The financial industry wants your hard-earned money and the government wants you to invest it in the economy to keep the economy running. If there was a way to get you to invest your money and these folks haven’t gotten you to do so yet, that’s because it’s not an easy task for those in the know to explain investing in the most simplified terms. – Jeana Deal, author, Loonie to Toonie Financial Basics for Canadians.
The goal of Loonie to Toonie differs from many personal finance and investing how-to books in that it doesn’t actually spend very much time sharing the how-tos. What Jeana Deal did instead was explain the concepts of money, the economy, budgeting and more in case you didn’t know where to begin at all. This book is therefore a good starting resource for young Canadians or the newbie investor of any age, before they quickly become overwhelmed or confused with jargon flowing from the financial industry.
Here is an overview of Loonie to Toonie and an opportunity to purchase it here . Giveaway details will follow.
Part 1 – Financial Basics
In this section of the book you’ll learn about money (from its inception as a bartering tool to modern-day uses), the economy and the key personnel you might interact with (brokerages and financial advisors) on your investing journey.
Part 2 – Investing and You
Jeana moves into more traditional personal finance space in this section of the book, discussing financial goals, budgeting concepts and some elements of investment risk. The best part of this section is her summary on just a few pages about various registered accounts such as RRSPs, TFSAs, RESPs and RDSPs.
Part 3 – Investments
Loonie to Toonie discusses stocks, Exchange Traded Funds (ETFs), mutual funds and bonds in this section. Jeana even goes into detail about retractable and extendable features on bonds – which is more than most investors need to know or worry about.
Part 4 – Retirement
“Your long-term goal of retirement is the big one. You never know if you’re going to live a long, healthy, active life or a life managing an unforeseen illness or condition.” Loonie to Toonie provides a small dose of reality and reminds investors being prepared for different possibilities, including having the right insurance plan, since being prepared for many different outcomes should be a big incentive for how you invest.
With a few personal reflections added in as conclusions, Loonie to Toonie provides a nice introduction to financial basics for Canadians. I consider this book a good prerequisite upon which other financial books, blogs and journal articles can help support what Jeana Deal has started.
Enter my giveaway below for your chance to win a copy of Loonie to Toonie. I will draw one lucky contest participant at random in a few weeks. Thanks for reading.
Interestingly I think most books didn’t spend enough time on the how-tos 😉
Would be interested in giving it a read, so I’m down for winning a copy.
I thought your how-to was very well done John.
When it comes to money, nothing it transparent. I like the author’s approach from a Canadian perspective.
Thanks for reading Jan. Hope you entered!
Looks like an interesting read, I love the title
I’m always down to read another book on personal finance.I’m sure I’ve read most of the content already but even a single “new” tip could mean a significant improvement in finances.
I always find there is something new to learn from even a primer book. This one looks interesting. Thanks for sharing your thoughts.
“The financial industry wants your hard-earned money..”
Isn’t that the truth! No matter how low the fee they charge, they wouldn’t offer the products if the bottom line didn’t justify it. Glad I pay NO annual fees on our invested funds.
I’ll try to find the book at the library.
Thanks for reading and commenting cannew. Yes, the industry wants your money very badly 🙂
It’s great to see a personal finance book in which the author is not trying to sell their trading/investment strategy, but is all about straight-up no-frills education and increasing knowledge. Although the spelling of ‘toonie’ has always grated on me, kudos to Deal (and her publisher) for putting out this book.
I think what Jeana did was different and good. Like you said, kudos to her. Hope you’re having a good weekend.