Personal Finance For Canadians For Dummies

Introduction......Page 13
About This Book......Page 15
Foolish Assumptions......Page 16
Icons Used in This Book......Page 17
Beyond the Book......Page 18
Where to Go from Here......Page 19
Part 1: Getting Started with Personal Finance......Page 20
Chapter 1: Improving Your Financial Literacy......Page 23
Talking Money at Home......Page 25
Identifying Unreliable Sources of Information......Page 28
Jumping over Real and Imaginary Hurdles to Financial Success......Page 34
Chapter 2: Measuring Your Financial Health......Page 37
Avoiding Common Money Mistakes......Page 39
Determining Your Financial Net Worth......Page 41
Examining Your Credit Score and Reports......Page 44
Knowing the Difference between Bad Debt and Good Debt......Page 49
Analyzing Your Savings......Page 54
Evaluating Your Investment Knowledge......Page 56
Assessing Your Insurance Savvy......Page 58
Chapter 3: Managing Where Your Money Goes......Page 59
Examining Overspending......Page 61
Analyzing Your Spending......Page 64
Chapter 4: Establishing and Achieving Goals......Page 71
Creating Your Own Definition of Wealth......Page 73
Prioritizing Your Savings Goals......Page 76
Building Emergency Reserves......Page 79
Saving to Buy a Home or Business......Page 80
Funding Kids’ Educational Expenses......Page 81
Saving for Big Purchases......Page 82
Preparing for Retirement......Page 83
Part 2: Spending Less, Saving More......Page 101
Chapter 5: Dealing with Debt......Page 104
Using Savings to Reduce Your Consumer Debt......Page 106
Decreasing Debt When You Lack Savings......Page 108
Turning to Credit-Counselling Agencies......Page 113
Filing Bankruptcy......Page 116
Considering a Consumer Proposal: An Alternative to Bankruptcy......Page 121
Stopping the Spending/Consumer Debt Cycle......Page 123
Chapter 6: Reducing Your Spending......Page 126
Unlocking the Keys to Successful Spending......Page 128
Budgeting to Boost Your Savings......Page 136
Reducing Your Spending......Page 137
Chapter 7: Trimming Your Taxes......Page 157
Understanding the Taxes You Pay......Page 159
Trimming Employment Income Taxes......Page 163
Increasing Your Deductions......Page 165
Making the Most of Tax Credits......Page 168
Reducing Investment Income Taxes......Page 175
Enlisting Education Tax Breaks......Page 177
Getting Help from Tax Resources......Page 179
Dealing with an Audit......Page 182
Part 3: Building Wealth through Investing......Page 185
Chapter 8: Considering Important Investment Concepts......Page 188
Establishing Your Goals......Page 190
Understanding the Primary Investments......Page 191
Shunning Gambling Instruments and Behaviors......Page 193
Understanding Investment Returns......Page 195
Sizing Investment Risks......Page 196
Diversifying Your Investments......Page 199
Acknowledging Differences among Investment Firms......Page 206
Seeing through Experts Who Predict the Future......Page 213
Leaving You with Some Final Advice......Page 216
Chapter 9: Understanding Your Investment Choices......Page 218
Slow and Steady Investments......Page 220
Building Wealth with Ownership Vehicles......Page 225
Off the Beaten Path: Investment Odds and Ends......Page 241
Chapter 10: Investing in Funds......Page 245
Understanding the Benefits of Mutual Funds and Exchange-Traded Funds......Page 247
Exploring Various Fund Types......Page 249
Selecting the Best Funds......Page 256
Deciphering Your Fund’s Performance......Page 261
Evaluating and Selling Your Funds......Page 264
Chapter 11: Taking Advantage of Registered Retirement Savings Plans......Page 265
Understanding How RRSPs Work......Page 267
Maximizing Your RRSP’s Growth......Page 270
Examining the Contribution Rules......Page 273
Types of Registered Retirement Savings Plans......Page 278
Taking Money Out of Your Plan before Retirement......Page 281
Closing Down Your RRSP......Page 284
Chapter 12: Investing in Retirement Plans......Page 291
Allocating Your Money in Retirement Plans......Page 293
Transferring Retirement Plans......Page 307
Chapter 13: Investing Outside Tax-Sheltered Retirement Plans......Page 311
Getting Started......Page 313
Taking Advantage of Tax-Free Savings Accounts......Page 315
Understanding Registered Disability Savings Plans......Page 318
Understanding Taxes on Your Investments......Page 320
Fortifying Your Emergency Reserves......Page 321
Investing for the Longer Term (Several Years or Decades)......Page 326
Chapter 14: Investing for Educational Expenses......Page 331
Strategizing to Pay for Educational Expenses......Page 333
Strategies for Saving for Education Expenses......Page 336
Investing Educational Funds......Page 349
Chapter 15: Investing in Real Estate: Your Home and Beyond......Page 352
Deciding Whether to Buy or Rent......Page 354
Financing Your Home......Page 362
Finding the Right Property......Page 376
Working with Real-Estate Agents......Page 379
Putting Your Deal Together......Page 382
After You Buy......Page 385
Part 4: Insurance: Protecting What You Have......Page 393
Chapter 16: Insurance: Getting What You Need at the Best Price......Page 396
Discovering the Three Laws of Buying Insurance......Page 398
Dealing with Insurance Problems......Page 409
Chapter 17: Insurance on You: Life, Disability, Long Term Care, and Medical......Page 414
Providing for Your Loved Ones: Life Insurance......Page 416
Preparing for the Unpredictable: Disability Insurance......Page 426
Planning for Nursing-Home Care: Long-Term-Care Insurance......Page 430
Getting Care for the Road: Travel Medical Insurance......Page 432
Chapter 18: Covering Your Assets......Page 434
Insuring Your Home......Page 436
Auto Insurance 101......Page 442
Protecting against Mega-Liability: Umbrella Insurance......Page 447
Planning Your Estate......Page 449
Part 5: Where to Go for More Help......Page 453
Chapter 19: Working with Financial Planners......Page 456
Surveying Your Financial Management Options......Page 458
Deciding Whether to Hire a Financial Planner......Page 462
Finding a Good Financial Planner......Page 468
Interviewing Financial Planners: Asking the Right Questions......Page 470
Learning from Others’ Mistakes......Page 474
Chapter 20: Using Technology to Manage Your Money......Page 475
Surveying Software, Apps, and Websites......Page 477
Accomplishing Money Tasks on Your Computer, Tablet, or Smartphone......Page 482
Chapter 21: Online, On Air, and in Print......Page 489
Observing the Mass Media......Page 491
Rating Radio and TV Financial Programs......Page 493
Finding the Best Websites......Page 494
Navigating Newspapers and Magazines......Page 495
Betting on Books......Page 496
Part 6: The Part of Tens......Page 498
Chapter 22: Survival Guide for Ten Life Changes......Page 501
Starting Out: Your First Job......Page 504
Changing Jobs or Careers......Page 506
Getting Married......Page 507
Buying a Home......Page 509
Having Children......Page 510
Starting a Small Business......Page 513
Caring for Aging Parents......Page 514
Divorcing......Page 516
Receiving a Windfall......Page 518
Retiring......Page 520
Chapter 23: Ten Tactics to Thwart Identity Theft and Fraud......Page 522
Save Phone Discussions for Friends Only......Page 524
Never Respond to Emails Soliciting Information......Page 525
Review Your Monthly Financial Statements......Page 526
Secure All Receipts......Page 527
Close Unnecessary Credit Accounts......Page 528
Regularly Review Your Credit Reports......Page 529
Keep Personal Info Off Your Cheques......Page 530
Protect Your Computer and Files......Page 531
Protect Your Mail......Page 532
Clean Out Your Wallet......Page 533
Glossary......Page 534
Index......Page 552
About the Authors......Page 612
Connect with Dummies......Page 618
End User License Agreement......Page 620