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Welcome to Kids Camp Millionaire! (Aug 15-19, 2022)

Welcome to Kids Camp Millionaire! (Aug 15-19, 2022)

Hello everyone! 

Welcome to Kids Camp Millionaire at Explorer Hop!

My name is Sandra, your teacher for this week.
My background is a BSc (Hons) in Business Management, M.A Global Business Journalism and Certificate in Strategic Writing; and have taught kids in China, Singapore and Canada.
I am so excited to get you started on learning all about saving for your future!
Are you ready?
Please refer to the following link for Monday - Thursday!
Time: 2pm - 3pm EST - Toronto Time
Zoom Link: https://us02web.zoom.us/j/82494890856?pwd=eTZqcmpjQlEvbVVvRVZ0Q2FyR29Ddz09
Passcode:  u2RLua
For any questions please feel free to reach me at 
sandra@explorerhop.com 
Looking forward to meeting everyone! See you!
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Day 1:
Hello everyone! Today we learnt all about the 3 jars - prepare 3 jars/ziplock bags and label them as investing, saving and spending. Pick anything that used to store food! It could be whatever you could find at home or lying around that no one needs or picks it up! Remember to check these after a few weeks, months or even years and be pleasantly surprised!
We also learnt the  different types of Canadian currencies and the important people who have contributed to our country, who appear on these notes, as I have physically shown you the coins with notes from my purse!
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Day 2: 
Today we went through all about the "Balanced Life." What do you do to make yourself and your family, friends, parents, teachers happy? What could we do for a healthy lifestyle? Exercises, walks, or have fun with your friends and family? Which of these 3 are the most important to you and why? 
In general:
Happy - doing things you love and enjoy very much!
Healthy - staying active, drinking water, eating healthy foods
Wealthy - starting to save early and how we are on this path of helping you to become more financial literate kids! Are you excited? 
And of course we cannot forget these "golden rules of savings": 
Rule #1: Wait to buy what you want
Rule #2: Choose how you spend
Rule #3: Start saving early
Rule #4: Stop wasting
Rule #5: Set a goal!
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Day 3:
Wow time flies! We are almost into the last day!
How is everyone coming along on your millionaire journey?
On day 3 we are on some serious businesses!
We learnt all about the differences between chequing and saving accounts, which ones you can choose and earn interest! Which account should you put your savings in for your future university tuition, and eventually bigger purchases such as car, house, or investments?

For interest rates, we also learnt about the equation:

Everyone has been so attentive in writing this formula down, but as promised, don't worry! You will have access which everyone should have received emails on.

I = Principle Amount x Rates x Time

We also touched on the  differences between simple vs compound interest which are used under different circumstances.

See you tomorrow for budgeting tips and tricks, the final BIG chapter!

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Day 4

And we are done with level 4! WOW!

It's been such a pleasure teaching you guys! So, during this final class, we learnt through our characters Edna and Jonah on creating a budget that is useful and effective in the long run! But, have you decided if you are Edna? Or Jonah who works really hard at the farm?

Would you like to save, plan carefully on fixed and current expenses? How could you make adjustments so you can spend lesser and save more?

Steps on creating a monthly budget:

1) Know your net income (total income-taxes)

2) Analyze past spending (what happened last month that caused you to spend more? can you do better this month)

3) Set your goals (what do you want to achieve?)

4) Put it together (on a list, on a piece of paper, use your computer!)

5) Make your budget (realistic, effective and takes you through school and university!)

6) Stick to it! (never give up!)

And also the 50-30-20 rule!

50% of net income - for essentials like your home mortgage in the future, bills for phone, internet, hydro, groceries to eat and drink!

30% of net income - for investing in your important education, stocks when you gain enough financial knowledge, home purchases, businesses that you may want to be a shareholder for

20% of net income - for spending for entertainment (movies, shopping), fun(dinners and vacations!)

Don't forget the importance of technology! They help us to automate spending e.g for our investment accounts so you can set up this good habit.

Mobile apps widely available these days can also help us to compare and contrast our past spending. e.g TD myspend app.

What happened last month that made you spend more/less? Can you do better this month? How about in the future, will you do as well  too?

Remember to fill our form here for the survey and your certificate will be generated!

https://docs.google.com/forms/d/e/1FAIpQLSdYa8R6qfS0Og_qwICoFINIAZztjC6TIY3yVsTVor-bQ2oCqg/viewform

For any other questions, please do not hesitate to contact me at

sandra@explorerhop.com!

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