book

How to Eat an Elephant: Achieving Financial Success One Bite at a Time

by Frank Wiginton

November 2012

Beginner

288 pages

6h 14m

English

Wiley

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Write It DownDefine ItSetting Your Goals and Yourself Up for Success!What Is the Financial Cost to Accomplish Your Goals?Identify What You Need to SucceedReview Your List RegularlyShare Your Goals with OthersChapter Summary
Net Worth StatementHow Do You Figure Out What Assets You Have?How Do You Figure Out What Debts You Have?Chapter Summary

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. WantsBreaking the Spending HabitPut Yourself on a Cash Diet!The 10% Rule for Financial SuccessAdditional Tips for Reducing ExpensesHow I Saved $1,154 After-Tax Dollars with Two Phone CallsChapter Summary
Debt DestructionDebt ConsolidationDebt PyramidingBreaking the CycleCredit CounsellingBankruptcy and Insolvency Act OptionsDebt Service RatiosGood Debt vs. Bad DebtMortgagesWhat to Consider When Getting a MortgagePayment OptionsChapter Summary
Group BenefitsHow Can You Get the Most from Your Benefits?Traditional vs. Flex-Benefit vs. Healthcare Spending AccountsSelf-Employed/No Work Benefits OptionsTaxable BenefitsNon-Taxable BenefitsEmployee Assistance Programs (EAPs)Leave of AbsenceTravel Medical Insurance CoverageGroup or Work Life InsuranceGroup Pensions and Retirement ProgramsChapter Summary
Managing the RiskLiving Insurance: Insurance that Pays Out to Help You Live!Chapter Summary
How Much Life Insurance Do You Need?Life InsuranceTemporary InsuranceInsurable InterestDifferent Ways to Set Up a Life Insurance PolicyInsurance Riders or Add-OnsBuy Term Insurance and Invest the Difference?AffordabilityAdditional Uses for Life InsuranceLife Insurance as an Asset ClassChapter Summary
Retirement Savings OptionsCompany Pension PlansSavingsThe Forgotten Sources of Retirement IncomeRetirement Savings Options You May Not Have Heard OfWill I Outlive My Money?Sources of Income in RetirementHow Is It That I Could Earn So Little and End Up with Enough Money for Retirement?Estate PlanningProbateSummary
Investment ProductsAlternative Hybrid InvestmentsUnderstanding Investment RiskThe “Stop Losing Big” PrincipleAsset AllocationDiversificationWhen to Buy and When to SellWhere to Invest Your Money Based on the Value ofAssets to Be InvestedChapter Summary
How Much Income Tax Do We Pay?Understanding the Difference between Average Tax Rate and Marginal Tax RateTax Deduction vs. Tax Credit: Which Is Better?Refundable Tax Credits vs. Non-Refundable Tax CreditsRegistered Retirement Savings Plans (RRSPs)The Home Buyers' Plan and Lifelong Learning PlanIncome-SplittingInvestment IncomeInvesting in Tax SheltersCreating Tax-Deductible InterestCharitable DonationsRetirement Tax PlanningChapter Summary
Professional Lawyers vs. Will KitsThe Value of Naming a Contingent IndividualWillsIf You Are MarriedCommon Disaster ClauseChoosing an Executor/Personal Representative/TrusteeChoosing a GuardianDistributing Your EstateNaming Beneficiary DesignationsTrusts for Minor ChildrenPowers of AttorneyPersonal Care DirectivesChapter Summary
Types of Financial AdvisorsDesignationsChoosing an AdvisorBuild Your Advisor TeamFrank's RecommendationChapter Summary