StudiCorgi has put together a list of practical strategies to help college students become more financially savvy and develop a healthy money mindset that lasts well beyond their college years. Their visual guide outlines the benefits of financial literacy and the key principles that will enable young adults to manage their finances effectively.
Benefits of financial literacy for college students →11 Financial Words All Parents Should Teach Their Kids by Jennifer Ryan Woods
The following is a list of terms that experts say every kid should learn →How can Canadians achieve financial wellness?
With science-based tools, new research suggests roadmap to recovery for financially stressed Canadians →Financial literacy is one of the most important skills you can develop in your life, but it can often be daunting and overwhelming. There is a new free Financial Literacy course on Khan Academy. From understanding interest rates to navigating the stock market, this course breaks down complex concepts into easy-to-understand lessons that will empower you to take control of your money.
Take your finances to the next level with the practical tips and step-by-step guidance from Khan Academy →Financial resilience is the ability to withstand life events that impact one's income and/or assets.
Steps Toward Financial Resilience →Ontario students will soon be required to pass a financial literacy test as part of a number of changes coming to the requirements needed to earn a high school diploma. Education Minister Stephen Lecce says students will learn home economics such as managing a household budget and how to protect themselves against financial fraud. He says students will need at least 70 per cent on the financial literacy test in order to graduate and it will first be offered in Grade 10 math.
Ontario requiring high school financial literacy test by The Canadian Press →Tips for Teaching Kids About Money By Anna Attkisson
Money lessons are important for kids. Here are some fun, simple ways to teach children about money →Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. The earlier you start, the better off you will be, because education is the key to success when it comes to money.
Financial Literacy: What It Is, and Why It Is So Important →The total cost for you to borrow money. This includes the principal amount of the loan, interest, fees and any other costs associated with the loan.
Keep track of all your debt and the true cost of borrowing →Investing in the stock market is a good way to build wealth over time, but it can feel a little intimidating to get started.
The Stock Market, explained →"Your credit score is a three-digit number that comes from the information in your credit report. It shows how well you manage credit and how risky it would be for a lender to lend you money. Your credit score is calculated using a formula based on your credit report. Note that you: - get points if you use your credit responsibly - lose points if you have trouble managing your credit Your credit score will change over time as your credit report is updated."
Learn more about your credit score →1. Assess your risk tolerance 2. Choose Your Investing Style 3. Decide How Much You Can Invest 4. Pick the Right Kind of Stock Investments 5. Choose a broker 6. Open the right investment account 7. Diversify Your Stocks 8. Keep a Steady Eye on Your Portfolio 9. Invest Consistently for the Long-Term
How to Start Investing in Canada: 9 Steps to Success →An ETF is essentially a basket of investments such as stocks or bonds. In this sense they’re similar to mutual funds, but unlike mutual funds, shares of ETFs can be traded throughout the day on an exchange, much like an individual stock.
Learn about the benefits of ETFs →Take this self-assessment quiz to figure out how your financial literacy skills and knowledge measure up compared to other Canadians.
Financial literacy self-assessment quiz →Your net worth is simply the difference between your assets (what you own) and liabilities (what you owe).
See your net worth and take the pulse of your overall financial health →APR stands for Annual Percentage Rate. It's the yearly interest rate you pay on a loan or credit card. However, a credit card's advertised APR isn't the true interest rate because it compounds daily.
Learn how to calculate the effective APR to find a credit card's true interest rate →Compound interest is the interest on savings calculated on both the initial principal and the accumulated interest from previous periods.
Discover the magic of compounding and why it's important to increasing wealth →Inflation is a persistent rise in the average level of prices over time.
Price check: Inflation in Canada →We believe financial planning should be simple, engaging and understandable for everyone.
Why is budgeting an essential personal finance tool →"Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term. The key difference between a GIC and a term deposit is the length of the term. Term deposits generally have shorter terms than GICs."
Learn about the key details before buying a GIC →← Curating the web to find the most interesting and helpful information about your money.