 Some say, “The harder you work, the wealthier you’ll be”  But just because you work hard, doesn’t mean you’ll be wealthy  A better saying is, “The smarter you work, the wealthier you’ll be”  If you combine hard work with smarts, you can achieve anything  “Fail to plan and you are planning to fail”

 Think about where you want to see yourself in the next 5-10 years, picture it  How will you attain these things? Buy a house. Buy a car. Why not shoot for the stars?

 It’s true in physics, and true in business too. Things that are more massive (in terms of matter and in term of money) get bigger.  That doesn’t mean you can get rich from nothing  Many people run their own business, whether they are self-employed, or run it on the side of their employment

 In order to start a business, you need assets – something you can use to make more money.  In order to save money, you need a savings plan

 Justin works part time alongside his school. He saves 10% of his net earnings in an account designated for long-term savings and investing. The account pays 3% per year, compounded monthly. How much did Dylan save from each paycheque? PAY DATENET EARNINGS ($) March March April April

PAY DATENET EARNINGS ($)AMOUNT SAVED (10%) March $ x 0.10 = $21.30 March $ x 0.10 = $24.43 April $ x 0.10 = $19.21 April $ x 0.10 = $26.39 How much can Justin save in 1 year? However, Justin also receives 3% interest, compounded monthly. Using a TVM Solver, we would find that Justin would have approximately $607 in his account after 1 year.

 Recall: A series of equal investments at regular time periods is called an ANNUITY, so which one of the following is an annuity?  A: 10% of Justin’s earnings are deposited into an account that pays 3% annual interest, compounded monthly.  B: Jon & Lisa make equal deposits into an account that pays 3% annual interest, compounded monthly for one year to reach a value of $2500.

In our previous example, Justin got paid every 2 weeks. How many times can he be paid in one month? 3

 Well, think about it; if there are:  12 months in a year?  4 weeks in a month?  Then there should be 12 x 4 weeks in a year, right?  12 x 4 = 48, but aren’t there 52 weeks in a year? ??? Don’t forget that some months have 4 ½ weeks!

 On July 15, 2014, the following excerpt was taken from the TD Canada Trust website: TD Every Day Savings Account >Actual interest rates are very low >Higher interest rates come with investments

 Regardless of how you plan on saving money, you need to make a plan. A plan that involves:  What you want  How much it costs  In how long do you want it  How much do you need to put every every month to reach a that amount by that time.