Financial Knowledge & Financially Secure Life
Many people find controlling their finances to be a series of complicated tasks, so they pay less attention or sometimes avoid it. There are many reasons for this, and human behavior can play a role. The good news is that anyone can work on having more financial knowledge by being open to learning new things. In this issue, we review with you some of the top 6 steps to make progress towards achieving your financial freedom. 1. Budgeting & Being Aware of Spending 2. Debt 3. Investments 4. Creating a will and your estate 5. Insurance 6. Retirement Planning
Many people find controlling their finances to be a series of complicated tasks, so they pay less attention or sometimes avoid it. There are many reasons for this, and human behavior can play a role. The good news is that anyone can work on having more financial knowledge by being open to learning new things.
In this issue, we review with you some of the top 6 steps to make progress towards achieving your financial freedom.
1. Budgeting & Being Aware of Spending
2. Debt
3. Investments
4. Creating a will and your estate
5. Insurance
6. Retirement Planning
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Eagle Bay Financial Services Newsletter
Summer 2021
Serving Indigenous Communities & Organizations since 2002
More Resources to Become Financially Literate
Financial Wellness Assessment
Did you know you can assess your Financial Wellness easily?
Manulife Insurance offers a free online resource to determine your financial position. Financial Wellness Assessment tool helps
you understand the rating of your wellness for different financial aspects such as budget, investment, retirement planning, debt
management, and financial protection.
Click Here to start your assessment and find out about your situation!
If you are looking for extra resources and learn more about how to be financially literate, please check out these resources below;
• Investments at Glance
• Sources of Retirement Income
• Identifying Your Sources of Retirement Income
• Types of Insurances
• AFOA - Intro to Banking
• AFOA - Budgeting – Good Decisions
• AFOA - Elder's Perspective
• Million Dollar Journey
• The Financial Consumer Agency of Canada YouTube Education Channel
• The Financial Consumer Agency of Canada Website
• Checklist to Manage Your Debts & Myths About Bankruptcy
Financial management seems complicated, and needless to say, very stressful.
Make it a habit to read and learn more and be open to learning more about your finances. And, please forget about the shame and
guilt around it. Educate yourself because your financial knowledge can create good outcomes in many areas of your life.
References
[1] Sun Life Financial, "Insurance", https://www.sunlife.ca/en/explore-products/insurance/
[2] Canada Life, “Estate Planning”, https://www.canadalife.com/investing-saving/estate-planning.html
[3] Sun Life Financial, “Retirement Income”, https://www.sunlife.ca/en/explore-products/investments/retirement-income/
[4] Government of Canada, “Good debt and bad debt”, https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit/credit/credit-1/5.html
[5] Prosper Canada, "Roadblock to Recovery", Pdf, https://prospercanada.org/CMSPages/GetFile.aspx?guid=901099d6-03fc-4550-9102-6f9fe91b94a3
[6] Aboriginal Financial Officers Association of British Columbia, Pdf, https://afoabc.org/wp-content/uploads/2020/10/financial-literacy-handbook.pdf
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