Day To Day Financial by: Jaibaz Mangat

Principal Amount: The amount of money you start with/money you are investing with.

Compound Interest:Interest that is calculated on the previous amount of interest earned

Simple Interest:Interest that is calculated on the principal amount each term

Savings account

Land & Property

Stocks

Dividend stocks

Cryptocurrency

Rental properties

Interest rates in bigger banks across Canada range from 0.1% to 0.75% with a balance of $10,000 or more

Smaller banks around Canada can have higher rates at 1% to 2% for lower amounts of money

In 2020 the government of Canada recorded that an average family in Canada made around $55,700 which was a 3.3% decrease from the year before

According to Stats Canada in 2019, the average Canadian household spent $68,980 yearly on expenses

According to Stats Canada 41% of Canadians don't own stocks

According to researchers, an average Canadian has a 10% return on long-term stocks, as the average Canadian invests $5,000 yearly the return is $500

You can buy,hold and sell stocks. With the right education about stocks you can know when to sell and

The average Canadian spends $1300 a month on an average Canadian car of $40,000

The average Canadian spends around $8000 a year on gas if they fill up once a week

An Average house in Canada has risen to $820,000 with a 3$ mortgage interest rate with 20% down payment

The average Canadian spends $300 on groceries

An average Canadian spends $5000 a year on vacations and luxuries

From 1990 to 2021 the Canadian dollar compared to US dollar has changed from $0.75 to $1 to $0.5

When the economy is in a recession state the prices to purchase are higher than income which makes a reset in the economy

All item depreciate once they are used, a $100,000 car can depreciate to $80,000 once used for 2 years as it has kilometers driven on the engine

Credit Card;20%

Mortgage rates: 6%

Loan Rates:4%