ARE YOU Financially LITERATE ? CHANGE THE GENERATIONAL CYCLE TODAY

What is Financial Literacy?

Hi it's your girl  JA Nursing here,   As we start counting downs the days for 2016. 

Some of you may look forward to seeing a New Year or it could have some of us thinking about   all of our financial woes.  Over the years I can certainly admit to  finding myself in some financial traps, especially during  my College years.   Ohhh lord, you want to talk about a living death trap for years it had me feeling like putting a curse on all  Collection Agents. 

Financial literacy is just as important as  health Literacy. Just the thought of having a  50 year span Between high school and retirement to plan for  financially security can seen scary for many.  One thing that people  don't know about me is that I am a Mobile Paramedical Examiner. What is that you ask?  I  work for all insurance companies doing the written medial exams which is the first step needed in order to get insurance of any kind.  I am a firm believer in getting insurance sooner rather than latter.    I might add that insurance policies are a good way to start your financial journey. My insurance policy was the one thing that my Welfare worker always questioned.  For many especially if you are on a fixed income paying that $65 dollars a month can seem like a bill that you can miss but, word of advise the older you get the harder it is to get insurance.   Having my first child at 17, meant  that I had to learn real quick about money management especially since I was on a fixed income   Social Assistance (WELFARE). 

The reason for this blog is because over the years I have met many people  that  ask me how I did it? I always say did what? well of course people perceive   success based upon  what you have.  House, cars, and clothes tend to be  how people judge  your success. Guess it gives the notion that you made it.  But truthfully if you don't own any of theses things then how can it be true riches???    Someone said to me this week  that the  difference  between successful and unsuccessful people is Information. So lets share some information.



Whether you're in high school or in retirement, every person in every stage of life should have an understanding of how their finances work.  This understanding, or awareness, is what helps build and improve what is known as your "Financial Literacy." 
Not all strategies for financial planning are created equal, and the “right” approach to managing your money will actually change as you go through life. Your goals and priorities will shift as you get older, and it’s important to plan appropriately. Let's focus on a few key tasks appropriate to your stage of life and you are likely to find yourself ahead of the game. 

Here are some simple, key strategies for managing your finances in your 20s, 30s, and 40s.  I always make sure to  follow the advice of my  friends over at Practical money skills. Which is  to Live Within My Means.

If you are like many Canadians, you may find that you are spending more than you're saving and steadily going deeper into debt as a result. This is an easy and common pattern to fall into, and one that requires some planning and discipline to reverse.

The first step is creating a budget. As unpleasant as this may sound, creating a budget is nothing more than looking at what you make verses what you  spend your income and expenditures in order to determine exactly how much money you have coming in and where you’re spending that money.
Once you've got a clear understanding of your current budget, your challenge is to find places where you can spend less (or earn more) in order to achieve your financial goals. Here are some steps you can take toward that end:

1. Question Your Needs And Wants

What do you want? What do you really need? Your wants are basically the things you can do without — everything from that high-end tennis racquet to dinner out at a gourmet restaurant. Wants are purchases that, while they may make your life easier or more enjoyable, are not necessary to your well being. Your needs, on the other hand, are not quite so flexible. They are necessary financial obligations such as housing and food costs. Evaluate your current financial situation. Take a look at the big picture. Make two lists – one for needs and one for wants.
As you make the list, ask yourself:

• Why do I want it?
• How would things be different if I had it?
• What other things would change if I had it? (for better or worse)
• Which things are truly important to me?
• Does this match my values?

2. Set Guidelines

We all have different budgets based on our needs and wants. But the Building a Budget chart on the next page shows some guidelines on how much should go toward different expenses. You may need to make adjustments for a daily latte fix or visits to family, but remember to subtract amounts from other areas if you do.

3. Track, Trim And Target

Once you start tracking, you may be surprised to find you spend hundreds of dollars a month on eating out or other flexible expenses. It may become obvious that you need to cut back in certain areas.
Some types of expenses are more easily trimmed than others. Some of these are easily trimmed. Cutting back is usually a better place to start than completely cutting out.  
Be realistic. It will help you to be better prepared for unexpected costs. Once you have gotten into the rhythm of living your life on a budget, you will notice all kinds of spin-off effects. In the short term, you won’t feel as much stress when your bills arrive. In the long term, you may find yourself heading for a more secure financial future.

Quick Tip for all ages-- Also remember  that teaching your young children about money management and budgeting  is one of the most valuable lessons that  will change outcomes for a life time.

Teaching your kids how to create a budget is one of the most valuable skills you can impart in the years before they leave home. - See more at: https://www.mint.com/budgeting-3/teach-your-kids-how-to-create-a-budget-this-summer#sthash.wM2ZnnO6.dpuf

Teaching your kids how to create a budget is one of the most valuable skills you can impart in the years before they leave home. - See more at: https://www.mint.com/budgeting-3/teach-your-kids-how-to-create-a-budget-this-summer#sthash.wM2ZnnO6.dpuf

In Your 20s
1. Start an emergency fund.
Set up an automatic deduction of $25 from every paycheck and deposit it in a separate account. This way you can gradually build a cushion for unexpected expenses. You’re less likely to fall into debt if you have money tucked away for emergencies.  for example. It might seem like a lot of money at first, but it’s just a small lifestyle shift each month. Consider cutting back on a latte or cocktail each week to meet your monthly goal.

2. Establish your personal credit.
Building a strong credit history is important if you want to rent an apartment or get a mortgage.  This lesson was my hardest lesson. After OSAP and College this fact is one that becomes the biggest lesson for many people, the first opportunity to build good credit comes from taking out (and repaying) undergraduate student loans. If you make that payment on time each month, you’ll contribute positively to your credit score and history. If you don’t, it can have a  big impact on your feature. If there’s any chance you may be late on payments, set up  transfers between accounts so you’re sure you make those payments on time every month.


In Your 30's
1. Get a great deal on a mortgage.
For many 30-somethings still paying off student loan debt, home buying can feel like an impossible venture. However it can be your best first step in building your portfolio. For example even though the lesson passed me I encouraged my Nephew to get a income property when he was 26, now is has 2 income properties before the age of 30.

2. Save for retirement.
If you haven’t started participating  in establishing an investment do it now! The sooner you start, the more you can save. Ask your bank or  Financial Planner  https://www.facebook.com/AndrewStewartMortgages?fref=ts

3. Pay down personal debt.
Financial decisions you made in your 20s need not haunt you indefinitely. Get out from under the burden of high-interest credit card debt now so you can breathe easier. Instead of opting for a balance transfer to a lower-interest card, consider using a low-interest-rate personal loan to refinance that debt  or Apply for a Line Of credit — saving money and quashing the temptation to spend.

In Your 40's
1. Refinance your mortgage.
If you have a mortgage, your credit score may have improved since you took it out. It could be a good time to shop for a better deal and refinance. Today’s modern refinancing options are more convenient and user-friendly than ever before.
2. Amp up your retirement savings.
If you’re not contributing the maximum amount  plan, now is a good time to get serious about saving. If you’re married, make sure you’re both contributing as much as you can each month, and maxing out your contributions by the end of the year.

3. Save for your children’s education.
I have often  said my contribution to my children will be helping them reach their educational goals by helping them to pay for  Post Secondary education. But  encourage your children to get summer jobs and save to.  The  investment of education can only be a  benefit. Don't Stop Learning!
Save enough and your children may never have to take out student loans. Look into professional lines of credit   to help with schooling rather than student loans from OSAP.








Manage Debt. If you're in debt, you're not alone. Start out by making a list of everything you owe, whether it's a credit card, student loans or a mortgage. Reducing debt is like losing weight. You're not going to lose 50 pounds in a month. You need realistic goals in reasonable time frames.
Prepare for the Unexpected. There's nothing harder to plan for than the unexpected. The key to successfully surviving these life-changing events, financially at least, is to anticipate hard times. Build an emergency fund that is easy to access in the event of unemployment, illness or a major unplanned expense. Experts recommend saving three to six months of living expenses. Need help figuring out how much to put aside for your emergency fund? Check out this calculator from Practical Money Skills.


Bottom line:    Ring in the New Year with financial resolutions that will help you save, spend and invest smarter in the coming year.










This has been your Social Buzz with Michelle Smith  your  Health and Social Advocate. Financial literacy is an integrated  approach to keeping  up with your mental wellness. Find out more about my collaborative programs for youths. Remember  lessons are best learned when the example seems achievable.    2016 is going to be a Great Year
 http://www.janursingservices.com/programs-and-support.html






  The reality is wealth is a form of delayed gratification. Wealth builders live modestly by spending less than they can afford (in money, time, and energy), so they can invest the difference for greater value in the future
Wishing you all a Happy New Year  stay connected  

Find us On Twitter https://twitter.com/JaNursing


 Resources

GET THIS FREE online budget   http://itools-ioutils.fcac-acfc.gc.ca/BC-CB/NetInc-RevNet-eng.aspx
 http://www.mcss.gov.on.ca/en/mcss/programs/social/ow/eligibility.aspx

 http://www.ontario.ca/page/pay-back-osap
https://www.cibc.com/ca/loans/prof-edg-st-pers-ln-credit.html

http://www.sesamestreet.org/parents/topicsandactivities/topics/saveshare/#

http://www.tdcanadatrust.com/products-services/banking/student-life/stlfaq.jsp#2

http://janursing.blogspot.ca/2015/03/credit-check-just-got-paid-whats-your.html

 http://janursing.blogspot.ca/2015/05/journeys-2-success-keeping-up-with.html

 http://www.practicalmoneyskills.ca/

Journeys 2 Success Keeping up with the Jones edition

Journeys To Success

Journey's to Success Call  Celebrating Ordinary Women Leading Extraordinary Lives

2014 Agents of Change

Hi it's Your Girl JA Nursing

As a social advocate I wanted to share this event with you all.

As the winter sets in so does the holiday burden. 

Last month I attended  an event put on by Toronto Community Housing, of which I was named a Agent For Change.  I felt exceptional to join the list of ladies above. But let it be known the struggle is real a lot of lessons have been learned unfortunately by going in the wrong direction. 

But that is the beauty of lessons you can share them and help others.

 My community division  known as JA Nursing is tailored to continuously help the community at large with practical knowledge and experience. The results intended, is a community that is informed and knowledgeable. This is the goals of Being a Social and Health Advocate. 

What was the objective of 

Journeys to Success?

Journey to Success celebrates ordinary women with exceptional lives.The goal of this event is to continue to educate, inspire and empower women to take the lead and be agents of change. This initiative involved 2 events  designed to celebrate women of change who in spite of their obstacles inspire us through their determination, commitment and achievements.

I salute the organizers of this well thought out concept and event. The first part of the event  was called a Wisdom Circle, which focused  on wisdom and experience sharing of residents and professionals. You know when looking back at this event this was and will continue be a practical way of helping our community gain insight and support. 

Every women on the panel had a story to tell about how financial literacy has been approached. For everyone this journey will be different, but it is important for women at large to feel like the support exists. As you know  financial issues happen at all aspects of life.

One of my most enjoyed parts of the evening  was all of us getting a chance to speak directly to the women and youths in what they called  breakout sessions,  this was the opportunity to encourage the Residents and their children about some of our experiences that have helped changed the direction of our lives. 

Journey’s circle gave us an opportunity  to have heart to heart dialogue, with the goal of helping to heal financial wounds due to loss, illness, etc.  and to support each other with clarifying our purpose and financial mission.

Who can argue that Making ends  meet, with the focus on financial Freedom from generation to generation isn't the concern of us all 

Overall the event was a great success.

Just little story 

I brought my son to Get his social insurance Card, I wanted to have it explained  to him the importance of this financial identification. Your #Sin number is almost as important as your name it's like a numeric name that describes you in numbers.   #Financial #Responsibility a lesson learned  late by myself.  

Here's some tips 

What does it mean to be financially responsible?  

To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make!

Responsible use of a credit means paying the balance on your account in full each month.

This is a good Rule to follow 

Balance-to-Limit Ratio

Equifax says: “Try not to run your balances up to your credit limit. Keeping your account balances below 75% of your available credit may also help your score.”

TransUnion says: “Balances above 50 percent of your credit limits will harm your credit. Aim for balances under 30 percent.”

Ok, so avoid maxing out your credit - because if you don’t really need more credit you’ll be able to get it, and if you do really need it then you are more of a risk.(Funny how that works)

Learn to Paying Yourself First  before you pay your bills - pay yourself first. A good goal to save is 10%.

Financial responsibility means being prepared for the unexpected. You should have atleast 6 months worth of money saved in case of emergencies, lesson learned when I lost my job one year. The more education you have means that it becomes harder for you to qualify for EI otherwise known as unemployment insurance. Funny since once your working you pay into it. 

Ultimately, financial responsibility means living within your means, regardless of the level of those means. Don't worry about keeping up with the Jones they won't help you out of your financial issues.

This has been your social Buzz

With Michelle Smith your Health and Social Advocate 

Find me on Facebook JA Nursing 

Twitter JA Nursing 

Email janursingservices@gmail.com

Your Credit Is Like Your Last Name

What would your last name be if it was compared to your credit score?

HEY GOOD MORNING  Team  SMARTIES

Its Monday, back to the grind, back to figuring out if you are going to get a tax return this year or if OSAP is going to take it.

Weekly I will have different financial literacy  topics that will help to bring the community closer to financial knowledge. The  goal to help  our selves  with a purposeful intention to stop the generational curse. Knowledge is  power.  Your credit score is like your last name.

 Building you credit works in  the same manner like building a relationship. You have to nurture your credit build that relationship and it will reward you.

The purpose is not to Show off  but to show that it is possible, anyone' who knows me knows that  life hasn't been easy.  Starting College  at 18  was not the only thing I started. 18 was the year I started my journey to financial  failure.  Why you might ask?  September 1994 they  granted  me the magical  booklet.  All I had to do was check mark which credit card I wanted and I got it like all like MAGIC.

The only thing was that the explanation of how I was going to pay  for all those cards was not included. I include to say department store cards because they normally hold a higher interest rate, which makes it very difficult to see the light at the end of the tunnel when I comes to your finances.  Lets not  forget to mention  those gas cards too.  But who cared right?  

Well I was 23 and now having  child #2 last year of Nursing at George Brown College and about almost $50,000 deep into OSAP.  Back then in 95-99  most students got  lucky to have all your living expenses transferred into OSAP hmm, I'm a baller now,  big money and credit cards Like who  could ask for anything else.

the Saga continues...........

weekly different parts of the story will be revealed..............

 One of the biggest lessons  learned is how to keep my Credit Game on Point... a total of over 15 years of a lesson to be exact. to change a R9 rating into a Good rating.

Now the questions is Do you want your lesson to TAKE THAT LONG?

Make it your mission to pay of your student loans as early as possible

Once you put this in order, Only  then  can  you start  to rebuild your Credit--- Remember once you mess it up not all hope is lost stay responsible, Build equity, pay your bills on time and plan ahead, leave cards for emergencies only.

Try to pay off what you owe monthly... Start back with a easy card like PC Financial  pay  them on time then try for an increase.  If you practice that for a while then you can try applying for A line of Credit which is 5-7% .   A line of credit can help you pay off your other debts  that have a higher interest rate.

Rule of thumb never spend more than you have. Good credit is not about flossing its about making a feature for Your Family.

Financial   Literacy is a must 

For more financial information contact  Andrew Stewart direct 416-566-5136

No man is a Island. Life and Business becomes easier when you have a team to work with. I have no issues sharing my team and contacts with you when you need them.
Unity is Power!!!

"Are you protected from the Unexpected?"

Some comments from instagram when I originally posted
a small insert about credit building so I decided to do a blog. Leave a comment or question in this post.
talk to you soon

If you have a question leave a comment and your information will be passed on to a Financial Planner
https://www.facebook.com/AndrewStewartMortgages?fref=ts

THIS HAS BEEN WATCHING OUT FOR YOUR POCKET WITH MICHELLE SMITH IM YOUR HEALTH AND SOCIAL ADVOCATE.
STAY CONNECTED


 Ask the expert find out more about our Services
www.janursingservices.com