If the book is a passport, consider the website an airport. The book is filled with great content, and also connects you to a wealth of information on the web. To make the most of this book, you need to understand its design and how to use it effectively.
¢ommon ¢ents is a financial passport that will help you obtain the knowledge required to gain financial freedom. The book and website are designed to transport you to areas of deeper knowledge and understanding. Use the book recommendation system to identify which books will give you more depth of understanding. Use the web references to grasp individual concepts in a visual manner.
The following is a brief summary of each component of the book:
Track your progress as you delve into the recommended books and document key landmarks on your path to financial freedom.
I explain my background and why financial literacy is so important to me.
Chapter Zero — Don’t Just Do What Everyone Else Does
People can do so much more for themselves if they desire to reach for it. This book provides the reader with a map and the tools to reach for more. Discover what is usually written about retirement planning, and why that isn’t enough to get ahead. If you want to get ahead, you have to learn more and do more.
Chapter One — Taxes: You’re Richer Than You Think
Learn how to keep more of your hard earned money. Did you know that taxes are the #1 expense for most Canadians? If you are spending more money on tax than anything else, you want to know how to save as much as possible.
Chapter Two — As Safe As Money In The Bank
Money, banking and credit are the key topics here. Gain some money-saving tricks for credit cards and lines of credit. The formula for establishing great credit is exposed; the mystery about how the bank assesses you for a mortgage is unveiled. Did you know that it is possible to save thousands on your mortgage in a few different ways?
Chapter Three — Money Love: Money Making Money
The journey into the future begins. Grasp the concept of how money grows. Begin to think about your retirement plan and recognize why it’s so important to start today!
Chapter Four — The Stock Market: Water Cooler Talk
This may come as a shock, but I am NOT a big fan of the stock market. Understand what a stock is, where it comes from, what gives it value, and how that value can change so quickly. The idea that the stock market is an efficient vehicle to develop wealth is called into question.
Chapter Five — Mutual Funds: Buyer Beware
I’m not a big fan of the stock market itself, and I’m even less a fan of mutual funds. You will begin to understand why I have so little love for them. This chapter will educate you beyond the need to rely on these very inefficient wealth vehicles.
Chapter Six — Fixed Income Products
What is a fixed income product? Well, it’s a bond. What is a bond, really? I explain what bonds are, and why I think they are even less effective than mutual funds in creating wealth for investors.
Chapter Seven — Begin With the End in Mind: Retirement
If you want to retire with peace of mind, the time to start planning is now. If mutual funds and bonds are not the way to go, what should you do? Read this chapter to find my recommendations.
Chapter Eight — Alternative Investments
What does “alternative” mean in investments? Why does the alternatives market now raise more new money in Canada than traditional stocks? Discover how you can access this market; begin to reach higher.
Chapter Nine — Economics: What You Need to Know
If you neglected to take economics in school, consider this chapter your condensed notes to key economic ideas. This chapter will give you the knowledge to understand what you are reading when you pick up the newspaper. Learn how government policy and action will influence your portfolio.
Chapter Ten — Pensions, Insurance and Estate Planning
Let’s face it, nobody gets excited about filing their final tax return, but everyone will have to do it at some point. Make sure you are prepared when it happens; this chapter will get you started.
Chapter Eleven — Putting it All Together
All of the information in the previous chapters is assimilated into a retirement plan. I display a few different standard plans and point out where they fall short. Check out my personal retirement plan and see the value in the strategy I have mapped out.
Chapter Twelve — General Wisdom
While this chapter isn’t about financial literacy, it is about life literacy. It’s important to have balance in life; once you make all that money, you want to make sure you are using it in the right way!