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- Aw shucks, I spent all my money, now I can’t even afford gas or snacks.
- Have no fear Money-man is here to explain the basics of saving, financial stability, and furthermore how to grow your wealth with specific methods. Well let’s start with saving, because it’s the first step to achieving wealth and managing your money.
- Thank you so much Money-Man, please take your time to explain.
- Well back to saving, is there anything involving the bank?
- Budgeting is a popular method used in order to satisfy yourself while saving. Always remember to divide your earnings; 50% for needs, 30% for wants, and 20% for savings. Also remember, saving is how you can become financially stable.
- Insurance is an arrangement which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. It essentially compensates you for the unlucky moments in life. Some forms of insurances include: Health Insurance(if you fall ill), Auto Insurance(if your car is in an accident), Property Insurance(if property is damaged by a third party).
- It is also smart to cover the unexpected dips and risks of life by purchasing insurance.
- What is insurance, and what risks should I cover?
- Ok lets move onto the best part, how to make the money.
- First of all, before diving headfirst into investing, I recommend researching and investing in theS&P 500. The S&P 500 includes stocks in all major areas, including technology and consumer discretionary—meaning declines in some sectors may be offset by gains in other sectors. It's a benchmark for many major funds and portfolio managers. From 1950 to 2021, the S&P 500 has yielded an annualized average return of 11.53% and is a great long term investment.
- Quite a handful, but I'll be sure to revise with resources I have access to such as google.
- TFSA, also known as a tax free savings account, is aprogram that began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime.
- There are two types of accounts you should open at the bank; a RRSP and a TFSA.
- An RRSP is A Registered Retirement Savings Plan (RRSP), it  is a savings plan, registered with the Canadian government that you can contribute to for retirement purposes.You can hold a wide range of investments within an RRSP, depending on the type of plan, certain investments are  tax-deferred in the RRSP until you withdraw the funds.
- Thanks Money-Man, the next time I see you I will show you my progress, and I hope one day to be just like you.
- I hope you at least took some of that information and applied it to your life, and if you're ever confused just call my name "Money-Man."
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