with a little something money money is
all around us
right we need money to buy that brand
new spankin iPhone 7 that magically
bends in their market money is what gets
you that dress they look really good on
you from forever 21
you know exactly what dress I’m talking
about money is what will pay for your
post-secondary tuition
whether if you are going to a university
or college but how do you ask you
something this powerful tool that drives
our developing world today are we all
ready to fully utilize and possess money
as its rule hello everybody my name is
chanel a better high school student here
at Burrell secondary school today
I want to talk about something a little
more the practical side of things when
we talk about the theme of what now more
specifically I want to talk about how we
can start prepared for the problem of
financial roadblocks because like I said
money money is everywhere and we need a
lot of it to get through our daily lives
in fact let me share with your little
sisters the governments of Canada
Government of Canada website showed that
on average an Ontario household uses
eighty five thousand dollars on living
expenses alone every year 2014 and that
number is on the rise
eighty-five thousand dollars think about
that for a second on average college
tuition cost about ten $10,000 $11,000
plus plus supplies – residence and call
a for University cost about fifteen to
twenty thousand in a single year an
average Ontario household uses four
years worth of university tuition in a
single year an average of arterial
household uses the amount of money that
would set you up for life in education
that’s crazy
that’s a lot of money and despite that
fact
Canadians it shows
we are not saving as much as we should a
survey done by Polara for the Bank of
Montreal 2015 found that on average
Canadians only have 41 thousand dollars
in savings
$41,000 at 56% of those people have only
$10,000 in savings now it’s even worse
than America where a Google consumer
survey found out that sixty sixty-two
percent of people only have $1,000 or
less in their savings account and 21% of
them don’t even have a savings account
they virtually are living a paycheck to
paycheck lifestyle now telling with you
a little story this was about a little
co-worker that I usually working with at
a retail store she was very smart woman
mind you she took a new biology course
at wealth and at that time she was
taking an online course to become an
addiction study specialist from McMaster
I came to the store one day and she was
wearing this to do all black work attire
I said oh that looks really good on you
and she said thank you I spent five
hundred dollars on this dress and I only
have about twenty dollars left and
savings overall way we hold on hold
another minute no twenty dollars overall
that’s it’s not even up to buy your
groceries or have what happens if
something came up where your online
course like supplies or our special to
wishes they have to pay you won’t be
able to pay for anything your paycheck
isn’t in the next two weeks what are you
gonna do other than the obvious fact
that money gets your passes like food
and clothing there are more pressing
benefits as to why we should start
saving money now and not instead of
later number one financial independence
now course what I wouldn’t have a
substantial amount of money saved up
that means you’re financially
independent be financially independent
allows you to make more flexible and
more lenient choices in your lifestyle
compared to other they kept the Paycheck
lifestyle now this doesn’t mean that you
could go to the mall and let obviously
spend all your savings but it does mean
that you are for example a
take a vacation from work when you need
it help out your family in a financial
slump or pay for a secondary tuition if
you have ever have a change of career in
a heart number two you’re gonna need a
lot of money or necessities
all right at some point in your life
you’re gonna have to buy something that
is that cost a lot of money out of
necessity again when I say this SED I
don’t mean that $100 jacket from j.crew
I don’t mean those shoes from the baton
I certainly don’t mean that new gaming
console when I say necessity I’m talking
about a down payment for a house a car
or again university tuition things that
have considerable value in our lives do
not come treatment and large sums of
money do not appear out of North and
even if they do credit card companies or
banks will charge you an interest rate
that make sure you suffer those
consequences later number three not only
having any financial plan or any
financial savings can lead to
materialistic downsides but it can also
lead to negative emotional effects
studies that show studies have shown
that people who are are under debt or
have no financial plan or under extreme
amounts of pressures in everyday life do
their spending and do that pressure that
can result things like anxiety fear
unrest anger all of these things do not
have a very good outcome of a human body
overall and finally number four it
doesn’t care about any plans you have
you could plan your life fifty years
from now and life will take those notes
that you’ve made up for the future and
it will say oh these are some nice plans
you made and shucks it out the window
life is an essence of time it does not
care about whether you do or will not do
so when life throws worker ball is it
not better to have a reliable asset
saved up such as money to counteract
that curveball rather than not be
prepared for it at all what I’m trying
to say is money is an important asset in
our
and we start saving now if we start
saving now not only will we have upset a
substantial amount of money
save it for the future but we will have
learned and mastered the skill of
self-control and financial management
and other than the actual money that you
are able to put aside that’s still and
those skills will set you up for life
and no amount of financial setback can
hinder you too deeply that there are
tons of ways it’s ethics in order to
start saving money but to put it bluntly
don’t start putting your money in a
savings account right now you don’t have
a safe to go go to the bank and make one
actually no no in fact before all this
make a time machine go back 10 years and
tell your younger self then to start
saving money now that’s how important it
is even the smallest things like
interest rates rack up over 30 to 40
years
things like 0.01 percentage that stuff
may look small now but it’ll look like a
pretty big difference in a long term and
a long term view so here’s a little
something to start you off with the
habit of saving do yourself a favor and
pay yourself now more specifically what
I mean paying yourself is that whenever
you get any sort of income say from a
picture from an allowance or that $5
bill you picked up on the floor anytime
you get any sort of income set aside a
certain percentage of that money save 20
to 30% in this days account even before
you pay you off your expenses even
before you buy the best rest even before
you do anything with that money or it’s
in a savings account this will teach you
to live on a tighter budget and adapt
your lifestyle to that type of engine
paving the road for financial discipline
now other competing choices might be
making a budget so record all of your
purchases
and transactions that can make you a
single mom keep your receipts and at the
end of that month you can figure out
where in life you’re spending the most
amount of money by soar above going back
under records and from there you could
map out where in life you can start
cutting back costs Wow
and it’s also nice to have a trusted
friend help you under this as well
because they could help you with the
choices that the purchases that you make
in your lifestyle then obviously two
heads are better than one
Wadley this is something personal that I
picked up them over the years when I was
eight years old I wanted a Lego toy set
I know they go toys says the kids only
use them for three days they cost a lot
and once the kids are done playing with
it they leave it on the floor and it’s a
minefield for everybody but I wanted
them so I went to my mom and dad and I
said hey I want this leg up so I gave it
to me and instead of them just buying it
for me straight up for Christmas or
giving me an allowance they’d pick me up
look me in the car drove me to a
newspaper delivery separate that’s it
here you go son go get a job now we’re
not paying anything for you so ever
since then since I started hurting my
own I’ve only made sure to purchase
things that I only really really wanted
then I or only necessary for me so I
thought of every purchase like a tattoo
now what somebody when you say you want
to tattoo something they’ll probably
have the same where they say if you wake
up in the morning the next three years
from now and have that same thought of
game engine two for three years when you
wake up in the morning
thank you get that tattoo think of your
purchases in the exact same way if you
want to buy something that cost a lot
and you really have that temptation
control yourself bring that temptation
home with you sleep on it sleep on it
for three months and then if you sleep
on it for three months and every single
day of that those three months you wake
up with the thought abide that thing
then you could buy it if you don’t have
the temptation
pass the three months don’t even bother
getting it you don’t need it you could
save money better that way ladies and
gentlemen final point being I implore
you we need a lot of money to survive in
the
we need a lot of money to live a good
life
money doesn’t appear out of nowhere and
it is better to start saving up and
building up these skills of financial
management and self control now rather
than later and don’t let those credit
card companies get you that’s a story
for me for a whole another day ladies
and gentlemen have a good [Applause]
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