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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, June 20, 2013 | 16 Tips from Junior Achievement's nancial literacy program J unior Achievement has been promoting the importance of nancial literacy for years. Adults can learn from what is being taught to these children from one of their special Grade 7 programs. I had the opportunity to spend a day with a Grade 7 class at the Pope John Paul II Elementary Catholic School in Glen Abbey. Financial Literacy 101 The day-long basic course is broken down into four sections. Consider this Financial Literacy 101. It touches on the important things all of us should understand when managing our personal nances. The rst topic is money. There was a day not long ago when money referred to currency we carried in our pocket or wallet. This and cheques were how we purchased goods and services. Now there are many different Dollars & Sense Peter Watson Guest Contributor A credit card allows you to accumulate consumer debt. If you cannot pay the credit card debt within one month, the interest charges are close to 20 per cent. In this era of historic low interest rates, paying that high amount on debt for something you did not likely need is an expensive mistake. Monday, July 1, 2013 Spencer Smith Park | Noon to 10 p.m. Canadiana Viewing Area - presented by NICHE Catering: Perks include exclusive seating, catered meal, bar service, and upgraded washrooms. Tickets are limited. $20 in advance, $25 at the gate (subject to availability). www.burlington.ca/canadaday SPONSORED BY: 2013 Burlington Events Sponsor | Volunteer | Participate | Attend www.burlington.ca/events Email: festivalsandevents@burlington.ca Event Hotline: 905-335-7766 Twitter: @BurlEvents Valuable lesson for adults This valuable lesson in the classroom was ways to complete a purchase. The two most just theory but for adults, the misuse of conimportant new options, debit and credit sumer credit and our habit of overspending cards have signi cant implications on how is the most signi cant risk to Canadians. The problem is so important the Canadito be a smart shopper. Being a smart shopper was the second an government has categorized excessively topic. The course content explains the dif- high household debt as one of our country's ferences between purchases that are wants most serious nancial risks. Looking after your money was the third and needs. If you have a shopping discipline problem then a debit card is better than a section. Most revealing were the similarities credit card because you can only spend between adults and Grade 7 students. Their main nancial tool was the use of a budget. what money is in your account. This is what was most challenging for the students and also happens to be the most challenging for adults. A group exercise required the students to plan a ctitious class trip. They were confronted with estimating the costs and how to raise funds to cover those costs. This reminded me of a similar exercise during my university days when heartsonfire.com our professor de ned the cost of living as 10 per cent more than what people make. Budgeting is hard, both in the classroom and in the real world. We typically do not budget even Toronto | Oakville | Guelph | Waterloo for what is most important to us, knar.com such as assisting children with their post-secondary education and preparing for our retirement. This should be a valuable lesson for all of us. The nal section, investments, included everything from GICs to stocks and bonds. Each investment type has its own characteristics and its own purpose. It is important to know which investment options and proportions to use during the water rafting in Jasper or biking the rim of CONTIKI AMERICAS LOT PREMIUM various stages of our life. 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Filled with "Backstage at sunset in San Francisco, a gondola ride the done rst to lead to an appropriate see the epic landscapes of Banff and a thrilling entertainment on their 12 inch monitor with Pass" inclusions and "Me Time" options, the ride on the "Ice Explorer" over the Athabasca asset allocation. USB and power outlets at their seat while brochure also features two new itineraries Glacier. Contiki also includes 10 dinners they indulge in upgraded meal service and in North America ­ 22-day The Big West and guests will find themselves savouring One conclusion taken from the drink selections. Premier Club passengers throughout the west coast of USA & Canada a Mexican feast nancial literacy course taught to will also enjoy a dedicated check-in desk, and 8-day The Powder Rush, hitting the ski in San Diego and Grade 7 students is the same lesone additional free piece of checked baggage slopes of B.C. and Alberta. 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