Book description
Take control of your personal finances—one bite at a time
Getting your financial house in order is a big job. At first, you might even feel like you've bitten off more than you can chew. But don't give up! In How to Eat an Elephant, you'll gain vital understanding of important personal finance basics in just one day a month. Rather than tackle the beast in one bite, you'll master it a little bit at a time. Supported by online resources, tools, and reports, you'll complete fundamental tasks and gain fundamental understanding in an orderly and effective way.
With practical, easy-to-understand guidance, this book will show you how to reduce your debt and save on interest; improve your understanding of personal finance basics and gain new confidence; reduce stress and anxiety about your money; and use powerful online tools to organize all your financial information.
Offers a structured, non-intimidating approach to personal finance that can be mastered in four hours a month
Covers vital topics like budgeting, life insurance, investment products, retirement planning, wills and powers of attorney, and much more
Written by Frank Wiginton, one of Canada's best-known personal finance speakers and gurus
If it's time to take charge of your financial life, look no further. How to Eat an Elephant offers real solutions that will save you time, money, and headaches.
Table of contents
- Cover
- Title Page
- Copyright
- Dedication
- Acknowledgements
- How to Use this Guide
- Introduction: How do you eat an elephant? One bite at a time!
-
Part One: Understanding Your Finances
- Chapter 1: Setting and Achieving Goals
- Chapter 2: Where Are You Now?
-
Chapter 3: How to Save a Lot of Money!
- What Is a Budget?
- Why Is a Budget Important?
- What about Pocket Money?
- Where Have I Spent My Money?
- How Do You Get Started?
- There Must Be Some Mistake!
- Money Is Finite!
- Needs vs. Wants
- Breaking the Spending Habit
- Put Yourself on a Cash Diet!
- The 10% Rule for Financial Success
- Additional Tips for Reducing Expenses
- How I Saved $1,154 After-Tax Dollars with Two Phone Calls
- Chapter Summary
- Chapter 4: Income and Debt Management
-
Part Two: Protecting Your Finances
-
Chapter 5: Benefits
- Group Benefits
- How Can You Get the Most from Your Benefits?
- Traditional vs. Flex-Benefit vs. Healthcare Spending Accounts
- Self-Employed/No Work Benefits Options
- Taxable Benefits
- Non-Taxable Benefits
- Employee Assistance Programs (EAPs)
- Leave of Absence
- Travel Medical Insurance Coverage
- Group or Work Life Insurance
- Group Pensions and Retirement Programs
- Chapter Summary
- Chapter 6: Risk and Living Insurance
-
Chapter 7: Life Insurance
- How Much Life Insurance Do You Need?
- Life Insurance
- Temporary Insurance
- Insurable Interest
- Different Ways to Set Up a Life Insurance Policy
- Insurance Riders or Add-Ons
- Buy Term Insurance and Invest the Difference?
- Affordability
- Additional Uses for Life Insurance
- Life Insurance as an Asset Class
- Chapter Summary
-
Chapter 5: Benefits
-
Part Three: Growing Your Finances
-
Chapter 8: Retirement and Estate Planning
- Retirement Savings Options
- Company Pension Plans
- Savings
- The Forgotten Sources of Retirement Income
- Retirement Savings Options You May Not Have Heard Of
- Will I Outlive My Money?
- Sources of Income in Retirement
- How Is It That I Could Earn So Little and End Up with Enough Money for Retirement?
- Estate Planning
- Probate
- Summary
- Chapter 9: Investing
-
Chapter 10: Tax Planning
- How Much Income Tax Do We Pay?
- Understanding the Difference between Average Tax Rate and Marginal Tax Rate
- Tax Deduction vs. Tax Credit: Which Is Better?
- Refundable Tax Credits vs. Non-Refundable Tax Credits
- Registered Retirement Savings Plans (RRSPs)
- The Home Buyers' Plan and Lifelong Learning Plan
- Income-Splitting
- Investment Income
- Investing in Tax Shelters
- Creating Tax-Deductible Interest
- Charitable Donations
- Retirement Tax Planning
- Chapter Summary
-
Chapter 8: Retirement and Estate Planning
-
Part Four: Ensuring Financial Success
-
Chapter 11: Wills, Powers of Attorney, and Personal Care Directives
- Professional Lawyers vs. Will Kits
- The Value of Naming a Contingent Individual
- Wills
- If You Are Married
- Common Disaster Clause
- Choosing an Executor/Personal Representative/Trustee
- Choosing a Guardian
- Distributing Your Estate
- Naming Beneficiary Designations
- Trusts for Minor Children
- Powers of Attorney
- Personal Care Directives
- Chapter Summary
- Chapter 12: Finding the Right Advisors
-
Chapter 11: Wills, Powers of Attorney, and Personal Care Directives
- Conclusion
- About the Employee Financial Education Division
- Index
- About the Author
Product information
- Title: How to Eat an Elephant: Achieving Financial Success One Bite at a Time
- Author(s):
- Release date: November 2012
- Publisher(s): Wiley
- ISBN: 9781118459737
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