Money 201: More Personal Finance Advice for Every Canadian

Money 201 Book

The follow-up to the best-selling Money 101, this book offers more street-smart advice from Canada’s most trusted personal finance writer.

You’ll learn how to: cut housing and transportation costs, comparison shop for car insurance, find the lowest-cost banking package for your needs, invest in good or bad times, start your own business, save for retirement in and out of an RRSP, and much more.

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Comments and Reviews

“Ellen Roseman is one of the all-too-few writers who has figured out that personal finance does not have to be akin to a root canal. Her readers easily absorb what they learn and, more importantly, feel motivated to actually go and do something. My advice? Stop reading the back cover and buy this book. You’ll sleep much better for it.”
Joanne Thomas Yaccato, Author of Balancing Act: A Canadian Women’s Financial Success Guide and The 80% Minority: Reaching the Real World of Women Consumers

“This book is an investment that can pay off in spades for you and your family. In sharing her own experiences in a folksy, easy-to-read manner, Ellen Roseman uncovers astonishing errors made on everyday money transactions, while discussing common pitfalls to avoid in planning for your family’s future.”
Evelyn Jacks, President, The Knowledge Bureau, and best-selling author of Make Sure It’s Deductible

“This book is written for all of us who need to make smarter decisions to meet our personal financial needs. It contains solid, practical advice and answers a myriad of questions about day-to-day money matters that we all encounter in the ordinary course of living.”
Glorianne Stromberg, Author and Commentator on the financial services industry, Former Commissioner of the Ontario Securities Commission

“The importance of the material in Money 201, together with Ellen’s comfortable style, makes this book a reference that you should ensure everyone in your family becomes familiar with.”
Paul Bates, retired industry executive, part-time commissioner at the Ontario Securities Commission, educator and board director


Money 201 Table of Contents

Introduction

Part One:
Cutting Costs of Transportation and Shelter Know what it costs to drive your car How to drive down you car’s operating costs How to comparison shop for car insurance Adjust your car insurance coverage to cut costs Negotiate a good price when buying a new car What if your dream car is a lemon? Watch out for curbsiders when buying used cars Own or rent a home: Which is better? The pros and cons of setting up a “second suite” Getting the best deal on home insurance Avoid pitfalls when refinancing your mortgage The pros and cons of being a floater What if you don’t qualify for a conventional mortgage? Do your homework before renovating your home

Part Two:
Getting Your Finances in Order Find the lowest-cost banking package for your needs Three levels of fees when you use an ABM Check your monthly bank statements Don’t trust post-dated cheques Charges often reversed if you complain Bank ombudsmen are at your service Access to bank accounts without a credit check Don’t overpay on credit card interest Low introductory rates can mislead Watch out for currency conversion fees Treat your credit cards as if they were gold Check your credit rating on the Web Don’t trust your kids with too much credit Secured cards help those with credit problems What to do if you’re drowning in debt Beware of cheque-cashing and payday loan outlets.

Part Three:
Investing in Tough Times What to do with your money in a bear market Strategies for investing during bear markets Bonds excel when times are tough Getting better rates from smaller banks Play the market with Warren Buffett How to earn income with income trusts Peace of mind investing with segregated funds Hedging some of your bets For pessimists, gold hasn’t lost its lustre Advisers should reach out to jittery clients Watch out for an adviser’s conflict of interest Investing in your business Develop a road map for your business Off the dole and into business ownership Alternatives to the business bank loan Giving your start-up a head start

Part Four:
Saving for Retirement In and Out of an RRSP Design your own timetable for RRSP investing Reinvest your tax refund Borrowing for RRSP makes sense Let Ottawa deduct your RRSP at source Minimize taxes on RRSP withdrawals As you get older, lower your debt Borrowing to invest can be risky business Using RRSP to pay down mortgage no panacea Tapping into RRSP for small business equity RRSP flip can deliver added tax refund We need a new way to look at fund fees Index and exchange-traded funds treat RRSP ennui Don’t let your RRSP payments go astray Focus on enjoying life now, rather than later

Part Five:
Financial Planning and Your Extended Family Elder care is a looming workplace challenge Help your parents plan for ageing Don’t forget to appoint power of attorney Who will manage your money if you can’t? Don’t play favourites when making a will Booking off for family problems Henson trust ideal for disabled children Preparing for the big chill Look out for fraud aimed at seniors Reverse mortgage fraught with pitfalls Get the government benefits you deserve

Develop Good Money Habits

Web Site Directory

Index