The Ira Smith Team is absolutely
operational, and Ira, in addition to Brandon Smith,
is readily available for a telephone consultation or video meeting.
We hope that you and your family are safe and healthy.
Financial literacy month 2020 introduction November is Financial literacy month 2020.
This is the 10th anniversary of Financial literacy month in Canada.
Throughout Financial literacy month, the Financial Consumer Agency of Canada,
(FCC) engages with Canadians and interact with organizations from the private,
public and charitable sectors to help enhance the financial literacy of people.
For the entire month,
organizations from throughout the country are urged to host seminars and share
information intended at helping Canadians comprehend their finances and equipping
them to manage their money and debt wisely.
In this Brandon's Blog,
I discuss the importance of financial literacy and financial literacy month 2020.
Financial literacy month 2020: What is financial literacy?
Financial literacy in Canada means having the skills and knowledge to make educated
choices regarding managing your money, understanding fundamental financial ideas,
allowing individuals to know how to browse the financial system.
Individuals with financial literacy abilities make far better monetary choices
and handle cash much better than those without these abilities.
Why is Financial literacy month 2020 important?
Regular readers of Brandon's Blog understand that one of the major reasons I
discuss financial and insolvency issues is to assist to reinforce Canadian financial
literacy, especially exactly how entrepreneurs, their business and people
in general, can much better handle their financial obligations.
The major benefit of financial literacy is
that it equips us to make smart financial decisions.
It supplies the understanding and skills
we need to handle cash properly, budgeting, conserving, loaning and investing.
This suggests that we are far better furnished to reach our financial goals
and attain financial security with a greater understanding of money
matters as the economic market expands and becomes progressively more complicated.
It is important that Canadians have
the knowledge, abilities and self-confidence to make
enlightened decisions about their money, budgeting and debt.
Financial literacy is as important today as basic literacy.
Dedicating a financial literacy month 2020
to remind everyone how important financial literacy is, especially this year,
is a great idea. Financial literacy month 2020 content being shared.
Canadian financial literacy month 2020 is
dedicated to and therefore titled "Get Back To Basics".
There is an entire calendar of events
aimed to help you to update your studies in money matters this month.
Take some time to equip on your own
and develop your very own understanding, abilities and confidence in handling money
matters to ensure that you can make important financial choices.
In these times we are experiencing, being
better able to handle money matters is currently more crucial than ever before.
New content started on November 1st.
The calendar of events include: Money Basics.
November 1st to 7th. Lay the Foundation
for Smart Financial Planning with insights into subjects like financial investments,
insurance coverage and retired life preparation.
Buying Basics November 8th to 14th.
The fundamentals of exactly how to be
smarter with your money, including details on savings accounts
and all things worldwide of basic personal money planning basics.
A broad range of information on how
to make smarter purchases, both large and little.
Find out more regarding credit reports, consumer debt and mortgages.
November 15th to the 21st,
Life Event Basics Financial Literacy hits you on when major life events are involved.
Check out the financial impact of events such as getting married, having children,
losing a job and when illness strikes. November 22nd to 27th.
Financial literacy month 2020 aimed at giving you tips and tools to understand
your finances this year, Financial literacy month aims to aid
Canadians to find out just how to handle their funds in tough times.
Keeping track of your money by making a spending plan will help a person
to stick to a budget and remain on top of their finances.
Minimize debt, get only what you need if you should borrow money.
Understand the cost of debt and have a plan to pay it back.
CPA Canada has actually assembled resources to assist manage your financial
resources and also provide you with the tools you require throughout this
pandemic, during financial literacy month 2020 and beyond.
Each November,
Canadians celebrate financial literacy month. Urge your family members to discover
new ways to become extra savvy with their money.
Financial literacy month 2020 information even includes financial information
for students and financial information for children.
There is a plethora of information for all ages, including financial literacy
for kids and finally, Financial Literacy Month 2020 and the Coronavirus.
The Chartered Professional Accountants
of Canada (CPA Canada) has just publicized its Canadian Finance Study 2020.
According to this brand new nationwide
study, one-third of Canadians claim the tension associated with money
management has increased due to the COVID-19 pandemic.
This is understandable.
Survey participants state their income has
been lowered as an outcome of the coronavirus.
30% of participants report
that in the early days of the COVID-19 lockdown, their savings rate decreased.
However, 55% say that they are
spending less as a result of the coronavirus.
That is a good thing.
Recent information from Statistics Canada
gives insight into the economic behaviour of Canadians during the COVID-19 pandemic.
The second quarter of 2020 saw a spike
in the savings rate to 28.2%.
This is the highest savings rate since 1961!!!
Covid-19 has had a clear effect on life worldwide.
This further emphasizes the significance for individuals to take preventative
measures in managing financial resources in the middle of the pandemic.
Some parents have the ability to keep their children at home to do online
learning because they are too nervous about sending them to school.
This is an opportunity for parents to add
money management skills to your child's education.
The trick is to do projects with your
children that teach lessons and skills that you must show them.
How about money?
There are simple things you can do
with very young children during financial literacy month 2020 and beyond, such as
show them different denominations of coins and bills.
Let the children sort through coins into like piles.
Let them then count the coins and come up with a total of each pile. Write down each
total and then have them add up all the individual amounts into one grand total.
Use simple examples to teach your children how to make the change.
This teaches them both arithmetic skills and financial skills.
They need to know this to manage their lives, so why not do it
this month? I think all parents would feel very good
about teaching these money skills to their children.
This is much more preferable than leaving
it up to the school and hoping that they properly understood the simpler money
concepts they will use for their entire life.
Financial literacy month 2020 summary.
I hope you have enjoyed this financial literacy month 2020 Brandon's Blog.
Hopefully you have better insight now into the fact that a sick company's
business can be saved by doing a sale of its assets to a healthy organization.
Do you or your company have too much debt?
Are you or your company in need of financial restructuring?
The financial restructuring process is complex.
The Ira Smith Team understands how to do a complex restructuring.
However, more importantly, we understand the needs
of the entrepreneur or the person who has too much personal debt.
Call us now for a free consultation.
The Ira Smith Team is absolutely
operational and Ira, in addition to Brandon Smith,
is readily available for a telephone consultation or video meeting.
We hope that you and your family are safe and healthy.