It's Financial Literacy Month and one of the ways we are sharing our knowledge is through our free weekly webinars. This list of 5 true or false questions are all taken directly from our recent webinars. How does your knowledge stack up?

1. Getting a better job and earning more money is the easiest way to build wealth and secure your financial future.
   
   

2. 650 is a good credit score that will allow you to get great interest rates on a personal loan or mortgage.
   
   

3. Mutual funds are managed by teams of financial experts and usually offer returns above the market average.
   
   

4. Upgrading to a new car every 5 years will save you money because used car prices are high and it will reduce maintenance costs.
   
   

5. Buying a rental property requires a 20% down payment

And here are the answers explained.

1. If you joined Arian Beyzaei in mid-October for "8 Factors to Master Your Personal Finances", you would have learned that managing the money you have is far more important that earning more money. In fact, working non-stop and never getting ahead because of spending and investing mistakes is the main reason Kevin Cochran and Jay Seabrook founded Enriched Academy!

2. If you joined Head Financial Coach Alanna Abramsky for "How to Increase your Credit Score" on October 19, you would have learned that 650 is only a fair credit score. A score of over 700 is considered good and where you may start to see better interest rates. Makes sure to join Alanna next time and learn how to hit that 700 mark.

3. Arian Beyzaei told you just last week  in "How to Buy Stocks Under Any Conditions" that professionally managed mutual funds do not beat the market on a regular basis. Managed funds often have high, built-in fees of 2% or more - one reason you should look into a more DIY approach using ETF index funds which would allow you to keep fees under 0.75%.

4. Kevin Cochran was here earlier this week in "7 Strategies to Increase your Wealth" and told you that buying a slightly used car and driving it until it drops makes the most financial sense. You could save 20%-30% on the purchase price and even if repairs eventually reach $200/month, the car will be paid off in a few years. That will let you keep that $500 car payment in your pocket every month until the car finally dies.

5. Jay Seabrook ran through the ins-and-outs of investment properties in

"Analyzing an Investment Property" back in late September. Jay pointed out that if you don’t live in the home, mortgage insurance is not available and you are going to need a 20% down payment. Don’t get discouraged if you are a little short, Investor Mel and Dave joined us for an August webinar to explain their techniques for "No Money Down" Real Estate Investing!

Resources

Busting 5 top personal finance myths

Separating financial fact from fiction is what we do every day at Enriched Academy, and this list from Forbes is a great, 2-minute read that will set the record straight and could save you from making a big mistake.

 

How to buy stocks in Canada in 2021

If you are thinking of getting into the market, this article from the folks at Million Dollar Journey is a great resource: online brokerage comparisons, buying stocks in a RRSP or TFSA, dividend stocks, individual stocks vs funds.. and a lot more.

 

7 popular songs with a personal finance lesson

From the BNL rationalizing a limo "because it costs more" to Janis Joplin's dream of a new Mercedes, these 7 songs give you something to think about when it comes to finances.

 

Financial Literacy Self-Assessment Quiz

It's Financial Literacy month - ready fir another quiz? The federal government put together this quiz. It takes 8 minutes but offers a good bit of self reflection on areas where your financial knowledge could be better.

 

Best Canadian ETFs... and everything else you need to know about ETFs

Great article on what ETFs are, how to buy them, how they compare to mutual funds, and a look at of some of the top performers in the Canadian ETF market.