Hi Guys,
This is the 1st of the 4 articles to read, apply and comment as part of your Course work. Click on this link to go to the website: http://www.getsmarteraboutmoney.ca/en/managing-your-money/planning/financial-planning/Pages/defining-your-financial-goals.aspx#.VD8mW_mSx1Z
Read the article on Defining Your Financial Goals and read Erika's story too.
Comment on her story and share 2 application lessons from it under the comment here below.
Have fun!
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Financial goal is a target of one 's financial aim to gain financial benefits , planning is just a stepping stone, there will be changes along the way to be able to cope with the ever changing financial situation
ReplyDeleteContinue to pay the minimum amount each month to pay back her student loans
Use her tax refund from her RRSP contribution to pay off her student loans faster.
DANIAL ZAINAL QE1401E
Start saving early for retirement and for other plans and expenses. We can divide it into quarters. Pay back minimum amount to pay student loans
ReplyDeleteGOH HAO WEN - SQ1404A
Saving early is very impt ... Especially for retirement. That way you would have other source of money you can rely on other than retirement money.
ReplyDeletePaying the minimum amount every month to pay off her student loans. Otherwise she will have to pay more in the future
SUZANNA SINDHU - SG1401A
Start saving early to reach your financial goals.
ReplyDeletePay the minimum amount each month to pay back the loans and open a RRSP and save the maximum each year.
NURUL ISTIGHFAROH - QK1404A
It is important to have financial goal as it enable us to limit our spending and manage our money wisely. With the financial planning, it do really paying off our debt and save the maximum amount we can every year,so that we can start to achieve towards our next financial goals.
ReplyDeleteWei Xin QK1404A
Erika's financial plan is very vague and should have figures for the minimum sum and RRSP account .
ReplyDelete2 Applications : Should start saving earlier so that if there is any debts , it can be cleared off & If there is any debts if we cannot afford to pay the full amount , we should at least the pay the minimum sum so that there will not be any higher interest charged .
RADIN KAMARUDIN
QI1404B
It is important to set realistic financial goals as it has to meet our current financial status. If we do not make realistic financial goals then it will be a mess
ReplyDeleteAKMAL
SQ1404A
acknowledged & trsfd
ReplyDeleteErika should start her financial planning earlier. Because she might not be able to achieve what she wants within 2 years. And her loans are quite a lot.
ReplyDeleteBut however it was good to seek help from the financial planner. As it would be easier for her to save up for her future.
Mohana
SQ1404A
acknowledged & trsfd
ReplyDeleteThe most important is to clear your debt first before continue to your second goal.When you clear your debt, it will help to lessen the burden on you. With proper financial planning, it would give you the correct direction that you should take, in order to achieved the goals that you have set.
ReplyDeleteKai Xun
SQA1404A
Some of Erika's financial goals are not that specific. It is critical for her to set financial goals that are reasonable and should start doing so at a young age. This helps her to meet her financial goals and not have any financial problems in the future.
ReplyDeleteOne of the things she have to do is to pay the minimum amount each month so as to pay back the loans and open a Registered Retirement Savings Plan (RRSP). She also have to save the maximum each year.
Another thing is for her to save money and cut her spending or try other alternatives such as bringing lunch to work. She can do so by planning a budget for every expenditure.
Timothy Dalton
SQ1404A
Erika should have considered starting her financial plans earlier when she already knew that she had a huge amount of student loans and debts to settle, so that she would have more time to clear them and achieve her other future goals without worrying about her debts. She made a smart move as to seeking help from her financial planner tho, as he came out with a good plan to help her with her goals, which in my opinion, should have been more specific. After following this plan, she should have cleared her bank loans before starting to save towards her next goal, so that she does not have to worry about them later on. With more organised, specific and proper financial planning, she would have a clear path/direction and will be able to achieve her goals too.
ReplyDeleteReshma
SQ1404A
Erika should start saving when young so that she would be able to pay off her student loans early, and slowly save money to buy herself a house and for retirement.
ReplyDeleteShe can also open a RRSP. Save the maximum she can each year.
Chia Zi Qi
QI1404B
In my opinion, i feel that it is important for everyone to set achievable financial goals at the early stage of our life,for example as early as sec1. For this instance, Erika has neglected the advantages and importance of having a achievable and stable pre-planning financial goals. Therefore, she would have to face certain financial difficulties in the later part of her life.
ReplyDeleteFirstly, she may consider to settle her debts before even deciding to buy a house which will require a huge sum of money. It is always more convenient and easier access for people to purchase of having a clean debt record.
Lastly, if Erika is really concern in reducing her income tax, she can probably make use of her salary and set aside some money, so as to get involve in Voluntary Contribution to her CPF Medisave Account.
Lau Mei Hui
SQ1404A
*when
ReplyDeleteLau Mei Hui
SQ1404A
I learnt that we should start saving at an earlier age and for other plans and expenses. We can split our loan repayment into parts and try to pay the minimum amount for loan when it is due
ReplyDeleteToh Jun Pen
QK1404A
It is good to save money at an early age to anticipate any financial problems in the future that we may face. Erika did a great job by paying the minimum sum as to prevent unnecessary interest charge. I learn that by cutting down unnecessary expenses, it can make a big difference in saving money where erika can save money by not buying food during work instead prepare food from home. I also learn that by applying the retirement planning scheme can help us in the future in terms of finance.
ReplyDelete-Muhd Faiz (QI1404B)
After reading this article, i learnt that it will benefit us if we start to save money at an early age.
ReplyDeleteErika did well saving up more money from buying unnecessary stuff.
It is good to always have a backup money in case anything goes wrong in the near future.
JingHong QI1404B
Trsfrd comments as at 19 Nov
ReplyDeleteI have learnt to start saving money from a young age.
ReplyDeleteDarren ng wei ren
qi1404b
I learnt that, Erika hadn't been saving her money and how much bring home food can save her. she could stop pampering herself. that way, she will be able to save another $100 pr month,.
ReplyDelete-jaspreet
SQ1404A
It is important to have a SMART goal. Specific, Measurable, Attainable, Relevant and Timely. We should be setting realistic and achievable financial goals and also planning is crucial and it is just wise enough to start early and plan for our retirement .
ReplyDeleteSoamu
SQ1404A
Trsfd & acknowledged.
ReplyDeleteIt is very important to set a proper goal as we may suffer if we do not have any goal. Therefore, start early in planning for the future.
ReplyDeleteSyafiq
sq1404a