Canadian Personal Finance Blog

This is an unsolicited book review of the book: “75 Ways to Save Gas: Clean, Green Tips to Cut Your Fuel Bill” by Jim Davidson of Car$mart published by Penguin Books (ISBN: 978-0-14-317205-5). I borrowed this book from the Ottawa Public Library but it costs $6.25 at the bookstores.

Useful Book

For the price this book is well worth borrowing from the library and even worth purchasing, because while most of us have heard most of the “tips” in this book, it is still worthwhile reviewing them and there are actually a fair number of explanations as to why these tips are important. It is a quick and easy read and I would guess it might be a useful reference book after it has been read (if you purchase it, or if you check the web site).

Lots of very interesting reminders for me that I forget sometimes, but some excellent highlights are:

• Walking is an excellent way to save gas! Sounds like a D’uh! statement, but remember that the next time you drive to the store to pick up a litre of milk.
• Nitrogen in your tires can be better than air, and he explains why, which is impressive (I thought it was just a fad, but there are actual reasons why).
• Drive thrus are not good for your mileage either, which is true, but I never really thought of it that way, but it is a very good point (especially if you are #10 in the Timmy’s drive thru).

Just a few of the entertaining points put forward that I enjoyed being reminded about. The book is well written and I enjoyed it a great deal.

I would say give this book a read if just to remind you that maybe it is time to get your oil changed and get your snow tires off (remember it’s JULY).

Recommendation: A very good read.

I got a book out of the Ottawa Public Library a week or two ago, and I was very happy with it’s content. The book in question is: Smoke & Mirrors: Financial Myths that Will Ruin Your Retirement Dreams by David Trahair (CA).

The books subtitle is “Financial Myths That will Ruin Your Retirement Dreams”, and I was very impressed by the thoroughness and the passion of the arguments that Mr. Trahair puts in this book (and helpful CD with some useful spreadsheets to do calculations with). I discussed this book with other N.C.F.B.A. members and those that had read it were also impressed by the message put forward by Mr. Trahair.

Mr. Trahair’s book attempts to debunk the myths that are being pushed by the Financial Institutions and professionals that make money on our retirement planning.

The five major myths he addresses are:

1. 1. 1. 1. If you have a Million Dollars you can retire (or write a hit song ).
         2. RRSPs are the holy grail of retirement
         3. Don’t worry about your investments, you will be fine in the long run
         4. We have met the enemy and he is the Tax Collector
         5. Secure your financial future: buy life insurance

His arguments in these areas are quite compelling and I think I mostly agree with his questions about whether you can trust an “expert” that is making money from their own advice.

The rest of this good book outlines how to “Fight Back” and he outlines some excellent financial models and debunks the “Lease your Car” model and a few other interesting areas.

His major point of “Get out of Debt FIRST” is an excellent point and for that alone I think Mr. Trahair is on the right track with his ideas.

Overall Review

Excellent book, while I don’t necessarily agree with all of Mr. Trahair’s statements, I feel his arguments are very compeling to me, and he does not waiver on his message of “Pay off Your Debt FIRST!!!!”, and for that I am impressed.
I would highly recommend reading this book (I took it out of the Ottawa Public Library).

Carnivals

This weeks carnivals I have a post in:

Carnival of Debt Reduction – Gazelle Intense Edition has my Worst Financial Advice Ever Given post, as it’s lead post!