What is the Next Gen Education Conversation?

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP®

It has been my experience that personal finance has not been taught well in high school or even University. I know that our kids had no such education at school.

Simple ideas such as paying off your credit cards monthly, compounding, how taxes work, joining your company savings plans are a few of the concepts that everyone should know about.

The Next Gen Education Conversation

This is a conversation you may want to have with the next generation to emphasize the importance of financial education and help them to be well equipped to handle their own financial affairs as they go through life’s transitions. Your financial advisor may be able to assist with this. Some key concepts and topics to review include:

• how to budget for post-secondary school
• your first job and setting a lifestyle you can afford
• simple budgeting and cash flow planning
• understanding how taxes work
• leasing versus buying a car
• understanding your employer’s benefit package
• setting up a savings program
• understanding the impact of interest charged on credit cards
• the difference between good debt and bad debt
• types of investments, such as high interest savings accounts, mutual funds, stocks, ETFs, etc.
• types of savings vehicles, such as TFSAs and RRSPs
• the financial impact of life’s transitions, such as: 
  o getting married
  o buying a home
  o having children
  o changing jobs or careers
  o getting divorced
  o caring for an elderly parent, and
  o safeguarding any inheritance, they may receive.

For more information you can refer to Chapter 4 Tax Concerns, RRSPs, and TFSAs: Protecting and Preserving your Wealth from the book Preserving Wealth: The Next Generation – The definitive guide to protecting, investing and transferring wealth by Jack Lumsden, MBA, CFP®

For your FREE Copy CLICK HERE

What To Do Next

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For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring Wealth by Jack Lumsden, MBA, CFP® or schedule a call with Jack at 905-332-4403