credit card
What is the name of our main CFEE representative?
Chad
When influencers flex AMEX cards, they are actually flexing ________
Good credit
A _____________ investment account is tax deferred or tax sheltered
Registered investment account (think TFSA and RRSP)
True!
What is the difference between a condo and an apartment?
Ownership!
Apartment - renting
Condo - you own it
"Buying your first home" is a workshop we offer
True!
In 2016, [A social media platform], made the most in revenue.
Facebook!
You need a minimum of $10 to begin investing on ANY of the major brokering applications
False! Take those spare $9 you have and start investing!
When you first apply for an Amex card, they do a hard check and if you fail, you can never re-apply
False. They do perform a hard check but you can re-apply. Failing does impact your credit score though, so be careful!
What does a "secured loan" imply?
If you do not repay your loan, the creditor has legal claim of your assets.
What are 2/3 strategies we teach in "building an investment portfolio" to reduce the risk of investing?
1. Diversification
2. Asset Allocation
3. Dollar cost averaging (investing a fixed amount of $$ and ignoring the fluctuations)
In December of 2022, a group of finance influencers endorsed a stock that they were planning on "dumping" by sharing fake information with followers. They got in trouble, but did they receive criminal charges?
Yes they did! It was called a stock manipulation scheme and they were charged with conspiracy to commit securities fraud.
https://www.buzzfeednews.com/article/stefficao/finance-influencers-stock-manipulation-scheme
Geography is one of the factors to consider when buying stocks
True; investing in a country with heavy political turmoil is risky.
When you open a TFSA with Wealthsimple, they immediately give you $100 to invest with if you're a university student
False. We wish though!
What is the difference between a open and closed mortgage?
Closed: offers limited (or no) options to pay off your mortgage early in full or in part, but it usually has a lower interest rate than open mortgage.
There are usually 1-2 CFEE representatives
What type of fraud was Kayla Massa involved in?
A type of money laundering using her followers bank accounts
In non-registered accounts, what percentage are you required to pay on capital gains?
50% of your net gains are taxed in non-registered accounts
Short bonds (2 years) have a higher potential to decrease in one year than a GIC (1-5 years)
False.
Short bonds - ~4% potential to decrease if rates increase
GICS - ~8% potential to decrease if rates increase
What does portability mean?
Portability is an option that lets you transfer or switch your mortgage to another home with little or no penalty when you sell your existing home. Mortgage loan insurance can also be transferred to the new home.
What were the two methods we teach for managing debt?
Snowball method and Avalanche method