February 24, 2024

The Queens County Citizen

Complete Canadian News World

Teach young people to become millionaires

Teach young people to become millionaires

I have a special request for teachers this tax season. Can you integrate the basic concepts of personal finance into your students’ daily lives?

Get inspired by Frances Vigneux-Blaise, the 3rd teachere and 4e Year in Estrie.

“I’ll rent them an office, and then they’ll have an apartment,” he told me.

His students can also invest money earned by doing their homework or doing small tasks in the classroom.

“Students deposit their money at my desk, like I’m a bank. After some time, I return them a large amount. We also have a list of privileges they can avail. »

Money is a part of their daily lives just like us adults.

This initiative breaks the taboo around money. Plus, it demystifies something that is still complicated for many Canadians.

According to a BMO survey, one in three Canadians don’t know the difference between a TFSA and an RRSP.

Many Quebecers still think they should pay 50% tax…

To pay even more, you need to earn more than $500,000 a year: about $950,000, according to Intuit’s calculator.

Someone making $100,000 a year pays about 29% in taxes.

It’s still surprising that we don’t see tax levels in school and the difference between the effective rate and the marginal rate!

Let’s talk savings too!

Stop believing that saving is complicated.

Budgeting is not rocket science.

Learn acronyms like ETFs, GICs, TFSAs… Compound Interest…!

Let’s also stop believing that saving money to grow is only for the super rich!

On the contrary. In his latest book, journalist Nicolas Bérubé tells the story of Quebec’s millionaires. Some, he says, don’t even make $100,000 a year!

I feel like we can interest the youth by telling them that you can become a millionaire on just a teacher’s salary!

What is the money for?

We should start by talking about the freedom that saving gives us.

Buying a house, going into business or quitting a boring job…that’s freedom and it takes money!

A good understanding of finances also allows you to make better decisions.

In front of your financial advisor, whether he is selling you a savings product because of his commission or because you need it, you will be better equipped!

Like going to the garage. If you don’t know how your car works and you only use it once or twice a year, someone might be taking advantage of it.

Dear teachers, if you can ever integrate these concepts of economics into your students’ daily lives… we can even think about learning how to cook a chicken, sew on a button, and remove a stain from a sweater… , let’s bring home economics back!

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