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Book Reviews

Get Wired For Wealth – The Recession Proof Money Makeover

Wired For Wealth: Change the Money Mindsets That Keep You Trapped and Unleash Your Wealth Potential by Brad Klontz, PSY.D., Ted Klontz, PH.D., & Rick Kahler, CFP.

Wired for Wealth is a book that will make you think hard about your beliefs about money, and it will help you to confront any unhealthy beliefs that are detrimental to your financial goals. The main idea in the book is that we all have money scripts, whether we are aware of them or not, and many of them have been passed down to us from our families. If left unchecked, these money scripts can create problems and prevent us from reaching our potential.

In order for us to develop positive money scripts, we need to be honest with ourselves about what we really believe about money.

The book is full of real-life stories of people whose money scripts passed down from their families significantly impacted their own behaviors, and ultimately their entire life direction. The interesting thing is that most people are not even aware of their money scripts, but it’s essential to become aware of them in order to promote positive change.

February 13, 2010

Book Reviews

Starting Out – Smart Strategies For Your 20s & 30s

Starting Out: Smart Strategies For Your 20s & 30s, Investors Group

I stumbled upon Starting Out while doing a search in my local library database. It’s a great book full of easy-to-understand information and advice on how to handle your finances from a young age. The book was put together by Investors Group and I think everyone should read it, even if they are no longer in their 20s and 30s.

The book discusses the basics on everything from figuring out what kind of an investor you are to what an RRSP is and how it is best used. It provides key ideas that if followed would promote your financial success. It provides advice on managing debt, building a credit rating, how to choose appropriate bank accounts, and much more.

If you want to learn more about the different investment options available and how they work, you will find this book very informative. As well, it discusses the different types of risk associated with different investment types. Out of all the books I have read to date about investing, this book is by far the easiest to comprehend.

Although the book is fairly short (about 120 pages), it covers a lot of important material that would be helpful for anyone who isn’t already financially savvy. I highly recommend that you check to see if your local library has this book available. It is well worth the read as it will help you to achieve financial freedom if you are willing to follow the advice and strategies discussed.

February 11, 2010

Book Reviews

Want To Know How To Retire Rich?

How To Retire Rich; Time Tested Strategies To Beat The Market And Retire In Style by James O’Shaughnessy

How to Retire Rich is a an easy-to-read book about investment strategies that will help you to reach your retirement goals. The author, James O’Shaughnessy, is a mutual fund manager and an experienced investor who has studied the history of the market for the past 45 years. Based on in-depth research, he has developed solid investment strategies and has shared them in his book.

He uses four different couples at different life stages to illustrate how the various investment strategies can be streamlined for every situation. By doing so, it makes it easier for readers of all ages to identify with what he is saying.

Some key points outlined in the book are that investing in the market is extremely important if you want to retire rich. Instead of being afraid of market fluctuations, the author says we should be afraid of losing purchasing power if we insist on investing in cash and other “safe” investments. Although knowing that your principal is guaranteed may give you peace of mind today, knowing that your money will be worth so much less in the future should motivate you to consider other options.

According to O’Shaughnessy’s research, the New York Stock Exchange has gone up 71% of the time in the past 45 years. He continuously emphasizes that the only way to retire rich is to invest in the market and that informed investors realize that day-to-day gyrations mean almost nothing in the long term. The important thing is to not get overwhelmed by current market fluctuations but to focus on the future and understand that the value of your investment will ultimately grow over the long term.

An interesting point in the book is that successful investing runs contrary to human nature. The author says “The reason most people don’t retire rich is that it’s simply too hard to keep their emotions in check and stay focused on the long term.” Once we are able to accept that the value of our investments will fluctuate and discipline ourselves to stay invested, we will be set up for success and will ensure that we don’t lose the purchasing power of the money we have worked so hard to save.

I would highly recommend that you read this book if you are interested in learning how to develop a solid investment strategy for your retirement. O’Shaughnessy provides practical tips on choosing individual stocks to create a portfolio. He also discusses the benefits and disadvantages of mutual funds, and provides recommendations based on historical research. It’s a book that will encourage you to stay invested in the market even in the event of a market crash or an economic downturn. Check out this book and start implementing the strategies today.

December 1, 2009

Book Reviews

Read Money Money Money To Your Kids – You Will Love It, Too!

Money Money Money: Where It Comes From, How To Save It, Spend It, And Make It by Eve Drobot

I often come across books about money in our public library’s online catalogue, and I don’t always pay close attention to what I request. As long as it’s something to do with saving or investing money, I think it might be worth my time to read. Imagine my surprise when I took my first glimpse at Money Money Money. It’s a children’s book! Although I have to admit I do enjoy reading children’s books from time to time, I really didn’t have a lot of expectations after seeing the cover.

Well, I was proved wrong in judging this book by its cover. Money Money Money is a fantastic children’s book. I had no idea that anyone had written such a thorough account of money for children. It’s full of interesting facts about money, including its history, how its made, and its future. I can safely say that I absolutely enjoyed reading it and I bet many other adults would enjoy it as well.

It’s full of illustrations and graphics showing all different types of currencies. There’s a picture of the oldest paper currency ever used as well as the first coins ever made. Near the beginning, the author suggests that her readers set up a system of 3 jars for their savings. One jar should be for short term spending such as candy and watching movies, the second jar should be for saving for a bigger purchase such as a video game, and the third jar should be used for saving money to give away to others.

I think every parent should teach their children about money so they have a healthy understanding of how to manage their money when they are on their own. I highly recommend that you read this book to your children or grandchildren. I can guarantee that you won’t be bored. In fact, you may even appreciate it more than your kids. This book will instill into your kids a better understanding of what money is and where it came from, as well as the importance of saving and spending wisely.

To give you an idea of some of the interesting facts found in this book, here are some tidbits:

Did You Know?

*The Canadian one-dollar coin, referred to as the “loonie” was initially supposed to show a French explorer and a Native guide paddling a canoe. En route to the Mint, they were somehow lost. The government was afraid of possible fraudulent activity so rather than continuing to use the same design, they decided to use a diving bird called the loon. Hence, the one-dollar coin is called a “loonie”.

*The Chinese were the first to use paper money and they started using it as far back as 2000 years ago.

*Chinese coins used to have a hole in the middle so they could be tied onto a string. A bundle of one hundred coins on a string was referred to as one cash.

*Canadians refused to accept a $1 bill printed in 1954 because part of Queen Elizabeth II’s hair around her ear appeared to look like the devil.

November 25, 2009

Book Reviews

Fight For Your Money – Full of Great Money Saving Tips

Fight For Your Money: How To Stop Getting Ripped Off And Save A Fortune by David Bach

learn ways to save money by reading David Bach's Fight For Your Money David Bach’s book Fight For Your Money is a must read for anyone looking for smarter ways to use their money for traveling, car rentals, banking, car repairs, health insurance, and many other aspects of daily life. It’s easy to read and is organized by subject so you can easily find the information that interests you.

The book covers information on buying a home, mortgages, and remodeling and would be a good section to read if you are looking to buy or build a home in the near future. Bach also discusses topics surrounding credit such as your credit score, credit cards, and he also touches on identity theft.

If you are into cable TV or satellite TV, you will find Bach’s information useful. He discusses ways to save money on your cell phone service as well.

I especially enjoyed reading about his tips on traveling. He listed several websites that he recommended for finding good deals on airfare such as www.priceline.com and www.hotwire.com. He also advised travelers to ask a lot of questions as the airfare now has so many added fees for everything that it’s important to know what you are paying for.

For parents saving up for their children’s post secondary education, there is a very informative section about RESPs (Registered Education Savings Plans) that Canadians will find useful. Bach provides tips on not being too conservative, and recommends that you start saving as early as possible instead of waiting until your children are older.

I highly recommend that you check out this book as it is informative, practical, and easy to understand. Bach uses everyday language to explain each topic and all the topics he discusses are relevant and timely. There’s something in this book that will interest everyone whether they are young or old.

I will likely be writing more articles around things I’ve gleamed from this book in the near future. Please share your thoughts on this book when you get the chance to read it.

October 4, 2009

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