EP058 Invest in Your Financial Well-Being – Financial Literacy Month 2018

Many people struggle to deal with financial planning and debt, leading to high levels of stress and anxiety. Struggling with your finances can affect all parts of your life, and it can be hard to reach your life goals when you are dealing with such a burden.  If financial planning or debt is affecting you, then you are not alone. Canadians have more debt than ever before, and half of all Canadians couldn’t meet their financial obligations if their paycheck were delayed by even one week.

 

November is Financial Literacy Month in Canada. On today’s episode, I discuss how The Financial Consumer Agency of Canada(FCAC) is raising awareness and educating people so that they can increase their financial acumen. I share my thoughts on the fundamental life skill that you need and how creating an effective financial plan can help you get out of debt. I also reveal how you can begin to invest in your financial well-being, make a budget, and start a savings plan.

 

 

“When you understand what’s important to do, how you are doing it, and how to move ahead – you can tackle anything.” – Tracey Bissett

 

This Week on Young Money:

 

• What it means to invest in your financial well-being.
• Creating a plan to pay off your debt.
• How to make informed financial decisions.
• Why you should start good habits early.
• How to take control of your finances.
• What having a plan to reduce your debt means.
• My financial values and what motivated me to make money.
• Strategies I used to make money at an early age.

 

How to take control of your finances:

 

1. Invest in your financial well-being and have control over your week to week and month to month finances.
2. Have a plan to pay off debt.
3. Make informed decisions.
4. Start good habits early – seize the day.
5. Take control of your finances – be courageous and take that first step.

 

Resources Mentioned:

 

• Follow #FLM2018 on social media to find out more great tips and resources.
• Additional episodes to learn more on tip #1 Invest in your financial well being
• • EP011 – Financial Fitness Tips for the Holidays
  • EP012 – The Financial Cost of Comparisonitis with Rachel Brownlow
  • EP018 – Cashflow Cookbook with Gordon Stein
  • EP032 – David Jenkins on Investing with TheAnswerls
  • EP033 – Investing Basics
• Additional episodes to learn more on tip #2 Have a plan to pay off debt
• • EP024 – Young, Fun and Financially Free with Leanna Haakons of Black Hawk Financial
  • EP034 – Jeremiah Brown The 4 Year Olympian
  • EP041 – Striving to be Financially Fit with Monica Da Ponte
• Additional episodes to learn more on tip #3 Make informed decisions
• • EP029 – Buying vs. Leasing a Car
  • EP039 – Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche
  • EP033 – Investing Basics
  • EP047 – Adventures with Crypto – 5 Lessons Learned with Digital Wallets and Buy Transactions
  • EP019 – TFSAs vs. RRSPs
  • EP007 – How’s Your Financial Reputation aka Your Credit Score?
• Additional episodes to learn more on tip #4 Start good habits early
• • EP008 – To Rent or Buy with Alexandra Cote of Sandra Rinomato Properties
  • EP038 – Investor Spotlight Part 1
  • EP040 – Investor Spotlight Part 2
  • EP002 – Out of the Mouths of Young Money Masters
• Additional episodes to learn more on tip #5 – Take control of your finances
• • EP045 – top Feeling Broke with Shannon Lee Simmons
  • EP035 –  How to Prepare for a Side Hustle with Jeet Banerjee
  • EP052 – The Debt Free Graduate with Murray Baker
  • EP057 – Bankruptcy and Consumer Proposals 101 with Doug Hoyes
  • EP054 – Rich is a State of Mind with Robert Gignac
  • EP006 – What are Your Intentions … Financially Speaking with Jackie Porter?
• Financial Consumer Agency of Canada
• Financial Literacy Month
• FCAC Budget Calculator

Get Your Young Money Questions ANSWERED!

 

Want to get all of your Young Money questions answered?  Leave a voice message here and start your journey to invest in your financial well-being this FLM2018.

Remember – there is no silly question when it comes to your financial fitness.

 

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Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!

 

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