Guide Adult Children towards Financial Success

ONE OF THE MOST IMPORTANT goals many parents set for themselves is to raise their children to be financially independent. And, by the time children reach their mid to late 20s, they’re often earning an income and making their own financial decisions. However, they may still benefit from some gentle guidance about budgeting and debt. The challenge for many people in their mid 20s is that they’re experiencing so many “firsts”: a first full-time job, a first apartment, a first car. The pace doesn’t slow down in the 20s, when they may be saving for a wedding, a house and all the expenses associated with starting a family of their own.

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Full Steam Ahead!

Imagine for a moment that your savings are a locomotive, chugging along a track leading towards your financial future. The engine propelling the train is your income and any money you have coming in. The freight cars being pulled behind are filled with the resources you will need at the stations along your route. Now, suppose each car represents a specific type of account and is emblazoned with a name: TFSA, RESP or non-registered. Each car may contain a variety of investment products, such as stocks, bonds, mutual funds, segregated fund contracts and high-interest savings account.

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Money Smarts

Teens in high school? Help ensure they’re financially prepared for post-secondary education.

Driving. Voting. Charting a course into their future. As the end of high school approaches, teens begin an exciting chapter in their lives. They can seriously consider career choices and start researching post-secondary programs.

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