Podcast
Questions and Answers
What is the vesting period of the stock option award that Rick received?
What is the vesting period of the stock option award that Rick received?
- Three years
- Two years
- One year (correct)
- Six months
Which financial contribution is Rick making to his retirement savings plan?
Which financial contribution is Rick making to his retirement savings plan?
- A variable contribution
- No contribution
- The minimum contribution
- Maximum contribution (correct)
What is Rick's primary concern regarding his financial situation?
What is Rick's primary concern regarding his financial situation?
- Starting an education savings plan for his daughter (correct)
- Investing in stocks
- Paying off debt
- Saving for his own retirement
What action did Rick take concerning his job at Mining Co.?
What action did Rick take concerning his job at Mining Co.?
How old is Rick's daughter, Sophie?
How old is Rick's daughter, Sophie?
Flashcards
Stock option award vesting period
Stock option award vesting period
The timeframe after receiving a stock option award during which the employee has the right to purchase company shares.
Maximum vesting period for DPSP
Maximum vesting period for DPSP
The longest allowed timeframe for receiving stock option awards in the DPSP (presumably, a defined employee compensation program).
Maximum contribution to RRSP
Maximum contribution to RRSP
The highest amount that can be contributed towards a Registered Retirement Savings Plan (RRSP) each month.
Employee resignation
Employee resignation
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Financial planning for Rick
Financial planning for Rick
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Education savings plan for Sophia
Education savings plan for Sophia
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Study Notes
Rick's Financial Situation
- Rick started working for Mining Co. last December.
- He received a stock option award last month, vesting over one year.
- Rick is a member of Mining Co.'s DPSP with the maximum vesting period.
- He contributes the maximum to the group RRSP monthly.
- Rick accepted a new position elsewhere and submitted his resignation.
- Rick wants to review his changing financial situation and start an education savings plan for his daughter, Sophie (age 17).
- Currently, there are no savings for Sophie.
Relevant Information for Financial Plan
- Stock option award details (amount, vesting schedule) are important.
- Mining Co.'s DPSP specifics (rules, vesting schedule).
- Amount of Rick's current monthly RRSP contributions is crucial.
- Rick's new employment terms and salary information.
- Desired education savings plan for Sophie are needed.
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