Category: Finance

Global Lift Equipment Scholarship

Scholarship Value: $500

Awards Available: 1

Award Deadline: June 15, 2019

Address: https://www.usedforklifttexas.com/

Lift Parts Express Scholarship

Scholarship Value: $500

Awards Available: 1

Award Deadline: June 30, 2019

Address: https://forkliftpartsoregon.com/forkliftparts.php

FormSwift Scholarship

Scholarship Value: $1,000

Awards Available: 1

Award Deadline: June 15, 2019

Address: https://formswift.com/startup-scholarship

Pretty Presets Scholarship

Scholarship Value: $500

Awards Available: 2

Award Deadline: June 15, 2019

Address: https://www.lightroompresets.com/pages/pretty-lightroom-presets-scholarship-program

AWAF Scholarships

Scholarship Value: $2,500

Awards Available: 15

Award Deadline: June 20, 2019

Address: https://awafoundation.org/Scholarships

Opterus Helen Rose Academic Award

Amount: $10,000

Provided by: Opterus

Deadline: June 30, 2019

Renewable: No

Type of Award: Scholarship

Automatic Consideration: No

Address: https://opterus.scholarshipscanada.com/

10 Words or Less Scholarship

Scholarship Value: $500

Awards Available: 1

Award Deadline: June 30, 2019

Address: https://www.facebook.com/myscholarships

Illustrators of the Future Scholarship

Scholarship Value: $5,000

Awards Available: 4

Award Deadline: June 30, 2019

Address: https://www.writersofthefuture.com/contest-rules-illustrator/

Sustainable Residential Design Scholarship

Scholarship Value: $2,500

Awards Available: 1

Award Deadline: June 30, 201

Address: https://www.houzz.com/scholarships

Cover Guy Annual Scholarship

Scholarship Value: $500

Awards Available: 1

Award Deadline: July 1, 2019

Address: https://www.thecoverguy.com/en-ca/the-cover-guy-annual-scholarship/

Ah, your first credit card. That whopping $1000 limit means the world is your oyster for the next month. It may be tempting to visit every store in your neighbourhood or treat yourself to a little retail therapy, but there’s something else you need to worry about. Your credit score.

I know, I know. It seems like you’re a little too young to have to worry about all that. You can always improve your credit score in the future, right? Well, sure, but the future sneaks up faster than you think. The last thing you want is to be a 20-something with a low credit score.

Now, before jumping into why you should want to build credit, let’s briefly break down what a credit score even is. Essentially, it’s a number out of 900 that determines how likely banks are to give you a loan or an additional credit card. It reflects how likely you are to repay your debt and tallies how many times you’ve had a good rating. According to Credit Karma, a good score is usually between 670 and 739.

It’s never too early to start building your credit rating, especially because building it to a good score takes time. As soon as you get your first card you need to think about maintaining a good rating. Poor credit scores mean:

• You’ll have difficulty renting or buying property. It might not seem like a big deal now, but eventually you’ll want to move out of your parents’ house. A bad credit score can chase away a lot of potential landlords.
• Your chances of getting additional credit cards are pretty slim. If banks see that your score is bad with one card, why would they take the risk of giving you a second one?
• Loans won’t come as easy either. Some banks may charge you high interest rates while others might turn you down entirely.

Luckily for you, there are some tips you can follow on how to build your credit score from the moment you get it.

For starters, get a simple card. With so many different options out there, it can be overwhelming to decide which card is right for you. But, a starter card with no annual rates and low interest rates is the way to go. As nice as it would be to have a $10,000 cap on your card, you don’t need that kind of money to start with; $500 to $1,000 is a good base.

Credit cards need to be monitored as well. Sign up with sites like Credit Karma and receive notifications to your email when a new score is ready. Keep an eye on the numbers so you know where to make improvements. Anything from not paying bills on time to applying for too many loans in a short period of time can lead to a significant decrease in your score. You also have to consider what your “debt to income ratio” is; how much income you make in comparison to how much debt you have can also affect your credit rating ( including when you apply for a bank loan or credit increase).

Maintaining a good credit score isn’t hard once you know the basics. Don’t go crazy with the spending and think about your future self to ensure that you’ll have an easier time when those milestones in life approach.

Financial literacy sounds like a term coined by financial pundits to scare off those who aren’t exactly a whiz with financial matters, but recent data from Statistics Canada that revealed Canadian household debt has increased significantly in the last quarter of 2018, further establishing the need for financial literacy.  In addition, based on additional report from Equifax Canada, more and more Canadians have turned away from their financial obligations in the fourth quarter of 2018, and it’s expected to climb even higher this year.

These alarming statistics definitely prove that Canadians should be more aware when it comes to financial matters. However, not everyone can be as financial-savvy, but thankfully, there are professionals who can prove to be extremely helpful in that department: the personal financial advisors.

If you have a great ability for financial management and you are natural in helping people, this career can definitely be worthwhile for you. Let’s take a look below.

Personal Financial Advisors – What You Need to Know

The personal financial advisors’ primary goal is to help individuals assess their financial needs, establish a financial plan, set short-term and long-term financial goals, and suggest investment options such as stocks and bonds. Personal financial advisors are especially needed when there’s a big change in an individual’s life such as getting a high-paying job, starting a family, or acquiring wealth through other means such as inheritance. These are situations where personal financial advisors are essential.

Because of what’s expected of them, personal financial advisors should have high-level knowledge in the financial and investment fields and must be in an expert-level when it comes to applicable tax laws that are associated with such options, such as inheritance tax.

Salary

According to PayScale.com, a personal financial advisor can earn an average of C$44,457 a year with potential for bonuses and profit-sharing opportunities.

Skills

To kick off a career as a personal financial advisor, a bachelor’s degree in accounting, business, finance, or any related field will be a big advantage. Ideally, personal financial advisors should also work to acquire a comprehensive knowledge of government (federal, state, and local) laws and regulations and Security Exchange Commission (SEC) rules and guidelines. If this will be the profession you’ll go for, keep in mind that continuous learning and keeping oneself abreast of monetary rules and regulations are beneficial.

Being technology-savvy is recommended for personal financial advisors, and it will be a huge boost to one’s career if you learn to use the latest in self-serve tools such as automated portfolio management to accommodate your client base.

Before you can practice as a personal financial advisor though, registration is a must for all provinces and territories. Practicing without the necessary credentials can be a big blow to your career and could jeopardize your reputation within the industry for the long-term especially now that consumers anywhere in Canada can double-check on a personal financial advisor’s certifications and qualifications via the Canadian Securities Administrators’ National Registrant Search.

Pros and Cons

A career as a personal financial advisor is challenging as expectations in terms of duties and responsibilities are ever-growing. This is why personal financial advisors are recommended to consistently work hard to adjust to ever-changing business climates that Canada is exposed to, especially when it comes to technology, regulations, and market volatility.

However, this particular career can be extremely rewarding both financially speaking and emotionally speaking. You earn the potential for huge bonuses and profit-sharing opportunities. In turn, you become essential in an individual’s realization of their financial goals, and that’s even a bigger reward than the monetary rewards.

SOURCES:

https://www.payscale.com/research/CA/Job=Personal_Financial_Advisor/Salary

https://www.cnbc.com/2018/07/12/how-to-know-if-you-need-a-financial-advisor.html

https://www.cbc.ca/news/business/household-debt-income-1.5056159

It’s human instinct to be wary of change, especially when something has worked wonders for you, be it your current classmates and teachers, your academic schedule, your social calendar, or the electives you’ve decided to take for the school year.

If any one of these items happen to undergo a major change, the rest will be affected like dominoes. For instance, if you’re being transferred to another school, your social life will for sure take a hit.  That’s why it’s understandable that there’s a negative kneejerk reaction when changes are delivered to us. After all, there’s the old saying “If it ain’t broke, don’t fix it.” However, you’ve probably come across the quote by Greek philosopher Heraclitus, who was later dubbed to be the “Weeping Philosopher” later in his life, “The only thing that is constant is change” that contradicts the former adage.

Such is the dilemma that faced students upon learning that the provincial government has implemented changes in the Ontario Student Assistance Program (OSAP) early this year. Prior to the announcement, it was possible for low-income students to attend college or university free of cost since the Liberal government increased the number of grants to which they were eligible for. However, with the recent modifications to the program, this would not be the case anymore.

Just a few days after the news release of several adjustments made to the province’s financial aid program for education, a number of students took to the streets to demonstrate their displeasure. Nour Alideeb, the Ontario chair of the Canadian Federation of Students, said the amendments would badly affect students from the lowest income families who have relied on grants for their college or university education.

OSAP: Where We Were

To better understand the situation, it helps to take a closer look at how OSAP worked before and how it is working now.

Before, OSAP consisted of two portions: a loan, which needed to be paid back after completion of one’s studies, and a grant, which did not need to be paid back even after the completion of one’s studies.

How the grant is calculated depended on a number of factors such as the school, degree or program, start and end dates, tuition, book expenses, a student’s own earnings, their family’s household income, and whether they classify as dependent or independent. The maximum grant payable for the previous years 2017 until 2018 for university students was $8,700 and $6,900 for college students.

Previously, students who acquired loans through OSAP were granted a six-month grace period before they would be charged interest on their loans. This allowed a reasonable amount of time for them to get settled with their employment opportunities.

OSAP: Where We Are Now

Among the changes announced by the provincial government were the reduction of tuition fees by 10% in all educational institutions in Ontario. Currently, as it stands, Ontario students pay the highest tuition rates in the nation, and cutting the fees by 10% is expected to be a big help. This also guarantees a no-fee increase for the school years 2020 until 2021.

The provincial government affirms that the changes ensure that low-income students have access to the financial aid they need to complete their education. The family income threshold that is necessary to be eligible for the Ontario Student Grant has been reduced. However, for many, this means that lesser students will have a harder time to have access to the grants if they are not eligible due to a household income that is higher than what’s needed.

However, it is the elimination of the six-month grace period bore the brunt of student’s anger about the recent OSAP changes since this means that as soon as they graduate, the interest on their student loans is activated, regardless of whether or not they  have a job waiting for them upon graduation. This gives students less time to save up money and pay off their loans after they graduate.

OSAP: Where We Are Headed

How exactly would the changes affect students in the long-term remains to be seen. However, it seems like all the modifications are not off to a good start. Apparently, Ontario’s student loan program can’t accept new applications yet because Ontario’s universities and colleges still has yet to receive the complex government formula used in calculating the financial aid amount each student is eligible for.

SOURCES

https://www.cbc.ca/news/canada/london/osap-grants-school-1.5084841

https://news.ontario.ca/maesd/en/2019/01/affordability-of-postsecondary-education-in-ontario.html

https://proliteracy.ca/blogpost/new-osap-cheat-sheet-before-you-apply

https://www.cbc.ca/news/canada/toronto/you-messed-with-the-wrong-people-students-demand-ford-government-reverse-osap-changes-1.4993886

https://www.thesil.ca/provincial-government-announces-changes-to-osap

https://plato.stanford.edu/entries/heraclitus/

Handling money isn’t easy for anyone, whether you’re a teen, a college student, or an adult.  Being good with money takes practice and effort; no one is magically a financial genius.  But it’s easy to lose track of your spending if you’re not paying attention, especially when you’re young and likely don’t have much money to begin with from an allowance or a part time job.  If you feel like you’re always short on cash or asking your parents for money, take a look at your spending to see where you might be wasting money without realizing it.

“Treat yourself!” is a common refrain, and while it’s true you should get something nice for yourself once in awhile, it’s easy to let this snowball into significant overspending.  This can be particularly difficult if you’re often out with friends to the mall or browsing online shopping.

Peer pressure from friends, even if they mean well, can lead to purchasing too many non-essentials: clothes your friends insist “look just perfect on you,” that extra book, video game or movie that “you just have to see/watch this one,” or going out to eat too often “because you should treat yourself.”  Online shopping is particularly dangerous, since shopping sites are geared toward convincing you to buy more — even when you don’t need it — by making sales or free shipping or add-ons seem appealing or “a great deal.”

The bottom line is that if you’re often buying things you don’t need, you’re not spending wisely.

It isn’t just shopping that can drain away your money without you noticing how it adds up.  Having a social life is important, and involved anything from going to the movies, to school dances, clubs, and sporting events, or bigger things like car expenses or wanting to go on a trip.  While you can and should participate in social events with your friends, these can be expensive and add up to a significant portion of your spending.

That’s not to say “never do these things,” but rather to pay attention to how much they cost and either limit yourself to a few events that are your favourite, save up for specific events, or simply take only a little bit of money with you and leave the debit card at home to reduce your chances of overspending.

So, how can you make sure you’re not wasting your money?

Planning a budget — and sticking to it — is the best way to be sure you’re spending wisely.  Make a list of your needs, such as basic clothing, school supplies, or car expenses, versus your wants, like a new video game, sporting equipment, or a social event.  Set up separate bank accounts too, one for daily spending and one for savings, and be sure to put most of your money into the savings account to prevent yourself from spending it on impulse purchases. Review your budget and your bank statements regularly to see your spending patterns — if you’re dropping hundreds of dollars in Starbucks or the mall, it will be easy to see.

Lastly, your social life shouldn’t suffer from your budget, but there are ways to cut down your costs.  Libraries and community centres offer free or low cost access to books, movies, music, video games, and activities or events.  Or just choose to spend your movie night at home with a group of friends and some snacks, instead of at the theatre with fast food.

As long as you pay attention to your spending habits, you will be able to spend wisely and save for the future!

Sources:

https://www.moneyunder30.com/how-teens-can-save-money

https://money.usnews.com/money/personal-finance/articles/2014/11/05/10-money-tips-for-teens

https://www.businessinsider.com/how-teens-are-spending-money-2017-4

https://www.brighthubeducation.com/parenting-teens/121414-how-much-money-do-teenagers-spend/

A university or college degree is considered a necessity for many careers, but tuition costs are rising higher each year.  For those who are not able to pay the full costs of school outright–which is many students and their families–student loans can be the best way for these students to pursue higher education.

In Canada, students attending college and university have access to student loan programs that are run through the government, such as the Ontario Student Assistance Program (OSAP) and other provincial loan programs, as well as private loans through banks and other financial institutions. Depending on your initial financial situation, such as how much you already have saved up for school, and what you family can contribute, OSAP and other loans can cover most or all of your educational costs.

School expenses add up quickly, including tuition, books, lab fees, rent or resident payments, and food or a meal plan.  Knowing you have access to student loans means it can be tempting to take out loans to pay for all your school costs, and then take summers off to have fun and relax without classes or a job.

However, this generally isn’t a good idea.

Loans are not free money; when your education is completed, loans are a debt you need to repay.  Depending on the costs of your school and degree program, these loans can be significant.  Canadian university programs have an average tuition of $6,500 per year, which adds up to over $26,000 for a 4-year degree, and doesn’t include the costs of books or living expenses. College tuition will often be lower, but the costs still add up.

If you use loan money to cover the whole costs of this tuition, plus other living and education costs, you can end up graduating with $20,000 to $50,000 or more in debt, which will significantly affect your post-school life while you work to pay this money back.

The more debt you have, the longer it will take to pay off–sometimes as long as 10 or 20 years.  You could find yourself struggling to pay bills on top of loan payments, or be living paycheque-to-paycheque even with a high-paying job.  It can also be hard to put aside savings, since a certain amount of your pay each month will automatically be destined to go toward loan payments.  Being unable to save up a sum of money will prevent you from being able to buy a house or car, and can delay when you are able to financially support getting married or starting a family.

And this is just for an undergraduate degree.  Students who want to pursue graduate studies for a Master’s degree, or even post-grad for a Ph.D., and take out loans to pay for these degrees as well, will just be piling new debts on top of the old ones.  This will extend the effect your debts have on your lifestyle, and will take even longer to pay back.

The best advice is for students to work as much as they are able without it affecting their education.  This can include part time work during the school year on evenings and weekends, a work study program through your school, and working full-time over the summer.  Internships and apprenticeships, depending on their availability for your program, are a great way to earn money while learning at the same time.

When you are planning for school, work out a budget that accounts for all your educational costs, from tuition and textbooks to rent and food, as well as the amount you have saved, how much your family can contribute, and how much you can earn over the summer.  Use this to determine how much of your schooling you can cover yourself, and only take out loans to make up any shortfall.

This will ensure you graduate with the lowest amount of debt possible, and opens the door to a successful future.

Sources:

https://www.ontario.ca/page/osap-ontario-student-assistance-program

http://www.cbc.ca/news/politics/statscan-university-tuition-1.4276740

http://www.macleans.ca/education/university/want-free-university-changes-to-osap-canada-student-grants-could-help/

Having a good set of analytical skills is something that not all people can lay claim to. It takes amazing ability to be able to gather information, analyze it, pinpoint potential problems, present solutions, and make decisions.

If you are looking into a career as a financial analyst, it will be a good time to do all what you can to enhance your analytical skills. Below are the other qualifications and information you would need to know if you want to succeed as a financial analyst.

Financial Analyst – What You Need to Know

Financial analysts’ main responsibility is to evaluate marketplace trends, demographics, and other factors to help companies or individuals make financial decisions that will lead to profit or wealth. While similar to financial advisors, financial analysts focus on studying what’s already there (such as an existing financial portfolio) and then make recommendations based on their findings.

Salary

According to PayScale.com, a financial advisor can earn an average of $41,689 to $78,525 per year with potential for bonuses, profit-sharing, and commission.

Skills

To succeed as a financial analyst, one has to have expert familiarity with how companies or individuals have invested their resources. They must also have proficient foresight on how these investments will pay off over time by determining a financial forecast, while constantly being vigilant of what needs to be done in terms of furthering the financial growth. For example, a financial analyst may be employed by a company who’s looking into franchising opportunities, and then they would have to study the market and ensure that the company will finalize a decision that would be of financial benefit to it, not a risk. Apart from exemplary analytical skills, financial analysts should also have business acumen strengths, excellent understanding of financial functions, and of course, attention to detail.

It will be a huge boost to have a bachelor’s degree in finance, business, economics, or any other related field, and it is even better to have a post-graduate degree in finance or an MBA. Certification is not necessary to be a financial analyst, but it does serve as an advantage to obtain a Chartered Financial Analyst (CFA) designation.

Pros and Cons

The best thing about being a financial analyst is that you get to be a key influencer in the organization you are employed in as even the high-level management turn to you for their financial decisions. This means if you do things right, you are stable and may even have a good chance of becoming a candidate for CFO.

The worst thing is that you have to deal with mountains and mountains of financial data which can be overwhelming if you are working under strict timelines.

SOURCES:

https://www.payscale.com/research/CA/Job=Financial_Analyst/Salary

https://www.randstad.ca/financial-analyst-jobs/

https://www.thebalance.com/analytical-skills-list-2063729

At first glance, the job of a financial advisor does not seem to be in high demand compared to jobs in the skilled trades or in the healthcare industry. However, with consumerism so widespread these days, everyone can benefit from being finance-savvy—yes, even those who assume they don’t have a lot of earnings or budget to work with. The trouble is, not everyone has what it takes and therefore for them hiring the services of a financial advisor can make a lot of difference. This is the reason why financial advisors has become one of the fastest-growing industry in Canada.

If you are passionate about financial planning, this profession is a good one to pursue. Apart from it being financially rewarding, it also affords one numerous opportunities in various industries. Read on to learn more about this lucrative career.

Financial Advisors – What You Need to Know

The financial advisors’ main objective is to work with private individuals or institutional clients (from banks, insurance companies, or mutual fund organizations) to assess their financial needs, lay out a financial plan, establish short-term and long-term financial goals, and recommend investment options such as stocks and bonds. Due of the nature of their job, financial advisors must possess high-level knowledge in the financial and investment fields and have expert familiarity with relevant tax laws that are associated with such options.

Salary

According to PayScale.com, a financial advisor can earn an average of $48,483 per year with potential for bonuses, profit sharing, and commission. According to the Financial Planning Standards Council, 65% of financial advisors earn over $100,000.

Skills

To prosper as a financial advisor, a bachelor’s degree in accounting, business, finance, or any related field is a huge advantage, although not explicitly required. Aspiring financial advisors should also work to acquire a comprehensive knowledge of government (federal, state, and local) laws and regulations and Security Exchange Commission (SEC) rules and guidelines. It is always beneficial to consistently brush up on monetary rules and regulations as well.

To be technology-savvy is a recommendation for all financial advisors, and it’s a huge boost if they can employ the use of new self-serve tools such as automated portfolio management to accommodate their client base.

To practice as a financial advisor, registration is a must for all provinces and territories although there are financial advisors who go into this profession without obtaining the proper registration. This is why consumers are advised to check the Canadian Securities Administrators’ National Registrant Search to check the advisors’ qualifications. Everywhere in Canada except Quebec, financial advisors and financial planners can be used interchangeably. In Quebec, one can only refer to themselves as financial planners if they have a certificate issued by the Autorité des marchés financiers or are members of a professional association where the Autorité des marchés financiers is part of the agreement.

Pros and Cons

A career as a financial advisor is extremely rewarding financially speaking and professionally speaking. They have flexible employment opportunities as they can work with banks, securities, mutual funds, insurance, credit unions, law firms, accounting firms, and even entrepreneurial businesses. It allows one to immerse themselves in a wide range of financial options and interact with various individuals across all socio-economic backgrounds.

The expectations from financial advisors are ever-evolving, however, and it is easy to falter in this field if you rest on your laurels. This is why financial advisors should work hard to adapt to the business climate especially in terms of technology improvements, stricter regulations, and market volatility.

SOURCES:

https://www.payscale.com/research/CA/Job=Financial_Advisor/Salary

http://www.fpsc.ca/beaplanner/statistics-about-the-profession

https://news.efinancialcareers.com/us-en/15316/in-canada-strong-demand-for-financial-advisors

http://www.huffingtonpost.ca/rick-hyde/financial-advisor-future_b_8076868.html