Teach young people to become millionaires

I have a special request for teachers this tax season. Can you integrate the basic concepts of personal finance into your students’ daily lives?

Get inspired by Francis Vignoux-Blaise, 3 person teacher^H and 4^H general in Estre.

He told me: “I rented the office for them, just like they will get an apartment later.”

His students can also invest the money they earn by doing homework or doing small assignments in the classroom.

“Students deposit their money on my desk, as if I were the bank. After a while, I give them back a larger amount. We also have a list of privileges they can afford.”

Money is part of their daily lives, just as it is for us adults.

This initiative breaks taboos around money. Plus, it demystifies something that remains complex for many Canadians.

One in three Canadians don’t know the difference between a TFSA and an RRSP, according to a BMO survey.

Many Quebecers still think they pay a 50% tax…

However, to pay that much, you’d have to make more than $500,000 a year: about $950,000, according to the Intuit calculator.

Someone making $100,000 a year pays about 29% in tax.

It is still surprising that we did not see in school the tax levels and the difference between the effective rate and the marginal rate!

Let’s also talk about savings!

Stop believing that saving is complicated.

Budget making is not rocket science.

Abbreviations like ETFs, GICs, TFSAs… compound interest… can be learned!

Let’s also stop believing that setting aside money to grow is only for the rich!

on the contrary. In his latest book, journalist Nicolas Beruby tells the story of Quebec’s millionaires. Some, he says, don’t even make $100,000 a year!

It seems to me that we can interest young people by simply telling them: you can become a millionaire with a teacher’s salary!

What is the money for?

We should start by talking about the freedom that savings can give us.

Buying a house, going into business, or simply quitting a boring job… that’s freedom and it takes money!

A better understanding of finance also allows you to make better decisions.

In front of your financial advisor, you will be more willing to see if he is selling you a savings product because of his commission or because that is what you need!

It’s like going to the garage. If you have no idea how your car works and you only use it once or twice a year, someone might take advantage of it.

Dear Teachers, If at any time you can incorporate these concepts of economics into your students’ daily lives…we could also consider learning to cook chicken, sew on a button, remove stains from a sweater…, let’s bring home economics back!