Money Rules

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Money Rules

by Gail Vaz-oxlade

HarperCollins Publishers Ltd | December 6, 2012 | Trade Paperback

Money Rules is rated 3.5 out of 5 by 4.

Gail likes to say that money isn''t rocket science, it''s discipline. But even she acknowledges that there are tricks to her trade and that making money decisions often feels more complicated than it should. So, where to start? With Gail''s Money Rules, of course-her essential rules for making your money work for you.

Covering every topic under the financial sun-from TFSAs to taxes, borrowing to breaking bad habits, relationships to RRSPs-Gail tells readers that many of the rules they have been following might actually be working against their best interests. Some of her advice is, as she says, common sense (Rule #17: Needs Must Come Before Wants), some of it is surprising (Rule #222: Don''t Borrow to Contribute to an RRSP), and some is even counterintuitive coming from Gail (Rule #261: Take Pleasure from Your Money). All of the rules are delivered in digestible pieces that each give the reader a clear sense of what works and what doesn''t.

For money-phobes, this book will be a kick in the pants; for money-minders, it will ease the worry that there might be a financial tone they''ve left unturned; for everyone else, Gail''s rules provide what it takes to build a strong financial foundation that will last a lifetime.

Format: Trade Paperback

Dimensions: 512 pages, 8.5 × 5.6 × 1.4 in

Published: December 6, 2012

Publisher: HarperCollins Publishers Ltd

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 1443408956

ISBN - 13: 9781443408950

Found in: Personal Finance

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Reviews

Rated 5 out of 5 by from A Comprehensive, Easily Readable Call To Action The facts of good money management don’t change for different groups of people; sound principles for one are sound principles for all. Further, we all succumb in one way or another to poor financial habits and decisions - and as unique as we each believe ourselves to be, there’s a burgeoning field of academic study called ‘behavioural finance’ that shows we really have a lot more in common than we think. The earlier we identify our foibles and manage our finances effectively, the better our chances of realizing our goals. It’s no wonder that whole sections of bookstores are filled with financial self-help books, with many aimed at a particular audience (retirees, soon-to-be retired, parents, grandparents, divorced, married, kids...), or focussed on a particular niche subject (RRSPs, RESPs, TFSAs, the Smith Manoeuvre, mutual funds, tax planning....) While noted Canadian financial journalist, TV host, and author Gail Vaz-Oxlade’s previous efforts have been more narrowly focussed, her latest, Money Rules: Rule Your Money, Or Your Money Will Rule You, is aimed at a general audience. In fact, so well does it hit its mark that most of the niche-targeted books listed above could be removed from the shelves and replaced by this outstanding work. Like the best coaches in sport, Vaz-Oxlade communicates the information clearly, gives an action plan, and then prods and cajoles readers to execute. If you are high school age or older, this book is for you. In fact, if you are within a couple of years either side of high school graduation, this is definitely the book for you. Vaz-Oxlade covers the gamut: student loans; budgeting, renting versus buying, mortgage payments, mortgage insurance, holding your mortgage inside your RRSP, credit ratings, credit card charges, credit insurance, good debt and bad debt, giving your adult children money (don’t), pooled RESPs (again, don’t), RRSPs, RRSP beneficiaries, how to find a financial advisor, how to invest on your own, term versus permanent insurance, and even how to shop in a supermarket so you stay on budget. The paperback edition is over 500 pages, but each topic is seldom more than a few pages. Further, the topics are not organised in a linear fashion so the book can be read for just a few minutes from any starting point - an excellent way to ensure that readers with short attention spans stay engaged. In addition to being comprehensive and delivered in bite-sized pieces, Vaz-Oxlade writes in a very straightforward and casual manner. She avoids industry jargon, explains complex issues in simple terms, and most importantly comes across as unbiased. Nothing detracts more from advice than self-serving perspectives or comments; financial advisors dismissing DIY investors; former bankers praising the beneficence of banks; or insurance agents promoting insurance products at the expense of other investment options. Vaz-Oxlade is the direct opposite of these shills. She is merciless in exposing the financial industry’s duplicity. Four examples highlight her tell-it-like-it-is approach: 1. consumer credit ratings are not calculated how you think (borrowers get a higher score by maximizing credit and paying the minimum balance, rather than by limiting credit and paying it in full each month); 2. bank mortgage insurance is a rip-off (a high fixed charge on a declining debt (the mortgage balance gets smaller each month)); 3. teaser rates on credit cards, and buy-now-pay-later store offers, are lousy bets (card company/store gets you hooked and hopes you forget to pay, thereby incurring a huge penalty); 4. high and inflexible merchant charges are embedded in the credit card system (cardholders get 1% back in rewards but pay 2% more at the till). Readers beware, she will be merciless on you, too, if you have bad financial habits and refuse to acknowledge and change them. Her advice in Rule #2 - if you are married to an irresponsible spendthrift - is as follows. “If the person you love isn’t prepared to change from money moron to something more acceptable, then they don’t love you as much as they say they do. Cut your losses and move on. If you’re already married to a money moron, see Rule #138: Protect Yourself from a Money Moron.” Tough Love, indeed. Vaz-Oxlade misses the mark on a few of her 261 Rules (for example, she omits any mention of government guarantees for credit union GICs, listing only the banking system’s guarantees), but aside from this minor quibble, she has delivered an impressive work. Poor financial decisions early in life compound, making it harder for belated corrective actions to have an impact. The earlier in life this book is read, the better. A comprehensive, easily readable call to action.
Date published: 2013-05-22
Rated 2 out of 5 by from Weak! I have read many books by this author that I thought were well done, so I was excited for this new one, only to realize after reading some of it, that it was pretty much the same material as her last book "It's your Money" with only a little bit extra reading material added to it. I felt ripped off! Nothing new...save your money!
Date published: 2013-01-22
Rated 4 out of 5 by from This book RULES I can be quite a skeptic and I had no idea who Gail 'was' until I actually bought the book. I wandered into the Finance section looking for something to assist in my reasearch on personal financial planning. After sorting through a variety of books, I settled on this and 4 others and began reading with this one. This book was a fantastic read! It is written for the 'lament'... and when I say that, I mean I didn't know much about the topic and I found this book to be a great start. This book was written to give information on all the areas of personal finance and how to essentially start on tackling those areas. It is written in a format so that if a particular area ex: investment does not pertain to your need, you can skip through to what you are looking for. I found this to be a very concise and effective read. I was able to gain a lot of insightful knowledge in addition to manage my time and effort into the book by being able to reference and sort through the information as it related to me. Some of the rules are a bit repetitive and the author's attitude towards people can be a bit degrading. However, if you can brush over her insults and take the nuggets she is doling out - this will give you a great source of information that you can read, index, shelf and refer to in the future.
Date published: 2013-01-15
Rated 3 out of 5 by from Give this to your adult children living at home? A quick read to see what I have not seen, heard, or knew about before picking it up. Not much. Given the author's many marriages she omits some important rules I believe about divorce, one of the biggest wealth destroyers and budget breakers if there ever was one. Don't get divorced when you are about to retire/retired or you will be a very poor bag lady or tramp living in the park. Second if you need to divorce, do it early in your marriage carreer to get this much neeeded lesson behind you. Marriage contracts cannot absolve/protect you of the harm caused by vindictive spouses and greedy manipulative matrimonial lawyers. No doubt there is more for people who have ignored or been in denial about their management of personal finances all their lives. However they are unlikely to read this book.
Date published: 2013-01-14

– More About This Product –

Money Rules

by Gail Vaz-oxlade

Format: Trade Paperback

Dimensions: 512 pages, 8.5 × 5.6 × 1.4 in

Published: December 6, 2012

Publisher: HarperCollins Publishers Ltd

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 1443408956

ISBN - 13: 9781443408950

From the Publisher

Gail likes to say that money isn''t rocket science, it''s discipline. But even she acknowledges that there are tricks to her trade and that making money decisions often feels more complicated than it should. So, where to start? With Gail''s Money Rules, of course-her essential rules for making your money work for you.

Covering every topic under the financial sun-from TFSAs to taxes, borrowing to breaking bad habits, relationships to RRSPs-Gail tells readers that many of the rules they have been following might actually be working against their best interests. Some of her advice is, as she says, common sense (Rule #17: Needs Must Come Before Wants), some of it is surprising (Rule #222: Don''t Borrow to Contribute to an RRSP), and some is even counterintuitive coming from Gail (Rule #261: Take Pleasure from Your Money). All of the rules are delivered in digestible pieces that each give the reader a clear sense of what works and what doesn''t.

For money-phobes, this book will be a kick in the pants; for money-minders, it will ease the worry that there might be a financial tone they''ve left unturned; for everyone else, Gail''s rules provide what it takes to build a strong financial foundation that will last a lifetime.

About the Author

GAIL VAZ-OXLADE is one of Canada’s most successful and respected financial writers and has authored several bestselling books, including the #1 bestseller Debt-Free Forever, Never Too Late, Money-Smart Kids and It’s Your Money. She is currently doling out her no-nonsense approach to finance as host of the television shows Princess and Til Debt Do Us Part, and she is a radio host on Newstalk1010. Visit her online at www.gailvazoxlade.com or on Facebook, or follow her on Twitter @gailvazoxlade.
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