January 21, 2008, 7:00 am

The RRSP Book Review and Giveaway

by: The Financial Blogger    Category: Reviews
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Further on my RRSP Series, I contact Preet from Where Does All My Money Goes to get a copy of his brand new RRSP Book. Since Canadian Capitalist and Four Pillars already wrote their review last week, I decided to postpone this Friday review today. Instead, I’ll be giving away one of his book on Friday! If you haven’t win CC’s contest, here’s your chance! Read further if you want to know how to participate to this contest!


Who is Preet?

Besides being the writer behind Where Does All My Money Goes, Preet is an investment executive (the title sounds great, isn’t?) affiliated with Scotia Mcloed. He has been in the financial industry for several years and his recognized among his peers.

What is the main idea?

The main idea was to create a unique resource in regards to the world of RRSP’s. There is not much information for investors that want to know more about this great financial tool. Therefore, Preet is coming with this very useful book, trying to compile every possible RRSP strategies. He finally came up with 41 things you can do with your RRSP’s.

The strategies in this book go from parking your RRSP in a money market account to hold your mortgage within your RRSP account and end up with what he calls the “Preet Principle”; a more sophisticated and more intelligent way of investing money.

What keeps you reading?

What I really like about his book is the “blog” format. Small chapters, easy to understand strategies with a smiley face at the end of the paragraph. I like the examples used in this book as it makes investing in a RRSP account easy and clear for everybody. While some chapters sound a bit basic, it is still a good refresh for everybody.

The strategies are increasing in complexity and level of knowledge as you are reading them. Therefore, neophyte investors can read the first 100 pages and the skilled investors can go directly to the second half of the book.

Are we going somewhere with it?

Definitely. The fact that this book was written thinking about new to more experienced investors at the same time give the opportunity to anybody that cares about his retirement to learn something new. It’s a great tool to increase your investment knowledge in term of RRSP’s. Hence you can apply the techniques or at least discuss them with your financial advisor. This would constitute a great point of discussion during your next meeting!

Overall, I really enjoyed reading The RRSP book. If you want to know what it’s all about, you can buy it at amazon.ca or participate to my contest!

Contest Rules

Preet agreed to give me a copy of his book so I can give it away to one of my readers. So here are the contest rules:

- Leave a comment with your opinion on RRSP’s (1 vote)

- Register to my RSS FEED (please send an email to: thefinancialblogger(at)gmail(dot)com to advise me) (1 vote)

- Create a link back on your blog to this article (1 vote)

The winner of the contest will be published on January 26th in Saturday Financial Ramblings.

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Comments

I’ve been a regular reader of “Where does all my money go” for a while now. There are tons of good articles on his blog and I would be delighted to learn some new strategies from his book.

I think a lot of people could benefit from reading a book only about RRSPs. It’s the most important investment you’ll make if you don’t have a big retirement plan from work. I’ve heard so many people comparing various RRSP accounts between banks without knowning how their money will be invested within the account. Most think that it’s just a sheltered savings account. They have no clue what a RRSP is!

by: Sean Blake | January 21st, 2008 (9:59 am)

I really enjoy reading your blog. Thanks for the giveaway!

Whoops, forgot to leave my opinions:

I’m a public servant, so I already have a pretty good pension at work. I’m building my RRSP with low fee Index Mutual Funds, and plan on converting to ETFs when I have enough capital.

I’m weighing more in on equities than fixed income since I think I can absorb the risk (because of my pension plan at work) for higher returns.

I’m in for the contest !

I always reinvest most of my tax return from my RRSP into my RRSP. It’s a great way to increase your contribution!

Can’t wait to win this book ;)

by: cannon_fodder | January 21st, 2008 (11:26 am)

My wife and I have maximized our RRSP contributions every year since we’ve been together. We use most of the refund to pay down our mortgage.

Now I’m starting to look at the SM and RRSP meltdown scenarios. There are some interesting ideas that come up when you talk to the professionals.

Good luck to all those who enter!

In for freebies…

Thanks for the link – I will add your link to my review as well.

I like rrsps…but don’t enter me into the contest since I’m have a review copy. :)

Also – Preet has a site set up where people can buy directly from him – see my post for the link.

Mike

RRSP’s great way to defer taxes until your income is lower (ie – retirement).

Cheers,
MCM

I’m new to this blog, but please do count on me to the book giveaway. Thank you.

I am trying to maximize my RRSP because is the best tool we have to reduce income taxes and at the same time we are saving for our future

I always try and keep on top of my RRSP. Sometimes, I wonder whether I contribute too much when I read the blogs of those who disclose their assets…

I’m hoping to win the book…

by: sundae1888 | January 21st, 2008 (6:13 pm)

In principle, I RRSP is a good thing. I try to contribution as much as I can/should into my RRSP every year. In addition to examining the tax brackets of the current year (2007), I also checked 2008′s tax rates and brackets to determine the amount I should contribute this year in order to minimize the total tax I have to pay.

On the other hand, I won’t borrow to contribute unless I can pay it back within a quarter. (The interest rate on unsecured loan is too high, and I personally hate owing people money.)

Additionally, I won’t move my existing non-registered investments into RRSP. The investments are not inside a registered account for a reason: they are either taxed more favourably than income, , involves higher risks, and/or needs to be liquid.

I view my RRSP as a last-resort, a retirement safety net. As such, my investment strategy inside RRSP will be more conservative than my normal trading account. Currently, the majority of my RRSP are held inside PCF’s Interest Plus RRSP. I like it because the interest rate is as good as, or sometimes better than, many 1-year GIC, but without being locked in. This year, when the stock market tanks (further), I will move the majority of it to index funds and high quality stocks.

One concern I have regarding RRSP is contributing too much — I am not a big fan of RRIF due to the minimum withdrawal. I will have to work out the numbers before I’m required to collapse my RRSP. Good thing I’m not yet 30 (almost there). :)

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I would love to win the book :)

Hi FB – sorry, it is not yet available on Amazon or any other online retailers – probably another 6 weeks. It won’t be in stores until after the deadline I’m sure.

But, for those who want to buy a copy NOW, they can buy it at the book’s website:

http://www.theRRSPbook.com

Thanks for running the review and contest!

Cheers,
Preet

I like the contest. RRSP’s are a big part of my retirement plan. Put money in when you are in the higher income brackets – take it out when you are in the lower earning brackets. Works for me.

To be honest, I have never heard of RRSP’s before today, or at least that term. I alway love reading an article that forces me to do a google search and learn even more. Thanks!

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The debate between RRSP and paying down your mortgage. I have read many articles on both. Each raving about how good the other is. My RRSP opinion…..I do extra mortgage and RRSP payments 50%.
Great blog. Keep up the great work.

Time is on my side and when I got my first job I put away 10% gross to savings into my IRA and 10% to build wealth. I have fully funded my IRAs and my husband IRAs as well as investing my money to work for me at a greater percentage than the banks > 15%. I would love to retire prior to my 40s and having RRSPs to support myself later on because I can’t rely on these funds until I’m retired anyway.

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