1. Building wealth and happiness
Slide show by Margaret Marry
http://www.richisastateofmind.com/

2.  Some say Rich has to do with the amount of
money you have, But that’s not always the
case. Rich doesn’t always have to be about the
money you make or already have. You can be
rich in many other ways such as: love,
friendships and health. It’s all about the
Amount of something you give and receive on
a day to day basis. Once you realize Money
isn’t everything and stop to look around at
what you do have, you will then know that you
have been rich the whole time.

3.  How do you feel about Money?
 What does it mean to you?
 What do you know about it?
 Why would people be afraid of money?
 Why does money cause anxiety for some people?
 Why do we shut down when we know we are
having money issues?
 How do I save money?
 How much do I save?
 What does risk and reward mean to you?
 When do I start? Start early: Time is your friend.

4. What types of goals do you have?
List 5 (doesn’t have to be financial goals). It’s better to
start with simple, easy goals and go from there. For
example (these arenot in order) :
 1) Going to the Gym at least twice a week
 2) Calling your parents at least once a month
 3) Put away half my pay in my RRSP
 4) Go on vacation somewhere warm
 5) Save for wedding

5. With these goals, Prioritize them in order from
most important to least. Ask yourself: why are
they in this order? Why are they important to
you?. Once you have accomplished this, Price
each one (rough estimates will do) and factor
that against how much you will save on each
one. Its hard to make choices, especially with
our money. We constantly ask ourselves: Why
are we forced to make choices?. Ask yourself
this and see why you think choices have to be
made.

6.  We all have goals in life, But have you thought
about “SMART” goals?
 S- Specific
 M-Measurable
 A- Achievable
 R- Realistic
 T- Time Based
Take some time later to think about “Smart” goals
you have and write them down.

7.  If you could pick between have $ 1Million
Dollars right now or 1¢ doubled for 30 days,
what would you pick and why?

8. If you chose to take one cent and double it for 30 days, this is what you
Would get. This is called, Interest.

9.  Finance: A fee paid for the use of another party's money. To
the borrower it is the cost of renting money, to
the lender the income from lending it.
Interest on all debt is normally deductible before taxes are assessed on a
company's income. Corporate legislation requires disclosure of interest
payable on loans, and companies often show a single interest figure in
the income statement while providing details in a note that may also
include netting out of interest received or some other adjustments. In cost
accounting, interest is normally excluded from cost computations on
the grounds that (being a payment for capital) it
is equivalent to dividend, and hence is a finance item and not a cost item.
The rate of interest is usually expressed as an annual percentage of
the principal, and is influenced by the money supply, fiscal
policy, amount being borrowed, creditworthiness of the borrower,
and rate of inflation. the two types of interest are simple
interest and compound interest.


10.  Simple interest: Interest computed only on the principal and not
on principal plus interest earned or incurred in the previous
period(s). Simple interest is used commonly in variable
rate consumer lending and in mortgage loans where
a borrower pays interest only on funds used. Formula: Principal
amount x Annual interest rate x Number of years.
 Compound Interest: Interest computed on the principal amount to
which interest earned to-date has been added. Where compound
interest is applied, the investment grows exponentially and not
linearly as in the case of simple interest. Formula: Principal x
{(Annual interest rate ÷ 100) + 1}^number of years. For example,
$1,000 at an annual compound interest rate of 10 percent will, in 5
years, be: 1000 x {(10 ÷ 100) + 1}^5 = $1,6105.51.

11.  Not all Debt is bad. In fact there is good debt out there, you
just need to know what the difference is between the two.
 Good debt: Investments, Mortgage, Business loans, School
loans
 Bad debt: Credit cards, Car loans, Store credit.

12.  Car Loan: 25,000
 4 years @ 9% - $ 622.28/month
 Total cost- $ 29,869.44 Car Value: $12,000
 5 years @ 9%- $519.09/month
 Total cost- $31,145.40 Car Value: $10,000
 What does this tell you? That you are actually
paying more for your car then you thought you
would be.

13.  the use of a small initial investment, credit, or
borrowed funds to gain a very high return in
relation to one's investment, to control a much
larger investment, or to reduce one's own
liability for any loss.

14.  1) You have to be rich already
 2) Debt = Bad
 3) Way to risky for me
 4) Returns must exceed cost to make money

15.  a persistent, substantial rise in the general level
of prices related to an increase in the
volume of money and resulting in the loss of
the value of currency.

17.  a sum of money demanded by a government fo
r its support or for specific facilities or services,
levied upon incomes, property, sales, etc.
 Levied:an imposing or collecting, as of a tax, by
authority or force.

19.  1) How so I minimize tax for the longest period
possible?
 2) How do I maximize the value of my estate?
 3) How do I maintain a steady income stream?
 How do I continue to grow my estate?
 How do I keep most controle?
 How do I reduce my taxes?
 1) earn less money
 2)use RRSPs to save tax
 3)use borrowed money invest
 4)review the type of investment income

20.  By filling out a tax return you are generating
RRSP contribution room, the benefit that you
don’t have use it immediately. You carry it
forward until a point in the future when you
do decide to make a contribution in order to
help reduce the amount of taxes you will pay
when your income is higher, but if you don’t
file, you aren't building that room to be used
later.

21.  A money making factory, allowing you to
grow small amounts of money into larger
amounts while sheltering it from taxation.

22.  The ability to not do something today or have
something today, for the ability to be able to do
it tomorrow and a whole bunch more because
you were patient and committed enough to
wait. Or
 I want a comfortable financial future more then
“Stuff” today.

23.  is a tax-deferred retirement plan under
Canadian tax law. Individuals use an RRIF to
generate income from the savings accumulated
under their Registered Retirement Savings
Plan. As with an RRSP, an RRIF account is
registered with the Canada Revenue Agency.

24.  The smallest amount of a credit card bill that a
consumer can pay, to remain in good standing
with the credit card company. Making the
monthly minimum payment on time is the least
a consumer needs to do, to avoid late fees and
to have a good repayment history on his credit
report. The amount of the minimum monthly
payment is calculated as a small percentage of
the consumer's total credit balance.

26.  Cash-
Advantage: You get to use Cash
Disadvantage: Huge tax liability
 RRIF-
Advantage: Money grows sheltered for taxes
Disadvantage: Have to take minimum amount out
each year
 Annuity-
Advantage: Guaranteed annual/ monthly
payment
Disadvantage: Lose ownership of assets

29. Liquidity : How easy it is to get your money back out or
from an investment. Cash is Liquid, Real estate is not
Safety: The amount of risk you are exposing yourself to