No, I haven’t started working on my stack of books I promised to review. I did, however, find Preet’s book in the Ottawa Public Library and had a quick read through it. This is a great book for folks who want to learn about RRSPs.
Link to Amazon for Rrsps: The Definitive Book on Registered Retirement Savings Plans
The book has short punchy chapters, which is great for folks like me with short attention spans. Many are simple recaps of previous articles Preet has written. Many of the later chapters capture the more intricate topics of RRSPs like:
- RRIFs and how they fit into the RRSP solution.
- Locked in Retirement accounts, and their possible uses (including ways to unlock them).
- Spousal RRSPs, a topic near and dear to my heart.
- Life Long Learning Plans and The Home Buyer’s Plan the two ways to get money out of an RRSP “early”.
- Holding your mortgage in your RRSP.
- RRSP meltdowns, or using your RRSP the wrong way
I also like that Preet’s introduction mentions the now infamous doubling penny saving plan. A fun arithmetic trick, that will surprise some folk.
I would recommend this book, however, I took it out of the library. It is a quick read, and also a good reference book to have. You need to understand the power of an RRSP, although this book doesn’t really touch on TFSAs and how they have changed the retirement game. The book misses the TFSA because it was published in 2008.
I am also a friend of the author (for full disclosure).
Title: Rrsps: The Definitive Book on Registered Retirement Savings Plans
Author: Preet Banerjee
I borrowed a book from the Ottawa Public Library a week or two ago, and I enjoyed reading it. 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.
The Book from Amazon
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:
- If you have a Million Dollars you can retire (or write a hit song 🙂 ).
- RRSPs are the holy grail of retirement
- Don’t worry about your investments, you will be fine in the long run
- We have met the enemy and he is the Tax Collector
- 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.
Excellent book, while I don’t necessarily agree with all of Mr. Trahair’s statements, I feel his arguments are very compelling 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).