An Original Introduction to Personal Finance
Personal Finance with a Smile
A BOOK REVIEW BY WILLIAM FRASER | ARTA Pension and Financial Advisory Committee
Wealthing like Rabbits :
An Original Introduction to Personal Finance
By Robert R . Brown Redford Enterprises , 2014 Paperback , 214 pp . Available for Kindle and Kobo
This is a very entertaining and easy read . With a good dash of humour , Robert Brown presents valuable information on planning for retirement and how to accumulate the wealth needed . This book is primarily aimed at the under-thirty age group , so while this may not be the book for the retiree it is certainly the book that a retiree would want to recommend to a child or younger friend . Brown stresses the importance of starting early in your planning . The RRSP and TFSA are the two assets that he urges you to invest in and he explains the pros and cons of each . He also spends some time pointing out the importance of being realistic in our desires , the difference between ‘ needs ’ and ‘ wants ,’ and the danger of easy credit . He gives lots of good advice on making financially realistic decisions in our day-to-day life .
There are quite a few pages dealing with home ownership , illustrated by two brothers in one example and Toronto ' s Casa Loma as another . In the first , Brown shows how a choice between houses can mean much in mortgage interest . In the second example , he illustrates just how factors like operating costs , changes in the world and property taxes can all add up to unexpected costs , sometimes beyond what can be afforded . Credit cards are another hidden financial trap that the author points out . He explains that you do not pay for anything with a credit card but rather borrow the money from a bank to pay for it . You then pay the bank a high interest rate for the privilege of borrowing that money . Even ‘ bonuses ’ like loyalty programs are really there so you will be encouraged to borrow more .
Brown also demonstrates that we should be aware of how the ‘ small things ’ ( under $ 50.00 ) can add up . In his words , “ Finding something that you need on sale is cool . Finding something cool on sale doesn ’ t mean that you need it .”
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