This review is a posting from my blog. I am writing about my quest
to become financially fabulous now that my debt is gone. Please
check me out! http://financiallyfabulous.blogspot.com/
My Eye Candy gave me this book over two years ago, but it took some
time for me to actually pick it up. After all, financial planning
is not the most exciting topic, but I wish I hadn't waited so long.
I think this should be mandatory reading for every student and the
younger the better. It is now my favourite gradution gift for
friends & family.
While it is slightly hokey-pokey at parts, David Chilton shares
stories of his trip to see the Roy - the local wealthy barber who
cuts your hair and if you're lucky, dispenses personal financial
planning advice. The book is easy to read and the financial
strategies are even easier to implement. It's common sense for
financial planning and as I went through the chapters, I found
myself taking action. I now take 10% off my gross income
automatically off my paycheck and it directly goes into my RRSP.
Since I started this 7 months ago, my RRSP value has doubled what
it took me 3 years to save up! It is almost shameful to admit that!
But the best part? I don't even notice the impact in my day-to-day
life of putting away 10% into my RRSP, but I'm sure the fabulous 65
year old version of myself is already thanking me for maintaining
her wonderful lifestyle.
Another tip that I put into action was the life-insurance. For $50
a month, I was putting away money into a huge life-insurance
policy. Ummm... why? The truth is because when I started my job, I
just kept signing forms and filling in options because I thought
that was what every good first-time full-time worker does. But when
I thought about it, at this point in my life, I don't need to spend
money on life insurance. I am not married (yet... hint, hint), nor
the sole bread-winner in my relationship, and I have no children.
For now, I am better off taking the money and putting into another
investment.
I plan to reread The Wealthy Barber in the next month as there were
parts that initially went over my head about investing simply
because I was so concerned about paying off my debt that the timing
was not right to implement. And like Smart Cookies, this book is
Canadian based. So if you've not read The Wealthy Barber yet, let
me know when your birthday is coming up.