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Saving for the future

Students get lesson on what it takes to be a millionaire

Chris Puglia
Northern News Services


Yellowknife (Dec 18/02) - After an hour of financial tips from Sean MacGillvray and John Williston, from Yellowknife Investors Group, over 100 Grade 11 students have the tools to be a millionaire.

The financial planners gave a free presentation earlier this month outlining some basic early financial planning techniques to achieve that goal.

The advice could help the students achieve a worry-free retirement or the ability to save for a short-term goal, like a new car.

Not only does teaching sound financial responsibility help young people in the future, it also helps society as a whole, according to MacGillvray.

"It definitely decreases dependence on family and the government if we can have youth grow up financially independent," he said.

The presentation demonstrated how easy it is to save for the future. Beginning early means needing to put fewer dollars away.

Starting at age 20, putting $100 per month into an RRSP can accumulate to nearly $1 million by retirement time. Starting at age 25 that amount decreases by half, and then more than half again by age 35.

"Time really is on your side. The earlier you start makes it a little easier on your pocket book," said MacGillvray.

Williston mentioned a few simple techniques that can help people save money.

The first is putting a percentage of your monthly paycheque into some sort of savings medium.

Smoking, buying lunch on a daily basis can all be limited to help save money.

"No matter what you are doing, it's easy to spend $10 a day," said Williston.

Julie Monteath and Kim Balsillie are two students who attended the presentation.

Monteath said she is saving for a car and knows the value of putting money towards a goal.

"I think it's important if you want to have money in the future," she said.

Balsillie said she hasn't thought a lot about saving money and the presentation was an eye-opener.

"I'm going to think twice about my paycheque and start to save it," she said.

Balsillie said many people their age don't think a lot about financial planning. "They waste their money on cars and snow machines," said Balsillie.