Hello everyone!
Welcome to Kids Camp Millionaire!
My name is Sandra, your teacher for this week! My background is a Bachelor of Science(Honours) in Business Management and Master of Arts in Global Business Journalism. I have taught kids in both English and Mandarin, in Singapore, China and Canada!
In this week you will learn all about the 3 jars of finance (investing, saving and spending), Canadian currencies, secrets to a balanced life(to stay happy, healthy, and wealthy), all about bank accounts(simple, compound interests, chequing and savings accounts) budgeting, planning and saving for the future!
Please refer to the following link for Monday - Thursday!
Time: 11am - 12pm EST - Toronto Time
Zoom Link: https://us02web.zoom.us/j/82494890856?pwd=eTZqcmpjQlEvbVVvRVZ0Q2FyR29Ddz09
Passcode: u2RLua
Day 1 Monday - July 25, 2022
A wonderful start to a fresh new week! Today we learnt all about the 3 jars - prepare 3 jars/ziplock bags and label them as investing, saving and spending. Pick anything that used to store nuts, peanut butters, jams, candies, chocolates, cookies, whatever you could find at home! You would be so amazed to see how much you have accumulated after 1 week, 1 month or 1 year!
With the extra time we also went on learning different types of Canadian currencies and the important people who have contributed to our country, who appear on these notes. Also gave a sneak peak preview on the "Balanced Life."
------------------------------------------------------------------------------
Day 2 Tuesday - July 26, 2022
On Day 2 we went through in depth what are the secrets to a "Balanced Life." What do you do to make yourself and your family, friends, parents, teachers happy? What do you keep your lifestyle healthy? What are you looking to generate wealth for the future? Which of these 3 are the most important to you and why? We had so much fun discussing with real life relatable examples that are important for a balanced lifestyle!
In general:
Happy - doing things you love and/or are have profound interest in
Healthy - keeping yourself active, upbeat, nourishing with nutritious fruits, vegetables, hydrating with lots of water
Wealthy - starting to save early and build on financial literacy! You will never know where you could get!
We also went through "Golden Rules of Savings" with all the rules to remember:
Rule #1: Wait to buy what you want
Rule #2: Choose how you spend
Rule #3: Start saving early
Rule #4: Stop wasting
Rule #5: Set a goal!
------------------------------------------------------------------------------
Day 3 Wednesday - July 27, 2022
On Day 3, second last lesson we learnt all about bank accounts, differences between chequing and savings accounts. Which one would you use to suit your financial situation? Day to day savings, loans for college education, car purchases or to buy a house?
For interest rates, we also learnt about the equation to calculate interest
I = Principle Amount x Rates x Time
and differences between simple vs compound interest which are used under different circumstances.
For tomorrow's last lesson we will learn all about budgeting and your guidelines to have a strategic financial plan for your future!
--------------------------------------------------------------------------------
Day 4 Thursday - July 28, 2022
And... drum roll! We are done with the finale of Kids Camp Millionaire!
During this final lesson, together with Edna and Jonah our characters we learnt the importance of budgeting, steps on creating an effective budget that is feasible for long term use.
Are you going to be Edna? Or are you intending to save, have a clear plan on net income, fixed expenses, and adjusting some current expenses that could help to save a lot more? How could you adjust your priorities? Is there a category you could totally spend lesser on?
Steps on creating a monthly budget:
1) Know your net income
2) Analyze past spending
3) Set your goals
4) Put it together
5) Make your budget
6) Stick to it!
We also learnt the 50-30-20 rule!
50% of net income - for necessities for mortgage, bills, groceries
30% of net income - for investing in education, stocks, homes, businesses
20% of net income - for spending for entertainment, treats, and for fun
Do also take advantage of technology! They help us to automate spending e.g for our investment accounts so you know you are in full control of your finances! The apps widely available also help us to compare and contrast our past spending. Why did you spend more this month? Are there any special occasions, e.g camping, vacation, birthdays?
How did you do last month? What happened last month that helped to save a little more? How can you bring that extra savings back for the future?
Remember to fill our form here for the survey and your certificate will be generated in a couple of business days!
https://docs.google.com/forms/d/e/1FAIpQLSdYa8R6qfS0Og_qwICoFINIAZztjC6TIY3yVsTVor-bQ2oCqg/viewform
