[B+] Sandy Yong | Becoming Financially Independent [ PRACTICE ]

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⏱ 02:44 - 06:36

LET'S UNLOCK WORDS AND PHRASES 🔐

hindsight

[ 'hahynd-sahyt ]

noun

- the ability to understand an event or situation only after it has happened

In hindsight, it would have been better to wait.

blueprint

[ 'bloo-print ]

noun

- an early plan or design that explains how something might be achieved

The report provided a blueprint for relieving the county’s crowded jail facilities.

mandatory

[ 'man-duh-tawr-ee ]

adjective

- something that is mandatory must be done, or is demanded by law

Athletes must undergo a mandatory drugs test before competing in the championship.

inflation

[ in-'fley-shuhn ]

noun

- an increase in prices over time, causing a reduction in the value of money

Higher inflation threatens to force interest rates higher.

make ends meet

idiom

- to have just enough money to pay for the things that you need

It’s not easy to make ends meet with a big family, but somehow we manage.

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FIRST CUT ⏱ 02:44 - 04:38

Let's read...

Listen in as I share three important money lessons with you today. The first lesson I learned was that I was responsible for my own financial success. Why? Because my parents in the school system weren't equipped in providing me with the tools and resources I needed to become successful. Did you know that according to LifeWorks, that over half of Canadians have no emergency savings? That's half the people here in this room and on Zoom. Furthermore, a survey by TD shows that a third of Canadian parents aren't confident that they're setting a healthy financial example for their children. As much as parents want to be good role models for their children, many are struggling to figure things out themselves. Even in our school system, it's not mandatory to teach students about personal finance. Raise your hand if you've ever taken a personal finance course in school. Not very many. Unfortunately, we are still a long way from implementing a proper curriculum that will make a positive impact on our future generation. On top of that, according to Statistics Canada, for every dollar of disposable income, the average Canadian household owes $1.77. We've become a society of being house-rich, cash-poor, all the while trying to keep up with the Joneses. Add in rising interest rates and inflation to the mix, and you've got the perfect storm of many families from coast to coast who are trying to make ends meet.

Let's follow Sandy Yong...

Listen in / as I share / three important money lessons / with you / today. // The first lesson I learned / was that I / was responsible / for my own financial success. // Why? // Because / my parents in the school system / weren't equipped in providing me / with the tools and resources / I needed to become / successful. // Did you know that according to LifeWorks, // that over half of Canadians have no emergency savings? // That's half the people / here in this room / and on Zoom. // Furthermore, / a survey by TD / shows that a third of Canadian parents aren't confident / that they're setting a healthy financial example / for their children. // As much as parents want to be good role models for their children, / many are struggling to figure things out themselves. // Even in our school system, // it's not mandatory to teach students about personal finance. // Raise your hand if you've ever taken a personal finance course in school. // Not very many. // Unfortunately, we are still a long way from implementing a proper curriculum / that will make a positive impact / on our future generation. // On top of that, according to Statistics Canada, / for every dollar of disposable income, / the average Canadian household / owes $1.77. // We've become a society / of being house-rich, / cash-poor, / all the while trying to keep up with the Joneses. // Add in rising interest rates / and inflation to the mix, / and you've got the perfect storm / of many families from coast to coast / who are trying to make ends meet.

SECOND CUT ⏱ 04:39 – 06:36

Let's read...

In my household, my father was the only one who handled the finances. I didn't get exposure on how he paid the bills, but what he did give me was a weekly allowance of $20. Yes, back then, $20 could buy you lunch for the entire week. And no, we didn't have an app for that to pay for things with the tap of our cell phone. But this helped me learn how to manage my money and decide how I wanted to spend it or save it. But it wasn't until I turned 16 and started working at a coffee shop, earning $7 an hour, that I began to learn the true value of money. If I wanted to buy a brand new pair of jeans, I had to earn it myself. At times, I had to choose between going out to see a movie with my friends or buying a cool T-shirt. As much as my parents wanted the best for me, they couldn't afford to buy me all these things. In hindsight, it was a good lesson for me to learn that I had to work X amount of hours in order to pay for certain things. However, what I didn't realize was I was spending all the money I earned. I wasn't thinking about the future. I was just living in the moment. Although I was making many money mistakes, it was my first step towards becoming financially independent. That's why we need to look at that person in the mirror. That reflection you see is the answer to who can help you be in control of your money. If you don't want to end up being in debt or live paycheck to paycheck, then today is the day that you start your financial blueprint that will set you up for success.

Let's follow Sandy Yong...

In my household, / my father / was the only one who handled the finances. // I didn't get exposure on how he paid the bills, / but what he did give me / was a weekly allowance / of $20. // Yes, back then, / $20 could buy you lunch for the entire week. // And no, we didn't have an app for that to pay for things with the tap of our cell phone. // But this / helped me / learn how to manage my money / and decide how I wanted to spend it / or save it. // But it wasn't until I turned 16 / and started working at a coffee shop, / earning $7 an hour, / that I began to learn the true value of money. // If I wanted to buy a brand new pair of jeans, / I had to earn it myself. // At times, I had to choose between / going out to see a movie / with my friends / or buying a cool T-shirt. // As much as my parents wanted the best for me, / they couldn't afford to buy me all these things. // In hindsight, / it was a good lesson for me / to learn that I had to work X amount of hours / in order / to pay for certain things. // However, / what I didn't realize / was I was spending all the money I earned. // I wasn't thinking about the future. // I was just living in the moment. // Although I was making many money mistakes, / it was my first step / towards becoming financially independent. // That's why we need to look at that person in the mirror. // That reflection you see / is the answer / to who can help you be in control of your money. // If you don't want to end up being in debt or live paycheck to paycheck, / then today is the day that you start your financial blueprint that will set you up for success.