Financial Planning and Budgeting

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Financial Planning and Budgeting

  1. 1. Junior Achievement – Economics of Success Facilitated by: Kwan Ho Fok
  2. 2. Agenda• What is Financial Literacy?• What is a Chartered Accountant (CA) Designation?• A Snapshot of your Life• Financial Planning
  3. 3. Activity 1: Pre-Survey
  4. 4. What is Financial Literacy?• Knowledge, skills, and confidence to make responsible financial decisions Financial Literacy Chartered Accountant Snapshot Financial Planning
  5. 5. Why Financial Literacy?• 30% feel they will not be able to retire at 65• 49% don’t do any research regarding their investments• 53% do not contribute to their Registered Retirement Savings Plans annually• 58% do not have a financial plan Financial Literacy Chartered Accountant Snapshot Financial Planning
  6. 6. Lacking Financial LiteracyDebt-to-Income Ratio Personal Savings Rate Financial Literacy Chartered Accountant Snapshot Financial Planning
  7. 7. Someone like a CA!Financial Literacy Chartered Accountant Snapshot Financial Planning
  8. 8. What is a CA Designation?• Internationally recognized professional designation• All forms of businesses and finance – Audit, taxation, finance, assurance• Opportunities to work abroad Financial Literacy Chartered Accountant Snapshot Financial Planning
  9. 9. Where are CA Professionals? Public Accounting Firms Industry Financial Literacy Chartered Accountant Snapshot Financial Planning
  10. 10. Characteristics of a CA1. Interest in organizations as a whole2. Strong interpersonal, leadership, and teamwork skills3. Broad knowledge4. Flexibility – practical and theoretical Financial Literacy Chartered Accountant Snapshot Financial Planning
  11. 11. A Snapshot of your Life1. Graduate High School and Enter University2. Graduate from an Accredited University Program3. CA Training4. Take the ICAO Professional Program5. Obtain CA Designation6. Repay your Student Loan7. Investments8. Retirement9. Death Financial Literacy Chartered Accountant Snapshot Financial Planning
  12. 12. Activity 2: Financial Planning and Budgeting Financial Literacy Chartered Accountant Snapshot Financial Planning
  13. 13. Graduate High School and Enter University Variety of Extra-Curricular Courses Activities Find the right University Financial Literacy Chartered Accountant Snapshot Financial Planning
  14. 14. Graduate from an Recognized Accounting Program Academics Extra-curriculars Financial Literacy Chartered Accountant Snapshot Financial Planning
  15. 15. CA TrainingFinancial Literacy Chartered Accountant Snapshot Financial Planning
  16. 16. Take the ICAO Professional Program Financial Literacy Chartered Accountant Snapshot Financial Planning
  17. 17. Obtain CA DesignationFinancial Literacy Chartered Accountant Snapshot Financial Planning
  18. 18. Repay your Student Loan• Average Domestic Tuition at: – Rotman Commerce: $46939.27 – Schulich School of Business: $33457.20 – Queen’s School of Business: $52811.00• Average First-Year CA Salary: $74,400 Financial Literacy Chartered Accountant Snapshot Financial Planning
  19. 19. InvestmentsFinancial Literacy Chartered Accountant Snapshot Financial Planning
  20. 20. RetirementFinancial Literacy Chartered Accountant Snapshot Financial Planning
  21. 21. DeathFinancial Literacy Chartered Accountant Snapshot Financial Planning
  22. 22. Activity 3: Financial Planning and Budgeting Financial Literacy Chartered Accountant Snapshot Financial Planning
  23. 23. Activity 4: Checklist to be a CA Financial Literacy Chartered Accountant Snapshot Financial Planning
  24. 24. Information and Inquiries• http://jafinancialplanningandbudgeting.weebly.com Kwan Ho Fokkwanho.fok@utoronto.ca Financial Literacy Chartered Accountant Snapshot Financial Planning
  25. 25. “Financial literacy is a critical issue that isbecoming increasingly important in Canadaand around the world. Canadians mustacquire and enhance their financial lifeskills.” Ursula Menke, Commissioner, FCAC
  26. 26. Learn from the Past, Think in the Present, Plan for the Future.
  27. 27. Activity 5: Post-Survey

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