Finances
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The document provides an overview of personal finance topics to help the reader better understand managing their finances. It discusses choosing the right bank account, how to earn more interest, benefits of credit cards and retirement savings plans (RSPs). It shows how contributing to an RSP can reduce taxes and increase savings over time compared to not contributing. The conclusion emphasizes taking responsibility for one's own financial future.
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- 6. Credit Cards Pay Full Balance Pay Minimum Only Rewards Low interest Spending Habits
- 8. Contribution vs No Contribution $780 $0 Deferred Tax $7020 $7 800 Federal + Provincial Tax Bill (26%) $30 000 $30 000 Taxable Income $3000 RSP Contribution $0 RSP Contribution
- 9. Saving Savvy ® $5/day x 7 days = $35/wk $35/wk = $150/mth $150/mth = $1800/yr + 10% annual return =$1890
Editor's Notes
- This is something you can verify from your online bking or view your statement when you get home. How many transactions did you use last mth?? Did you do any withdrawals at other institutions?Do you know how much it cost you?? If yes, you are paying an additional $1.50, at your bank and the other one too. If you often travel and use your bank card, it is an additional $3.00. SHOP THE MARKET!!!!
- Many pple who pay off their balance each mth are still getting hurt by their credit card. Credit card do offer short-term interest-free financing & convenience, but they are NOT for the undisciplined.
- Saving money is NEVER easy. Inflation means things are getting more expensive. Simple example is the bus pass. The Latte Factor® is based on the simple idea that all you need to do to finish rich is to look at the small things you spend your money on every day and see whether you could redirect that spending to yourself. Putting aside as little as a few dollars a day for your future rather than spending it on little purchases such as lattes, fancy coffees, bottled water, fast food, cigarettes, magazines and so on, can really make a difference between accumulating wealth and living paycheck to paycheck.