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Ainsley Cunningham Education and Information Coordinator April 11, 2006

Ainsley Cunningham Education and Information Coordinator April 11, 2006. Agenda. Start when you are young You have money You have time Statistics Power of Compounding Set some goals Use a budget Pay yourself first Reward yourself. Money Challenge Prize Question.

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Ainsley Cunningham Education and Information Coordinator April 11, 2006

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  1. Ainsley CunninghamEducation and Information CoordinatorApril 11, 2006

  2. Agenda • Start when you are young • You have money • You have time • Statistics • Power of Compounding • Set some goals • Use a budget • Pay yourself first • Reward yourself

  3. Money Challenge Prize Question • Would you rather have $10,000 or a penny a • day doubled for 30 days?

  4. START WHEN YOU ARE YOUNG • Do you know how much money you have? • Canadian Tweens (ages 9-14) spend $1.9 billion annually. (YTVmedia.com) • Canadian teens (ages 13-19) spend $14 billion annually. (YTVmedia.com) • Tweens influence $20 billion in household purchases annually. (YTVmedia.com) • You spend your money on food, clothing and entertainment.

  5. HOOK YOU WHEN YOU ARE YOUNG • Time is on your side • To learn good habits • To recover from market ups and downs • To benefit from few financial obligations • You have the money

  6. START WHEN YOU ARE YOUNG • Some of the hard facts • Divorce rates on the rise • Debt is at an all time high • Money matters affect every aspect of our lives • Cost to achieve our dreams

  7. Power of Compounding • Compound Interest • Interest earned not only on your original investment, but on your accrued earnings as well.

  8. Short Term Pain Long Term Gain • Age Invested Value • 19 $2000 $2,200 • 20 $2000 $4,620 • 21 $2000 $7,282 • 22 $2000 $10,210 • 23 $2000 $13,431 • 24 $2000 $16,974 • 25 $2000 $20,872 • 26 $2000 $25,159 • 27 • 65 $1,035,161 • Total Invested $16,000 • !0% rate of return

  9. Short Term Pain Long Term Gain • Age Investment Value • 27 $2,000 $2200 • 35 $2,000 $29875 • 40 $2,000 $61545 • 45 $2,000 $112550 • 50 $2,000 $194694 • 55 $2,000 $326988 • 60 $2,000 $540049 • 65 $805,185 • Total Invested $78,000 • !0% rate of return

  10. SETTING GOALS • What is a goal? • Short term – Spend (weekly) • Medium term – Save (six months – one year) • Long term – Invest (many years) • Giving – Donate (giving to help others)

  11. TOOLS TO REACH YOUR GOALS Budget • A budget is like a road map. If you don’t know where you are going, how are you going to get there? • Income (Earnings) – Expenses (bills) = Savings (thrills)

  12. TOOLS TO REACH YOUR GOALS • Pay yourself first • Pretend you are a bill that comes due at the end of each month • Saving $10 a week gives you $580 • Save loose change by: • Bring your lunch to school • Take the bus, ride your bike or car pool • Cut down on double lattes or number of movies you go to • Borrow books from the library

  13. TOOLS TO REACH YOUR GOALS • Build in room for rewards • Don’t quit spending all together. • When you have reached your goal reward yourself

  14. Key • Identify your goals • Set a plan • Follow through

  15. $10737418

  16. Play the Games • Review the four games • The Thing That Ate my Paycheque • Honey I Shrunk the Money • Kids and Cash • Future Fortune • Prizes to be won • Parental consent form

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