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Personal Finance For Canadians For Dummies
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About This Book
This guide offers a comprehensive roadmap to financial security. Written by expert authors Eric Tyson and Tony Martin, it offers pointers on how you can eliminate debt and rein in spending, along with helpful tips on how to reduce taxes and save more.
The guide also offers a primer on investing, showing how you can build your wealth to ensure a comfortable retirement and university or college for the kids. With up-to-date Canadian examples and references, Personal Finance For Canadians For Dummies arms you with the tools you need to take control of your financial life.
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Part 1
Getting Started with Personal Finance
IN THIS PART âŚ
Understand your financial literacy.
Assess your current personal financial health.
Determine where your money is going.
Set and accomplish personal and financial goals.
Chapter 1
Improving Your Financial Literacy
IN THIS CHAPTER
In recent years, a continuing stream of studies has indicated that Canadians are, by and large, financially illiterate. Study after study shows that we get a failing grade when it comes to financial literacy.
We know from our many years of work as personal financial teachers, writers, and commentators that many folks do, indeed, have significant gaps in their personal financial knowledge. Though more folks have greater access today to more information than in prior generations, the financial world has grown more complicated, and there are more choices, and pitfalls, than ever before.
Unfortunately, most Canadians donât know how to manage their personal finances because they were never taught how to do so. Their parents may have avoided discussing money in front of them, and most high schools, universities, and colleges lack courses that teach this vital, lifelong-needed skill.
This chapter examines where people learn about finances and helps you decide whether your current knowledge is helping you or holding you back. You can find out how to improve your financial literacy and take responsibility for your finances, putting you in charge and reducing your anxiety about money. After all, you have more important things to worry about, like whatâs for dinner.
Talking Money at Home
We were both fortunate â our parents instilled in us the importance of personal financial management. Our moms and dads taught us a lot of things that have been invaluable throughout our lives, and among those things were sound principles for earning, spending, and saving money. Our parents had to know how to do these things, because they were raising large families on (usually) one modest income. They knew the importance of making the most of what you have and of passing that vital skill on to your kids.
In other cases, parents with the best of intentions pass on their bad money-management habits. You may have learned from a parent, for example, to buy things to cheer yourself up. Or you may have witnessed a family member maniacally chasing get-rich-quick business and investment ideas. Now, weâre not saying that you shouldnât listen to your parents. But in the area of personal finance, as in any other area, poor family advice and modeling can be problematic.
Think about where your parents learned about money management and then consider whether they had the time, energy, or inclination to research choices before making their decisions. For example, if they didnât do enough research or had faulty information, your parents may mistakenly have thought that banks were the best places for investing money or that buying stocks was like going to Las Vegas. (You can find the best places to invest your money in Part 3 of this book.)
In still other cases, the parents have the right approach, but the kids do the opposite out of rebellion. For example, if your parents spent money carefully and thoughtfully and often made you feel denied, you may tend to do the opposite, buying yourself gifts the moment any extra money comes your way.
Although you canât change what the educational system and your parents did or didnât teach you about personal finances, you now have the ability to find out what you need to know to manage your finances.
Table of contents
- Cover
- Table of Contents
- Introduction
- Part 1: Getting Started with Personal Finance
- Part 2: Spending Less, Saving More
- Part 3: Building Wealth through Investing
- Part 4: Insurance: Protecting What You Have
- Part 5: Where to Go for More Help
- Part 6: The Part of Tens
- Glossary
- Index
- About the Authors
- Connect with Dummies
- End User License Agreement