It is important to understand the basic knowledge.
With daily financial choices to make, have you ever wondered if you were informed enough on the subject? According to the Government of Canada’s “Why Financial Capability Matters” report, all Canadians should be educated at a minimum about personal finances. Several advantages derive from basic economic knowledge.
Direct impact on your financial security
Impact on well-being and prosperity
Acquiring basic knowledge in personal finance increases the ability to make informed choices and thereby reduces the risks of economic insecurity.
To enjoy financial security and enjoy prosperity, an individual should be able to make independent decisions about his or her portfolio. However, in order to do this, he must be aware of some basic aspects of a financial plan, but what are these aspects? Do you know enough about personal finance to keep you away from financial difficulties?
Do you know how to budget effectively and protect yourself from financial worries? Read our blog on the top 4 reasons to budget and you’ll be convinced of its usefulness.
What are the conditions that need to be met to be a successful business owner in 2022?
Your life insurance. Does your life insurance meet your needs and will this coverage take care of urgent business expenses? What are the various insurance products necessary for my situation?
Plan your future finances.
Your savings, even if they are not always substantial, any extra cash should be placed in an account that is profitable for you. What investment vehicles are available to everyone? What are the investment vehicles necessary for your situation?
Retirement. Sometimes it seems light years away and sometimes it’s inherent, but it definitely needs to be prepared. Do you know what needs you will have once this stage of your life arrives? Because, believe it or not, it will happen one day and often faster than we imagined! The sooner you plan for it, the more peace of mind you will have and the funds you will need in your retirement years.
As ironic as it may seem, as Francis Vailles illustrates in his article published in La Presse on August 14, 2014, Are you “financially illiterate”? Economic education has been withdrawn from secondary classes in Quebec schools since 2009. However, in Ontario, this subject entered the classes in 2011. The Government of Canada attaches importance and demonstrates its usefulness in matters of economic education. Let us hope that those in charge of secondary programs will see the alarming usefulness of training our young people on the financial capacity to enable them to make informed choices about their economic future.
Do not hesitate to seek help with your finances.
In short, we have illustrated a few avenues that can help you find the information you need to deepen your knowledge of personal finances. This knowledge will help you make informed choices. However, if you are struggling with debt or want more information on debt solutions, such as bankruptcy or consumer proposal. Do not hesitate to come and meet an insolvency advisor from Groupe Leblanc Syndic for a free consultation.