Recently, a bunch of Canadian high class bloggers got together in order to launch an awesome personal finance beginner’s guide for Canadians. Since most of these guys are my blogging friends, I’ve gladly accepted to read the book and host a giveaway J (more details on the giveaway at the end of the review).
If you read more than one blog (assuming that I’m your favourite hahaha!), you probably know half of these bloggers:
Frugal Trade from Million Dollar Journey
Krystal Yee from Give Me Back My Five Bucks
Jim Yih from Retire Happy Blog
Ram Balakrishnan from Canadian Capitalist
Glenn Cooke from Life Insurance Canada
Edited by Dan Bortolotti Editor at Money Sense and blogger at Canadian Couch Potato
As you can see, we are not talking about neophyte bloggers with less than 100 articles on their blogs. We are talking about “pro” bloggers who each have more than five years under their belt as a bloggers. Million Dollar Journey was the first blog I ever read and Canadian Capitalist was the first blog to mention TFB and created my first visitor spike (at that time, a spike was more than 100 visits in a day, can you imagine ). So needless to say that I have nothing but tons of respect for these guys.
Saving & Investing for Canadians is very special in the way it has been built. Each blogger in this list could have written a book each and it would probably have been a success. Instead of going it alone, they have decided to team-up and write one chapter each. Why write only one chapter? Because each of them have been known by their blog and from their peers to be very knowledgeable in a specific area:
Frugal Trader has built a great dividend portfolio.
Krystal has been writing about budgeting for years on her blog.
Jim has been a financial planner for several years.
Ram has been known for his passive investing for years.
Glenn is an independent life insurance broker and president of his own firm.
This is why, buy purchasing this book, you get the best of all these famous Canadian bloggers.
As I first mentioned, this is a beginner’s guide. The book is roughly 100 pages and covers:
Budgeting (how to make a budget, pay yourself first, the debt snowball method)
Types of Investment Account (RRSP,RESP, TFSA, Pension Plan, RRSP VS Mortgage, RRSP VS TFSA)
Index Investing (Investment plan, Risk Vs Return, Type of investments, Sample portfolio)
Dividend Investing (Tax advantage, Dividend ETF, Stock picking, Dividend Growth)
Insurance (type of losses, insurance needs calculation, types of insurance, how to choose the right one)
You can obviously write many books on each of these topics alone (I’m currently writing a 150+ pages book on dividend investing). This is why this book is the first step for someone who wants to manage their finances properly and start making money instead of buying the newest 3D plasma TV.
I think there is definitely a market for this book as many Canadians are quite lax with their money. We see our level of indebtedness growing through the roof a little bit more month after month and housing prices are rising like there is no tomorrow. We are only lucky to have natural resources that drive our economy. If it wasn’t the case,Canadawouldn’t be one of the “most solid countries financially” at the moment!
I was obviously not surprised by the content of the book. If you have put your personal finances under control for a while, chances are you won’t be learning anything new here. However, if you are looking for a place to start your finances on the right foot, I think this book covers everything you need from Day 1.
What I like about this book is the volume of practical advice. You get a budget sheet template, a debt repayment plan example, an investment portfolio sample, a list of indexes, a clear and understandable way of how the insurance world works, etc. They are not trying to sell you anything, they are just educating you so you can make the best choices for your own situation. It’s definitely a buy for anyone one who:
- Can’t pay the full balance on their credit card at the end of the month
- Can’t tell the difference between a defined pension plan and a defined contribution plan
- Pays high management fees to have their investments managed
- Has an interest in managing their own investments
- Can’t explain why and how they are covered by their insurance
Excited about this book? You want a chance to win a copy? Just leave a comment below and tell me what you have been struggling with in regards to your personal finance. You have until July 31st to do it
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