Business & Personal Finance

After the money tree dies - teaching kids about money

"If you aren't making money, you are spending it"  was a favorite phrase my Dad repeated many times during my childhood.  Like most families, he didn't get much of a chance to spend it, working long hours to support a stay at home wife (this was the 50's) and a family of 6 kids who liked to eat and spend money when they had it.  Needless to say, we all began working at a pretty young age at some not so pleasant jobs so we could buy the things that teenagers want.  And I don't think we were so different from a number of our friends, who had steady after school jobs.

Flash forward to today, where many kids can get all the way through high school and university without ever having to earn a buck.  The Bank of Mom and Dad have provided for everything.  Increasingly more young adults are running into financial troubles because they never have had to manage or earn money.  

There is a wealth of information out there to assist parents and young adults.  How to teach your kids about money makes some of the following suggestions for parents of young children:

• Give children control of money  - take some money that you have in your budget and give them control of it - such as money for clothes
• Teach your kids about earning with pocket money - give your child some money every week - earned or unearned - your choice.
• Teach your kids to save for money goals  - want to buy a big ticket item?  you will have to save your money to get it.
• Teach your children how to create a budget - it doesn't have to be complicated, just teach them how to plan

Check out an interesting article that appeared in the New York Times, entitled "The Frugal Teenager" that chronicles a family's forced decision to begin saying no to their teenage children.

The past few years have garnered a wide variety of books on this topic.  Check out the following titles available at TPL branches:

     

     

Want even more information? check out my colleague's earlier blog on this topic as well.

North York Central's Business Department is hosting programs entitled "Generation Next", which will include a program on managing your finances. 

Living in a world without Twinkies

One of my fondest memories of childhood was the occasional treat of the pure indulgence of a Twinkie.  My mother in law, when my husband was young, would put a candle in the middle of one, and presto - a ready made birthday cake!

Hostess, the maker of Twinkies, as well as the equally delicious Ding Dongs, Hostess Cupcakes, and Snow Balls, recently announced that the company was filing for bankruptcy protection.  It seems that today's consumer is after healthier snacks. 

This whole discussion about Twinkies got me thinking about the snack cake industry in general. So I decided to have a look to see what I could find.  A field trip to my local grocery store showed that a couple of other companies are out there in terms of competition.  Vachon, a Quebec company founded in 1923, has multiple lines of products, as does Little Debbie, a Tennessee based company also founded around the Great Depression had significant shelf space.

But all of these companies are privately held - therefore they don't need to give any sales figures.  So how does one find information on industries that are rife with private companies? 

I began my search with the Gale Virtual Reference Library, which has a directory called The Market Share Reporter.  A quick search revealed that Little Debbie and Hostess are the top brands for sales.  This reference also gave me a NAICS (North American Industrial Classification System) code to work with.  This gives what the company sees as its major line of business.  In this case it was 311812 (Commerical Bakeries).  With this code I could now search a number of databases to find out more information. 

Other possibilities for searching for more industry information, to name a few, include:

• Scott's Online

• Marketline
  

• Business and Company Resource Centre

• Canadian Business and Current Affairs

All accessible with your TPL library card through our website.  Marketline is the only exception - you need to be at one of the Research and Reference branches of the system.  This approach can be used for almost any industry that you are looking to find information on.  Industry periodicals, and statistical sources such as Statistics Canada and the Census Bureau of the United States compiles industry statistics  are also great sources for information.

By the way - Hostess has assured that the flow of Twinkies will continue despite its bankruptcy filing.  Another crisis averted!

 

 

2011 Financial Times/Goldman Sachs Business Book of the Year

Book award season is upon us, and while many people are familiar with the Giller, Booker, and Pulitzer Prizes for literary works, there is also a competition for Business Book of the Year.  This year's winner, Poor Economics - A Radical Rethinking of the Way to Fight Global Poverty, by Abhijit Banerjee and Esther Duflo was announced on November 3, 2011 at a dinner in London, England.

In the book Poor Economics, the authors make use of a new form of research, using randomized control trials in development economics, to determine the best methods for NGOs (non government organizations) to conquer poverty in developing countries.  Based on 15 years of research in the field, the authors have identified new aspects of behaviour of people in poor countries and the way that financial aid and investment affect their everyday lives.  Their book covers a wide range of assumptions made about developing countries, including micro-financing, education and poverty. 

The panel of judges were “blown away by the thoroughness of [Banerjee and Duflo’s] empirical research. This is going to be a real basis for innovation in policy, innovation in government, and a guide to intellectual debate. This is a business book in the broadest sense”.

To learn more about the competition, and past winners, visit the Financial Times website.

Check out the 2011 winner, as well as the shortlisted finalists - all available at Toronto Public Library.

     

     

Discover a good business book!

 

 

Value Line now available on-line at select TPL branches.

If you are investing in the stock market, now more than ever, doing your research can result in either making a bundle or losing the same.  The two major business departments of the Toronto Public Library system, located at North York Central Library and the Toronto Reference Library, have always offered a variety of investment newsletters to assist individual investors in their research.  Value Line has been one of the most popular resources over the years.  And now it is available in electronic format, in house, at both of these branches.

If you aren't familiar with this source, you should become acquainted.   First a bit about Value Line from the company itself.  "Arnold Bernhard founded Value Line in 1931 and built it into one of the nation’s largest independent investment advisory services as well as a major money management institution. He was known as the "Dean of Wall Street" by many in the investment community because of his keen analytical acumen and the number of security analysts he trained."

The Value Line service as it appears today, was started 32 years ago.  Reports for companies traded on major exchanges are set up as "one stop shopping" for information about a company and include analysis and rankings from Value Line staff. 

Statistical data includes graphing of stock over the past 10-13 years, growth rates, quarterly sales and earnings, statistical milestones, including long term trends.  A brief description of the company is given as well as analysts commentary on the company's recent developments and future prospects.  The on-line version includes industry analysis as well. 

Stop by either business department and have a look at this exceptional resource.  While you are in the library, why not check out some of the other investment newsletters each subscribe to.

 

 

Innovation Camp 2011

Are you looking for new ideas to help you run your business more effectively?  Thinking of making your business "greener"?  If so, then Enterprise Toronto's Innovation Camp is for you. 

Hear speakers talk about sustainable business strategies and practices, as well as financing, marketing and management of your business.  Find out how various organizations can help. 

Toronto Public Library will have a booth, hosted by the Business and Urban Affairs Department of North York Central Library, displaying resources that the library has to assist your small business.

While attending, why not stop by the library, located next door and check out a few books to help you along?  Here is a sampling of just a few titles:

 

               

And plan to attend Innovation Camp 2011

When: Tuesday May 17, 2011 9 a.m. to 4:30 p.m.

Where: North York Civic Centre, 5100 Yonge Street.

Register at www.enterprisetoronto.com or by telephone 416-395-7416.  For more information, phone 416-395-7499.

Hope to see you there!

What was I thinking?

Whenever I do any investing I try not to listen to naysayers but this is easier said than done.  We often make investment decisions based on our emotions, mood or simply herd instinct and this can lead us to make mistakes. This is known as behavioural investing.

The tech bubble of the 1990s is a great example of herd mentality.  People made fortunes from hi-tech stocks as the prices skyrocketed but these companies had very little underlying value. The media perpetuated this by using sensational headlines that may sell more newspapers but unfortunately caused investors, who were lead to believe that technology companies were a sure thing, to jump on the band wagon.  Then 2002 happened, the NASDAQ plunged and many people lost their shirts! Similarly, during the 2008 meltdown many people panicked and sold their investments and, as a result, incurred huge losses.  Emotional reactions to good news or bad news are quite natural but investors should try to overcome these reactions by pausing and thinking before acting in order to take advantage of market fluctuations that happen over time.

To become a disciplined and rational investor read these and other great books available on this topic  at the Toronto Public Library:

 

 

Green is so in.

The recent federal election gave cause to celebrate Elizabeth May's achievement of earning a seat in Parliament with the Green Party.  As we all have begun to realize, green is the way of the future.  That has never been more true in how you run your business. 

Want to learn more about this growing trend?  Please join our speaker, Bob Willard, author of The Sustainability champion's guidebook : how to transform your company, as he discusses how to turn your company into a more sustainable enterprise.

When: Monday, May 9, 2011 6:30 p.m. to 8:00 p.m.

Where: Room 2/3 North York Central Library

Please register by phoning 416-395-5613.

Toronto Public Library has a number of books on this very topic.  Check out any of these recent books on the topic:

          

           

Kermit the Frog lamented that "it ain't easy being green" - he couldn't change his nature, but you can change your business!

 

Parenting and the law

Issues relating to family law are frequently asked at our Information desk in the Business and Urban Affairs Department.  If you have ever wondered about Canadian laws and how they relate to your family, then this program is for you.

Join us for the first part of our Legal Series 2011, as a representative from Elizabeth Fry Toronto speaks on the topic of law and parents, covering such topics as child abuse, custody, legal rights and your rights dealing with the police.

When: Thursday, April 21, 2011, 6:30 p.m. to 8:00 p.m.

Where: Room 2/3, North York Central Library

Register by phoning 416-395-5613.

Want to read more about this topic?  Check out these other books available at NYCL:

            

Visit us on the fourth floor of North York Central Library for these and other books relating to Canadian law.

 

The taxman cometh part 2

As we move further into tax season, the Toronto Public Library is pleased to offer more help to get you through these trying times.  On Thursday March 10, 2011 from 6:30-8:00pm, the North York Central Library is presenting “Top Ten Tax Saving Strategies” the third and final program in our “Personal Finance Series 2011”.  Guest speaker, Brian Quinlan, CA, CFP, one of the authors of the best seller 78 Tax Tips for Canadians for Dummies will give you some tax planning tips to save you money this tax season. To register phone 416-395-5613.

If you are feeling brave enough to tackle your taxes on your own, you can pick up a print copy at the Business Department of the North York Central Library of  the booklet “Your Personal Tax Planning Guide 2010-11” prepared by Ontario’s Certified General Accountants or download it for free from their website.

Income tax clinics run by Canada Revenue Agency certified volunteers are available for single persons with incomes under $25,000 or families with an income of under $30,000 at: North York Central Library  and at these other branches.

See the Revenue Canada website for more clinics in and around Toronto (new clinics are constantly being added, so check back often). As well, 211toronto lists numerous organizations that provide income tax clinics.

Good Luck!

The taxman cometh

Well, it's tax time again and time to get your financial papers in order. I do my own taxes every year but always get help from books in the library that can save me money on the taxes I pay.  I've used the following excellent books in the past:

 

               


In addition to these and many other books on tax savings, the library has programs on income tax and tax savings.  One upcoming program is called:

Seniors and Income Tax is being offered on Thursday February 24, 2011 from 6:30-8:00 pm in Room 2/3 of the North York Central Library. Space is limited, please register by phoning  416-395-5613.

For other tax-related programs see the upcoming programs section of our Business and Personal Finance page.