Financial Mentorship Course: Twelve Months of Money Management Instruction
Gail Vaz-Oxlade, a renowned Canadian financial expert, returned to the forefront of personal finance education in 2020 with her Money Master Class. This innovative online course was designed to help individuals take control of their finances, get out of debt, save more, and achieve financial independence.
The Money Master Class was structured into 52 weekly modules, making it accessible for participants to start at any time. Each week focused on a different aspect of personal finance, providing practical advice, worksheets, and resources to help users navigate their financial journey.
Week 30 marked a significant milestone as users began to confront the topic of death and estate planning, choosing guardians for their children and creating an estate plan. Meanwhile, Week 27 saw users starting to set up their Emergency Fund by calculating how much money they needed to have for it.
As the year progressed, users delved deeper into various financial topics. Week 44 had users checking their credit score, while Week 26 helped users to prepare for retirement and their retirement budget. Week 37 tackled the realities of debt fatigue, prompting users to reorder their debt and find out how long it would take to pay off their debt.
Week 7 focused on spending habits, with users calculating the true cost of having a vehicle, and Week 8 centred around needs vs. wants, creating a net worth statement, and understanding personal economy. Week 47 provided an opportunity for users to look at their feelings, while Week 33 continued the spending analysis, looking at the behaviour and driving forces behind spending decisions.
Users could find all relevant spreadsheets, worksheets, quizzes, and resources on Hoyes - Michalos, the platform hosting the Money Master Class. Week 29 had users looking at disability and critical illness insurance, and Week 20 prepared users for buying their own home by focusing on the math behind choosing a property they could afford.
The Money Master Class also covered important life events. Week 24 provided advice on what to do if there was a change in income, continuing the discussion on relationships, this week talking about divorce and providing advice for going through one. Week 23 brought attention to relationships and money, including the cost of having kids and planning for life with kids.
Week 41 had users looking at their bank fees and the interest rates of their savings accounts, while Week 39 had users looking closely at their budget and providing advice on what to do if their budget did not balance. Week 21 talked about the difference between buying a starter home versus a forever home and also gave advice on how to approach paying off your mortgage.
Week 50 was a chance to re-examine the budget and make the necessary adjustments, and Week 52 was about celebrating success in finishing the year and looking back at some of the most memorable lessons. Gail Vaz-Oxlade, known for her straightforward, no-nonsense money advice, shared daily tweets with advice, homework, and questions throughout the class.
The weekly recaps of the Money Master Class were available on a blog for easy access and organization. The class information could be gone through at one's own pace. Gail Vaz-Oxlade has written several books on personal finance and is known for her work on the popular TV show Til Debt Do Us Part.
Throughout the year, the Money Master Class included times of reflection, with the purpose of getting personal financial life in order. Week 48 touched on a number of topics including relationships, helping others, and the importance of community. Week 46 defined the personality types of Deprivers and Classic Debtors and addressed adulthood and responsibility.
Week 17 addressed overdraft protection and breaking the cycle of reliance on your overdraft, while Week 35 provided more time to work on the spending analysis and also had users looking at the topics of celebrating successes and instant gratification. Week 32 had users reflecting on their progress so far this year and starting a 6-month spending analysis.
Week 42 had users checking on their budget to ensure it balances, looking into whether they're using their overdraft, and re-looking at their debt repayment plan. Week 25 provided advice about moving out on your own and preparing for emergencies, this week also talked about getting married and the cost of a wedding, as well as assisting aging parents.
Week 36 started users looking at their debt repayment and filling out their debt repayment worksheet. Week 28 had users looking at life insurance for their life and circumstances, and Week 16 introduced the concept of a Money Set Point and talked about kids and finances.
Week 11 covered self-discipline, allowances for kids, and other financial advice for when you have children, investing, RESPs, and batch cooking. Week 13 continued the discussion on investing with some tips from Gail. Week 43 had users planning their retirement savings and checking on the status of their curveball and emergency fund accounts.
Week 18 included a reminder to file taxes and reasons to be on top of filing taxes. Week 2 continued the discussion on willingness to change and tracking spending, while Week 9 was a catch-up week and a chance to think of what one is grateful for. Week 15 continued the discussion of personal economy and HISAs.
Week 19 began the discussion on shelter, including a conversation about renting not being a waste of money and how to calculate the cost of your home. March's Week 10 focused on tracking spending and learning about high interest savings accounts. Week 22 continued the conversation about paying off your mortgage as fast as you can and the benefits to this approach.
Week 40 had users doing some self-reflection, looking at topics such as choices, values, and failures vs. opportunities. Week 49 gave users the opportunity to reflect on the year and set their intentions for next year. Week 52 was about celebrating success in finishing the year and looking back at some of the most memorable lessons.
In summary, Gail Vaz-Oxlade's Money Master Class provided a comprehensive, year-long journey to financial freedom, covering a wide range of topics and providing practical advice, worksheets, and resources to help individuals take control of their finances and achieve their financial goals.
Personal finance education in the Money Master Class extends to self-development and learning, as participants dive into topics like estate planning, retirement planning, investment strategies, and understanding personal economy. This comprehensive course, designed by finance expert Gail Vaz-Oxlade, equips individuals with practical resources and tools to manage their finances effectively and achieve financial independence.
