Unit 4Unit 4Personal Personal FinanceFinance

IncomeIncome• What are the different ways of What are the different ways of

getting paid? (salary, wage, getting paid? (salary, wage, commission, etc…)commission, etc…)

• What are the basic pay What are the basic pay deductions? (E.I., C.P.P., etc...)deductions? (E.I., C.P.P., etc...)

• What jobs lead to higher income?What jobs lead to higher income?• What do you get from What do you get from

employment other than a employment other than a paycheque?paycheque?

SpendingSpending• What expenditures does an What expenditures does an

average household have?average household have?• What factors do people What factors do people

consider when spending consider when spending money? (Price vs. Quality, money? (Price vs. Quality, features, etc…)features, etc…)

• What are the different types of What are the different types of stores people shop in?stores people shop in?

SavingSaving• What are the reasons and What are the reasons and

benefits of saving money?benefits of saving money?• How do you calculate interest How do you calculate interest

earned?earned?• Describe some of the various Describe some of the various

bank accounts available to bank accounts available to teenagers from some of the teenagers from some of the major Canadian banksmajor Canadian banks

InvestingInvesting• Explain various types of risky Explain various types of risky

and safe investmentsand safe investments• Acronyms…what do they Acronyms…what do they

mean??? (GICs, RRSP, RESP, mean??? (GICs, RRSP, RESP, …)…)

• How does the stock market How does the stock market work?work?

• What are mutual funds?What are mutual funds?• Where should I invest???Where should I invest???

CreditCredit• What are the different ways of What are the different ways of

borrowing money? borrowing money? • How do credit cards work?How do credit cards work?• What are the good and bad What are the good and bad

things about having credit?things about having credit?• Learn how to calculate the Learn how to calculate the

cost of credit (interest)cost of credit (interest)

So…So…• Let’s look at business and Let’s look at business and

money from a “household” money from a “household” perspective instead of a perspective instead of a “business” perspective“business” perspective

• How do households organize How do households organize and plan for the money and plan for the money coming in and outcoming in and out

• What if we have some extra What if we have some extra money?money?

• What if we need some extra What if we need some extra money?money?