The Beginner’s Guide to Saving and Investing for Canadians
What happens when some of Canada’s best bloggers on personal finance, investing and insurance get together? You get a book – a great one – especially for beginners seeking to take charge of their financial present and future.
Thanks to insurance specialist Glenn Cooke, I’m happy to giveaway a copy of the The Beginner’s Guide to Saving and Investing for Canadians. This 100-page gem of a book is divided into five chapters, each written by a contributor with expertise in a specific area. If you follow my blog I’m sure you’ll recognize the names of these experts – all of them are listed in my sidebar for a very good reason.
Krystal Yee is a columnist at Moneyville and the blogger behind Give Me Back My Five Bucks. Krystal shows you how to create and manage a budget. In the book, Krystal wrote “Budgeting is a lot like dieting—it feels like deprivation when not done properly, and most people stop doing it as soon as it starts to feel uncomfortable. However, it is the very first thing you need to do in order to get out of debt and start saving. The problem is, most people can’t be bothered to track their spending, so they end up quitting the budgeting process before they even see the benefits.”
Jim Yih blogs at Retire Happy Blog. Jim Yih is a professional financial speaker, author, syndicated columnist and financial expert who is passionate about financial education and helping people make better decisions with money. In The Beginner’s Guide to Saving and Investing for Canadians Jim explains where to save your hard-earned money, giving you some options to consider while simplifying the alphabet soup associated with investment accounts like RRSPs, RESPs, TFSAs and more.
Ram Balakrishnan is the legendary blogger behind Canadian Capitalist. Now that you have a budget and have some knowledge of different accounts, Ram provides the details on index investing, making a strong case for this no-fuss approach to help you reach your retirement dreams. Among many other great tips, Ram wrote “The most important part of an investment plan is figuring out a sensible asset allocation policy. Asset allocation is simply a fancy term for the proportions in which cash, bonds and stocks will be mixed together in your portfolio.” Read this book and Ram will get you started in the right investing direction.
Frugal Trader is the blogger behind Million Dollar Journey, one of Canada’s premier sites on personal finance and investing. In the book, Frugal Trader shows you the world of dividend investing, using individual stocks or dividend ETFs. Frugal Trader wrote “In Chapter 3 you learned about one of the smartest ways to invest your money—that is, to index your portfolio. The strategy is best for those investors who would rather remain passive and earn market returns while beating most actively managed mutual funds. But what about the investor who is interested in being a little more active with a portion of their portfolio, or who is looking to increase their income in a tax-efficient manner? That’s where dividend investing can come into play.”
Glenn Cooke is the President of LifeInsuranceCanada.com and a licensed life insurance broker operating in Ontario, Nova Scotia, Prince Edward Island, Newfoundland, Saskatchewan, Manitoba, Alberta, and British Columbia. Residing in the rural town of New Hamburg, Ontario, Glenn specializes in making life insurance easy to understand for Canadians and easy to own by backing it up with low cost premiums. Sharing his expertise and experience in The Beginner’s Guide to Saving and Investing for Canadians Glenn demystifies insurance principles and helps you determine what coverage is right for you. Glenn wrote “Most Canadians have a pretty good handle on their house and car insurance. But when it comes to life and disability insurance, trying to figure out what’s right is as difficult as selecting a new cell phone plan. To fix that, we’re going to strip away all the marketing hype and get down to basic insurance principles. In doing so, we’ll be able to properly determine how much insurance we need, as well as what type.”
So there you have it. An easy-to-read saving, investing and insurance guide intended for Canadians written by Canadians. Thanks to all the individuals above for creating such a great tool so many of us can benefit from.
Want a free copy? 🙂
Just leave a comment below to be included in the random draw and tell me what you have been struggling with in regards to saving or investing. There is no need to Tweet this promotion like previous free book giveaways on My Own Advisor or subscribe to my blog. Then again, go ahead and Tweet about this giveaway AND subscribe to my blog!
Your chance to be included in the draw ends Sunday, August 19th at midnight.
Mark
My name is Mark Seed - the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I've surpassed my goal and now investing beyond the 7-figure portfolio to start semi-retirement with. Find out how, what I did, and what you can learn to tailor your own financial independence path. Join the newsletter read by thousands each day, always FREE.
I would like to have the book sooner, though am not investing on real stock market I would still want to know some valuable tips on saving and investing, for sure I can make use of it when I do binary options, like what was explained and elaborated in optionbitsreview.com optionbit review I hope this pointers could help me, because I have a goal that I want to achieve, I want to have my half million as savings at the age of 35
In the past I’ve always been a “hands off” investor leaving my portfolio in the hands of an advisor. Finally, after years of very poor returns I think that it’s time I became more “hands on”. Your site has already helped me along this path and your book would be another step towards managing my own portfolio.
Thanks for the competition!
My issue right now is just overcoming that first hurdle – in the next couple of weeks I plan on buying stocks for the first time ever (now that I look to be earning slightly more than I spend and I’m finally finished university). Trying my darndest to build some passive income streams, and stocks seem like a decent possibility.
But yes, the learning curve to begin with is daunting to say the least! Only just discovered that apparently the game changes whether I’m Canadian versus American… but I’m both… or is it the place of residence that matters… and then there are DRIPS, dividends, bonds, tickers, taxes, broker fees, a hundred different numerical grading systems… I would LOVE a guide to help me get started. (or a connection to a link or two to help me out!)
I have been struggling to build an overall financial plan for my family. I am grateful for the quality of several Canadian money blogs for helping to put me on the path to financial success.
My challenge is to balance paying off the mortgage vs investing. I like to see the mortgage go down but I also like to see dividends coming in. 🙂
I hear ya Kanwal. I have a fat 6-figure mortgage still, but I love watching those dividends roll in. What do you think of the price of RY lately? Good around $50?
I’m new to investing and need all the help I can get! I really appreciate the great information in your blog and website. So helpful for a newby.
Great blog and thanks for all the thoughts/info you share. My current investing problem is whether to ride out a poor investment choice(company called Armtec)) I made in my RRSP or sell it now,take the loss, and move on with the little money that remains.
@My Own Advisor
Based on my asset allocation, I am a little short on equities, so will probably add to that at the moment! I have been reading a lot about the death of equities as well; always things out there to make you question what you’re doing hey? Are you picking up equity ETFs or stocks these days?
I’d like to buy more VTI, but it’s too expensive. I’d like to buy more IPL.UN, but it’s too expensive. I will likely buy some POW and RY, since Canadian financials continue to lag. I’d like to get more RY under $50 if I could.
My biggest problem is definitely market timing; it always seems like I never have cash readily available when the market dips! 🙂
Yeah, join the club! I wish I had more cash on hand when things tank, but such is life. Are you buying more bond or equity ETFs at this time? I’m trying to do the opposite of what I’m reading….buying equities. Some gurus are saying saying equities are dead.
Always looking for great insights into personal finance and investing and am sure this book will provide some gems I wasn’t aware of. Thanks!
You’re in the draw Greg!
I’ve read your comments on the Boomer & Echo site and often note how appropriate and sensible yours are – keep up the good work. I’ve just retired and have two kids who are at the beginning of their saving/investing years and I think that this book would be a real help to them.
Need help investing money to get a good return. I am 58 and retiement is around the corner.
Cool contest Mark. My problem with saving is determining how much I should invest while I have limited job security. I feel like I should be keeping a chunk of that money outside of market in case I need it soon.
@My Own Advisor
I had not seen that page. Thanks for the link.
Being a new investor, I struggle with the new concepts and the mass (and conflicting) of information.
I struggle with figuring out which of the wide range of investment type options are for me. As a beginner, it can be daunting!
I struggle with market timing! Sometimes I’ll be waiting for a stock price to drop and I’ll be forced to keep watching it go up and up and up. Oy Veh!
recently started investing a year ago, however not able to stay focus with one starategy like dividend investing. often friend say something and jump on it, no idea how to handle this emotional thing!!
I need to replace my aging Volvo.. it’s costing too much to repair! Am struggling to decide whether to go for a new Japanese sub-compact car or a used cross-over (latter because they feel safe to drive in winters).
@JT Money
No doubt it’s a struggle. Try and do them all if you can. If not, this book can provide some insight on those priorities. Good luck in the draw!
@zee
Congrats on taking control of your investments! I think this new book will help with your new financial plan – good luck!
Quite frankly, the number of ways to invest, especially in the stock market, are overwhelming to me (and intimidating, too)
I have never bought or sold stocks and would not know how to begin to.
I only own a couple of mutual funds, to keep things simple for myself. But “simple” does not necessarily mean “successful” – I need to learn more, and from a Canadian source – so much is based on American information.
Great comment Diane. Good luck in the draw!
I recently took control of my investments. I am struggling with selling my current mutual funds (picked by an advisor from the bank) because they are below market value. I don’t want to take a loss and I’ve been waiting for them to gain in value before I sell them and implement my new financial plan.
My biggest struggle is I only have so much money to put towards savings or paying down my mortgage. Which to choose? TFSA or Mortgage paydown.
Like Gavin above – I’m fortunate enough to be in the situation where my biggest investing issue is trying to figure out where to get the biggest bang for my buck in regards to choosing ETFs index funds, mutual funds and stocks. There are so many options out there!
Hey Steve, sounds like you’re in a good place…but this book should help you out all the same. Good luck!
I’ve been struggling with staying within budget. What I find difficult specifically is restraining myself when it comes to eating out. Most of it is social pressure and I can see it becoming an even larger issue once school starts up again in September.
Social pressures are huge. I struggle with it now and again and I end up breaking the bank, figuratively, because of it. Some of the most powerful words in personal finance are “Sorry, I can’t afford it”. Good luck in the draw!
After running through a couple of advisors who did not meet my expectations I started researching and taking on the management of my own investments. I still struggle with lack of confidence in myself and ensuring that I making the best decisions in supporting my financial health long term. I appreciate your work as it is approachable and tailored to Canadians! I am employed in the public sector and so have a significant pension plan, I continually max out what little room I have in my RRSPs and TFSAs but have not ventured beyond those investments into anything unregistered. What is the best advise you have for a person in my situation?
@Natalie,
This book will help you build that confidence Natalie. I’m no financial guru, but if you’re maxing out your RRSPs and TFSAs every year, I think you’re off to a great start. You may not need many, if any, unregistered holdings if you’ve got a great public pension plan and maxed out registered accounts. Good luck in the draw!
What I’ve been struggling with the most is deciding whether to put my whatever I’ve saved (which isn’t a lot that’s why this is a struggle, otherwise i’d just be dividing my money) in investments or in an emergency fund which can easily be liquidated. When i put money in the emergency fund I always feel as if I’m losing out on something because I know I’d get a better return if I put it in an investment vehicle. On the other hand, if I don’t put it in the emergency fund, I worry that if something happens, I wouldn’t have enough money and would need to borrow at a high interest, thus losing more.
Emergency funds, investments are very important, but as you likely already know – you can’t invest what you don’t save. As part of your financial plan, once you have your emergency fund to a healthy amount, you’re in a good position because you can start investing and not feel like you’re “losing out”. I’m a big fan of having a few thousand dollars saved for the “what ifs” in life. Any that, invest away 🙂 Good luck in the draw!
When to bail on a stock — that’s my issue. I have several companies in my portfolio that have lost 1/2 to 2/3 of their book value. I’m not in any particular hurry to sell so for now it is a paper loss. But when do you give up and switch to something that might grow faster?
Enjoy your blog feed. Thanks
Why bail on a stock, especially it if pays a dividend? 🙂 Don’t be in a rush to sell but you need to recall why you bought the stock in the first place. I recall Buffett said if you’re not prepared to own a stock for 10 years, don’t think about buying it.
Letting go of losers is tough, and there a number of factors to conisder. I will try and write a post about that this fall. In the meantime, continue to follow along and I wish you luck in the draw for the book!
Forgot to add “and you will help a lot of people”. So your book is a good investment too.
This is a good way to earn money, better return than investing on stocks. Create a good book for target demographics and sell it online!!! goodluck 🙂
You’re right! I wish I thought of this idea 🙂 Good luck in the draw carm!
I hate commenting, and usually don’t, but I’m just gonna say it. You should have been an author. I admire all the other authors and visit their blogs frequently, but your’s is the first one I always vist. I really appreciate your perspective and think you have a lot to add to the conversation. Thanks for all your efforts and the content your produce. Keep up the great work. I’m sure the recognition is coming…
Cip
Geez, thanks VERY much ciponek. I really appreciate your kinds words. I make an effort to make my blog informative and conversational. This isn’t mean to preach but to teach folks about how I’m going about my business. If others can learn from my successes and failures, then that’s what is important.
I appreciate you following my blog, and informing others about it. Good luck in the draw!
My current investing/saving problem is figuring out the balance between spending on living expenses, keeping an adequate emergency fund, savings for things we (family of four on one income by choice) want , and saving for the long term.
Thanks for your comment Rob. It’s not easy finding a balance between saving and spending. I struggle with it for sure. This book will help in that regard…good luck!
Well I follow your writing but I’m not big on the twitter. My current investing problem is figuring out what I should be investing in within my RRSP, TFSA and unregistered accounts. Figuring out which investments are most tax advantaged within each account is proving the difficult part of my plan.
Thanks for following Gavin, nice to hear from you. No doubt choosing the right investment account, isn’t easy, but I thought Jim Yih provided some good guidance in this book. Keeping taxes top of mind regarding your investments is important. As an aside, did you read this page of mine?
https://www.myownadvisor.ca/dividend-investing/
Based on the tax advantages, I keep certain investment products in certain investment accounts.