Unless you are one of those people lucky enough to have an amazing advisor who keep you accountable and on track, you are probably like most of us who spend a minimal amount of time actually thinking about and planning strategies for personal finance.
I heard the other day that we spend approximately 20 hours a year planning for our vacations and just one or two hours a year on taking care of our personal finances! Does that shock you? It definitely shocked me.
I am reading through David Bach’s book entitled The Automatic Millionaire
One of the neat things Bach brings up in the book is the question: “How many hours did you work for yourself last week?” If you look back to last week and discover that you didn’t save a penny of your earnings, then that means you didn’t actually work for yourself at all.
I recently read articles on the Web about how the Canadian government has set up a task force whose mandate is to educate the Canadian public about properly handling their finances. I think this is long overdue. Wouldn’t it be great if high school students took a class as part of their curriculum that discusses the pros and cons of RRSPs, TFSAs, and overall basic budgeting skills? They could pass this information on to their parents!
It is sad but true that many Canadians just don’t have a clue about how to handle their finances. They spend more than they earn and then find themselves in a hole too deep for them to dig themselves out of. Many people learn very little from their parents about money so they have to learn on their own, sometimes going through some difficult financial situations in the process.
A recent report released by the Certified General Accountants Association of Canada has shed some light on the current financial situation for Canadians, and it’s not all good news.
Here are some of the findings from the report:
*One quarter of Canadians would not be able to handle unforeseen expenditures but yet Canadians save even less than before. We need to plan ahead and save some money each pay period in order to build up an emergency fund. Who knows when you’ll need that $2000 root canal?
Personal Finance For Canadians For Dummies by Eric Tyson, MBA and Tony Martin
Personal Finance For Canadians For Dummies
I really appreciate the style of writing used in this book as it is so easy to follow and understand, and believe it or not, the book isn’t boring like so many finance books seem to be.