November is financial literacy month – a reminder that even small steps towards understanding your finances can make a big difference over time. Our team at Boschman Wealth Partners has put together some resources, practical tools, and insights to help you and your circle feel more confident about your financial decisions – no matter where you are at in your journey. We recognize that these topics are not necessarily taught in schools, and can be tough conversations to have with your family members. Our hope is that these guides give you or someone you know an opportunity to expand your financial knowledge.
Get your basics down:
RBC recently put out an article highlighting the six core principles of financial literacy. We think this is a great starting point to understanding where you want your financial literacy journey to start. Click here to read.
Check out our website:
Under the resources section of our team’s website, we have a few different tabs that we wanted to make sure you are aware of:
Click here to go through the RBC Wealth Management Financial Literacy Program. This is a fantastic financial education program that has different modules for a variety of topics. Click here to find various client resources and how-to’s. There is a guide on how to access your DS account statements, check your RRSP or TFSA contribution room, estate planning, and much more.
Books to read:
A Rich Future: Essential Financial Concepts for Youth by Noah Booth
The Wealthy Barber by David Chilton
The First National Bank of Dad by David Owen (good for parents!)
Try out a financial calculator or tool:
Looking to understand what your mortgage payment for the purchase of a first home will be? Hoping to create a budget that you can stick to? There are various calculators available online, here is a great summary of some of them.
Take a course for free:
McGill offers a free course comprised of 8 different modules from budgeting to borrowing, real estate and beyond. You can click here to start, and learn from the best at your own pace!
Book a call with Kiah or Alex:
If there are people in your life that you’d like to introduce to our team, we have a no strings attached sounding board process, where we will have a call with your family member or friend, offer guidance, and depending on what their needs are, introduce them to a partner at the bank. Feel free to pass along their emails, kiah.morris@rbc.com and alexandra.blake@rbc.com or send an email introduction.
For the kids in your life, if there’s a specific topic that they are hoping to learn more about, our team can send over fact sheets on everything from banking services, credit, and taxes to budgeting and investment basics.
Remember – you are never too old to get a better grasp of your personal finances. Even if you think you have a good grasp of your finances, studies have found that individuals often tended to overestimate their financial literacy. Try out this financial literacy self-assessment quiz to see where you fall!
Please feel free to forward this off to the kids or young adults in your life – or anyone that you know who you think may benefit. If you have any questions, please reach out to us at boschmanwealth@rbc.com and we’d be happy to help out.