| The fact is that when it comes to
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| | things in their 64 years and they have
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| finances, I have nothing to hide. My
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| | retired quite wealthy. It seemed a good
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| lack of financial knowledge had really
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| | place to start.
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| hit me for the first time a few years
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| | I can't believe that my parents and I
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| ago, shortly after the birth of my
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| | never "really" talked about money before.
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| daughter. I realized I was responsible
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| | The only thing I was told was "cash was
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| for another life. It wasn't like I
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| | king" and to never borrow money. My
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| wasn't given good role models - my
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| | parents were very frugal with their
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| parents have done well! I felt I was
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| | money, and I was always told to work for
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| doing ok. It was only until I was
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| | things and save, save, save. My mother
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| reading a business publication when I
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| | had taken responsibility for educating
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| stumbled across "Self-Analysis Financial
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| | herself financially because she was never
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| Planning Test." No sweat I thought.
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| | taught about investing or financial
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| Confidently, I picked up my pencil and
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| | planning by my grandparents. But here I
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| set about responding to questions such
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| | was 35 and felt like I was uneducated and
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| as:
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| | blamed the education system in part for
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| - Have you selected the proper
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| | my ignorance. How could I know calculus
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| amortization period for your mortgage?
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| | and not know how to do my own taxes.
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| - Is you will up-to-date?
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| | It is inconceivable that our government
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| - Could your dependents live comfortably
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| | has not altered the school curriculum to
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| in the event of your death?
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| | include a basic family finance course.
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| - If you plan to retire early, have you
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| | All high school graduates should know how
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| set up a suitable savings program?
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| | to fill out an income tax form properly.
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| - How do you plan to pay for your
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| | They should know how to select their
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| children's education?
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| | mortgage, how to finance their child's
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| - Fifty percent of Canadians retire in
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| | education, and how to save and plan for
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| financial hardship. What are you doing
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| | retirement. We now live in a society
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| to guarantee you won't be one of them?
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| | that demands instant gratification, which
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| - Are you debts structured properly?
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| | is part of the problem.
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| Not only could I not give a satisfactory
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| | I am not sure that politicians understand
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| answer to many of the questions, but also
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| | the tremendous benefits the economy would
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| I didn't even understand some of them. I
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| | enjoy if the average family knew how to
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| caught an ominous glimpse of my husband
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| | handle their money properly. Most North
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| and daughter living on the streets.
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| | Americans are financially illiterate.
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| I dropped my pencil, an unnerved woman.
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| | There is no excuse for our possessing the
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| It's not that I want to be a
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| | little financial knowledge we do. When a
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| multimillionaire, though like everyone
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| | university educated person like me is
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| else, I do. I'll settle for comfortable
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| | embarrassed by an elementary financial
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| - very comfortable. I enjoy living in a
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| | test, something is wrong.
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| nice home, owing a yacht (our floating
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| | So I embarked on a journey of discovery.
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| cottage), driving nice vehicles and
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| | Most financial books concentrate on
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| contributing annually to an RESP and RRSP
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| | investment alternatives, not on mundane
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| for my daughter and myself, respectively.
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| | topics such as saving, buying a house,
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| However also recognized that I would
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| | and insurance - the common person's
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| probably be one of the millions of people
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| | concerns. They all showed you what to do
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| who would be forced to work into their
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| | with money once you had it, but they
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| 70's. I wanted the ability to have all
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| | didn't tell you how to accumulate it. I
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| of those luxuries, but not compromise my
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| | was assured that a 7 year university
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| thoughts of an early retirement. I think
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| | career and full time permanent job with
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| these are goals that are shared by most
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| | benefits was the way to go and to save a
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| North Americans. Are they realistic?
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| | percentage of my earnings for RRSP's.
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| Can they be realized on an average
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| | But....
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| salary? If so, how?
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| | The best advice that I ever received was
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| Within an hour of reading that article, I
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| | "if you want to learn to do something
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| was committed to learning the basics of
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| | right, watch someone who does it
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| financial planning. I had no desire to
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| | successfully. It is also true for
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| learn the intricacies of the stock
| |
| | financial planning. Now we have more
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| market, nor was it my goal to be able to
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| | financial education available for people,
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| recite the mortgage tables from memory.
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| | as a direct response to the economic
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| All I wanted to know was how best to get
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| | difficulties many are facing. Those who
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| where I want to be from where I am now.
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| | educate themselves are the ones who will
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| I figured my parents were no financial
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| | retire sooner than later and will have
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| genius', but they must have learned a few
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| | achieved their financial goals.
|
