1. Income & Benefits

2. Types of Income  To satisfy needs and wants people need money (to pay for goods and services)  Getting money is mostly by earning income (by having a job-employment)

3. Sources of Income Savings (money earned but not owed to anyone) Employment Social Programs Investing Including borrowing money to invest Lending Money (and receiving interest)

4. Savings  Savings: the portion of income that is “put away” (not spent)  Income not spent can earn more income in the form of Interest (example: interest on your savings account).  Banks pay you a small fee to use your money while in the account  Be aware of bank service charges

5. Employment Income  Some jobs pay more than others  Income is one factor determining quality of life and standard of living  Having quality of life doesn’t mean spending money on material things  Education, training and improvements in work skills allow workers to earn more income

6. 20 top Jobs by average earnings

7. Income Level Factors Personal Factors  Education  Personal Performance  Uniqueness of abilities Market Factors   Type of Business   Success of Business   Economic Conditions

8. Qualities of Self-Made Millionaires Self-madeMillionaires 1.Honesty 2.Well-disciplined 3.Getting Along 4.SupportiveSpouse 5.Work harder Than most 6.Love career /business 7.Strongleadership 8.Competitive 9.WellOrganized 10.Able to sell 11.WiseInvestments 12.Seeingoportunities (Others do not)

9. Benefits of a Job Employment Self- fulfillment Skills Development Pension Health Insurance

10. Social Programs SocialPrograms Canada Pension Plan EmploymentInsurance Old Age Security(OAS) Guaranteed Income Supplement Welfare

11. Employment Insurance (EI) You can receive employment insurance if you meet certain requirements  Must have lost job (not your fault, didn’t quit)  Apply for employment insurance  Be actively seeking work