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The Moolala Guide to Rockin your RRSP – Book Review and Giveaway

RRSP Guide - Book cover _emailIt has been a while since the last book review but this book, The Moolala Guide to Rockin your RRSP by Bruce Sellery, is one I would like to share.  The first instalment by Mr. Sellery, Moolala, was reviewed in 2011 with high regard and focused on achieving your financial goals.  This book has the same feel as the first book, but with a focus on mastering your retirement.

About the Author

You may have heard the name Bruce Sellery before as he is one of the founders of Business News Network (BNN).  Here’s what the book says about him:

Bruce Sellery is a business journalist and professional speaker.  As one of the founding members of BNN, he has anchored thousands of hours of programing from Toronto to New York.

More recently, Bruce founded Moolala, a personal finance training company focused on inspiring people to get a handle on their money so that they can live the life that they want.

About The Book

This book, like the first, is broken out into steps to give the reader a step by step guide to understanding and achieving a financially comfortable retirement.  I would say that while all levels of personal finance enthusiasts could benefit from this book, it is geared towards the person in the beginner stages.

The steps include:

  • Step ONE:  Lay the Foundation – Similar to step one in Moolala, this step puts into context why smart people do dumb things with their money.  Determines what your money is for.  Addressing the consequences. Determining the right level of complexity for you and your money.
  • Step TWO: Determining How Much You Need – Calculating how much is enough.
  • Step THREE: Develop the Plan – Coming up with a plan.  Summarizing the when, why and how much. Understanding TFSAs, Group RRSPs, and spousal RRSPs.  Determining how much to contribute.
  • Step FOUR: Take Action – Conquering your comfort zone.  Opening an RRSP. Diversifying your retirement savings.
  • Step FIVE: Stay Engaged – Develop solid habits. Automating retirement savings.  Saving more.  Bringing it all together with a checklist.

I enjoy Mr. Sellery’s writing style as it is easy to understand with a dash of humour.  The section that I enjoyed the most was the section of how much you actually need to retire with examples of various retirement lifestyles.

Want a Free Copy?

I am offering Million Dollar Journey readers the chance to win a free copy of the book (2 copies available).  The details are below:

  1. Tell me one of your financial goals for 2014 in the comments by clicking here. (+1 entry)
  • Only one comment entry per person (valid email addresses only please – privacy policy).
  • Contest will end Sat 5pm EST May 10, 2014 and the winner, drawn randomly, will be contacted shortly after!
If you would like to read more articles like this, you can sign up for my free newsletter service below (we will not spam you).

FrugalTrader About the author: FrugalTrader is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 107 comments… add one }
  • Andrew May 6, 2014, 9:38 am

    One of my goals for 2014 is to increase my TFSA by 20%. I entered the market in March and so far my TFSA value is at $33000 from $31000, hopefully I can do it.

    Thanks!

  • Jason St-Hilaire May 6, 2014, 9:48 am

    One of my financial goals for 2014 was to max out both my RRSP and TFSA. I say “was” because this month it will be done!

    And another goal I have is to finish the first Moolala book… :P

  • Adam May 6, 2014, 9:51 am

    My Goal is to open an RRSP for myself and a RESP for each of my children. I am in need of all the info and hints for saving money I can get!

  • Jackie May 6, 2014, 10:32 am

    My goals include making max contributions to RDSP and RESP, as well as greatly increasing contributions to RRSPs and TFSA. Slowly plugging away with automated contributions and I am on track so far.

  • Rene Lafleche May 6, 2014, 10:33 am

    My Goal for 2014 is to max out My tfsa (5500 done) pay down my morgage by 5 000 put 5000$ in my RRSP

    and start Reding the Moolala book

  • Rob May 6, 2014, 10:40 am

    My goal for the year to start contributing to my child’s RESP

  • Joe May 6, 2014, 11:02 am

    My goals for 2014 are the following:

    Max TFSA – $5500 for my wife and I. – $4,200 contributed to date
    Optimize RESP for both children – $2500 each – on track with monthly contributions
    Optimize RRSP – approx $5000 – have not contributed as yet
    Double up Mortgage Payments – on track with accelerated biweekly payments

  • Fabrice May 6, 2014, 11:11 am

    Goal is to get latest daughter’s RESP going this year and get 20% return on RRSP I just transferred out to invest myself.

  • divinginfinally May 6, 2014, 11:40 am

    My goal for 2014 is to take the time to really understand what is going on in my mutual funds instead of just trusting the financial adviser. The outcome of this understanding will be to establish a plan for retirement.

  • Amy May 6, 2014, 11:57 am

    My goal is to put 18% into my RRSP. Don’t know if I can make it but I am sure going to try.

  • Alex May 6, 2014, 11:59 am

    My goal is to put $5000 towards my RRSP before the end of Dec 2014.

  • Kyle Roberts May 6, 2014, 12:02 pm

    My goal for this year is to $50,000 line of credit ($15000 more to go!) and get on track to investing $30,000 annually.

  • Richard May 6, 2014, 12:06 pm

    My goal is to max out my TFSA contribution.

  • Kathryn Whelan May 6, 2014, 12:18 pm

    My goal is to crest financial stability for my family – emergency fund, RESP top up, RRSP contribution, and most importantly eliminate debt!

  • Harry May 6, 2014, 12:19 pm

    To complete tracking our annual spending in this first year of early retirement in order to set up appropriate sized buckets for future years. Top up the TFSA’s by the end of this month.

  • Lisa May 6, 2014, 12:19 pm

    My goal this year is to pay off my line of credit, and continuing to make my RESP, and RRSP contributions.

  • CHRIS May 6, 2014, 12:21 pm

    MY GOAL IS TO MAXIMISE TFSA AND RRSP IN 2014

  • Tony Romeo May 6, 2014, 12:22 pm

    One of my financial goals is to move some investments out of mutual funds into a self-directed brokerage account with lower fees.

  • Graham May 6, 2014, 12:22 pm

    My investing goal in 2014, is to try and get my 40-something self employed kids to listen to me when I tell them they need to start getting a retirement plan in place. Like a lot of young people, they have put this off and without CPP, minimal RRPS and other savings I am concerned about them.

  • Jesse May 6, 2014, 12:27 pm

    My goal is to increase my net worth from $80 000 to $100 000 this year. And learn more about REITs

  • Kyle May 6, 2014, 12:29 pm

    Goal is to max out RRSP and TFSA, which will be more of a challenge than in other years due to the need to finish some expensive projects around the house this summer.

  • Nancy May 6, 2014, 12:38 pm

    My goal is to attain a positive cash flow for my business and to start to move forward instead of backward. I have a plan in place with very attainable objectives.

  • Martin May 6, 2014, 12:43 pm

    My goal for 2014 is to find a new alternative income stream (new business venture?).

  • Dennis May 6, 2014, 12:57 pm

    Our goal for 2014 is to convert our savings/investments into a stable income flow to supplement my pension when my wife retires this year.

  • Linda May 6, 2014, 1:03 pm

    My goals for 2014 are:

    – pay down debt
    – contribute 10% of income to RRSP
    – start monthly contributions to TFSA
    – continue RESP contributions

  • B May 6, 2014, 1:07 pm

    I set a goal for this year to keep my saving rate above 50% of my take home pay. Which in turn would mean I can max out my TFSA.

  • Manny Dall May 6, 2014, 1:20 pm

    My goal for 2014 is to continue saving 20% of income in the TFSA and 2% of income in my child’s RESP, even when my wife is off work for the summer months. Furthermore, I will help my recently divorced mother leave her high-cost broker and set-up her own low-cost online trading platform with a ETF-based dividend payment portfolio.

  • Barry May 6, 2014, 1:30 pm

    My goal is to add an additional $10k to my TSFA by the end of 2014. I’m diverting $400 per pay towards it so well on my way!

  • Robin May 6, 2014, 2:04 pm

    My goal for 2014 is to try and give to Charity. We are debt free with only a mortgage and resp and RRSP/TFSA contributions
    So now it’s time to try and share some wealth.

  • Jean-Francis LeClerc May 6, 2014, 2:05 pm

    My goal is getting back on track after being out of work for over a year. I have no savings left as of right now and need to start over at age 47.

  • Erik May 6, 2014, 2:07 pm

    Having recently graduated, I’m saving up for a down payment to put towards a house or condo.

  • igra May 6, 2014, 2:20 pm

    Make a lump sum payment to our mortgage.

  • Leah May 6, 2014, 2:21 pm

    Max out my RRSP contribution

  • Mark May 6, 2014, 2:27 pm

    My goal is to keep growing my net asset.

  • Graeme May 6, 2014, 2:41 pm

    Goals include: Max TFSA, 10K into RRSP and 10K into non-reg Canadian divy stocks.

  • Steve May 6, 2014, 2:44 pm

    My goal this year is to get my son (age 23) interested in saving & investing now, to take advantage of compounding.

  • Amit Desai May 6, 2014, 3:07 pm

    I started my investment portfolio in 2012. My goal for this year is to make rules for each account so that I spent not more than 1-2 hours every month instead of tracking them each week and mixing emotions with investment objectives.

  • MattH May 6, 2014, 3:20 pm

    My goal for 2014 is to increase my overall net worth by 20%. To achieve this I will have to save aggressively and hope the stock market gods are on my side ;).

  • Bob May 6, 2014, 3:34 pm

    Goals
    To maximize contribution to TFSA and maintain budget to provide reasonable living

  • Rob May 6, 2014, 3:47 pm

    One of my goals for 2014 is to build my emergency fund consisting of 3 months of gross salary. $3,000 of my emergency fund will be in my scotia one account to waive the $12.95/month a month fee (will accomplish this by the end of May). The remaining amount will be kept in a peoples trust TFSA at 3%.

  • Heather May 6, 2014, 4:30 pm

    Save for a down payment on a home. Thanks for the great giveaway!

  • Matt May 6, 2014, 4:34 pm

    My goal is to open a TFSA and RRSP through an online brokerage so I can invest in dividend paying and high growth companies, and take control of my financial future….instead of having the bank and fee-sucking mutual funds do it for me.

  • Peter Al May 6, 2014, 4:39 pm

    I’m already retired and (try to) manage my own portfolio. A few tips would be invaluable in maintaining my buying power. Does your book provide that? If so, I’m very much interested for the know-how. Thanks!

  • Sam May 6, 2014, 4:48 pm

    My goal for 2014 is to earn 4,000$ in dividend income frim all my accounts.

  • Erick May 6, 2014, 4:51 pm

    2014 Goal : Reach “minimum safe distance” in net worth so that I can start easing into semi-retirement.

  • Mike May 6, 2014, 5:13 pm

    My goal is for my wife and I to consolidate our debt and have it payed off asap.

  • Bruce May 6, 2014, 5:14 pm

    My goal for 2014 is to max out both my wife and my TFSA as I think it is the best retirement plan ever introduced by the governmet.
    Currently we have $108,000 between us and my goal is to have $500,000 by the time I retire in 12 to 15 years.
    I am willing to sacrifice short term RRSP refund for a tax free fund when I retire.

  • Jenny L. May 6, 2014, 5:24 pm

    – Max out TSFA
    – contribute 10% to RRSP
    – save for down payment for home

  • Blake May 6, 2014, 5:55 pm

    -Track net worth
    -Track spending
    -Max out RRSP

  • Geoff May 6, 2014, 6:06 pm

    Avoid consumer debt (not easy with kids and a mortgage and a car that’s slowly rusting out from under me).

  • Nicola May 6, 2014, 6:29 pm

    My mother has always done my taxes for me, at 32, I decided it was time for me to “deal” with my RRSP stuff and file my taxes by myself in 2014. The blog has helped. Mission accomplished yesterday right before the deadline! Still working on my goal of not being a procrastinator :)

  • Paul G May 6, 2014, 6:36 pm

    My goals for the year are to be ready in january to max out my tfsa while building up a bigger buffer. I started investing when the markets clearly had a lot of growth in them (2009) and I need to take a step back and get some easily accessible savings banked away.

  • Jeff May 6, 2014, 6:36 pm

    My goal for this year is to pay off my personal line of credit and to finally pay off my undergraduate student line of credit!

  • Nancy May 6, 2014, 6:55 pm

    Last year I cleared up my Visa debt and opened my TFSA and a second RRSP (the other was locked in) This year I am trying to max out my TFSA allowance for the year and clear up a Student Line of Credit opened for my son. I feel like I have knocked the “monkey off my back” (Visa) and won’t do that again. Now it is time to save and invest.

  • kat May 6, 2014, 7:05 pm

    My goal is to reduce my gift and clothes spending by 5% and use the savings to start my rrsp.

  • Lisa Kek May 6, 2014, 7:13 pm

    My goals for 2014 include:
    Continuing my monthly RRSP and TFSA (both indexed) contribution of $400 each.
    Re-establish my emergency fund to a limit of $3000.

  • missnb20 May 6, 2014, 7:34 pm

    one of my 2014 financial goals is to contribute 18% of my gross income for 2014 to rrsps.

  • Jean-Philippe May 6, 2014, 8:25 pm

    Goals for 2014:

    – Finish paying off student debt (done!)
    – Invest 5,000 in RRSPs
    – Save first few thousand $ for a wedding (will keep the numbers private for this one… ;)

  • Jeannie May 6, 2014, 8:34 pm

    My goal for 2014 is to pay off my student debt (done!), hit 65% saving rate, make 100K plus gross income, and max out my TFSA and RRSP.

  • Pete May 6, 2014, 9:47 pm

    2014 financial goals- Pay an extra 15k on my mortgage, while balancing home renovation costs, and meeting the needs of my wife and 3 boys.

  • Scott Russell May 6, 2014, 9:50 pm

    My 2014 financial goal is to “lay the foundation” for my MMDJ (multimillion dollar journey).

  • Marina May 6, 2014, 9:56 pm

    A big financial goal for me is to figure out how much I will need saved before I go on maternity leave (planning to start a family in 2015) so I can still manage my finances while on EI. Especially with the possibility of buying a new home in 2015 as well!

  • Sebastien Benoit May 6, 2014, 10:17 pm

    My biggest goal for 2014 is to max out my wife’s TFSA. Maxing mine out was last year’s goal and I made it just in time for Christmas. I’m excited to plan out my next goal using my work’s RRSP plans.

  • Justin May 6, 2014, 11:14 pm

    My goal for 2014 is to max out TFSAs (both my wife’s and mine). Both have 10k in them from last year. RRSPs are already maxed for the year. Going to be tuff, but hopefully I can do it.

  • Mel May 6, 2014, 11:15 pm

    My financial Goal for this year is to contribute at least $9000 to my TFSA.

  • Jeff Ha May 7, 2014, 1:40 am

    My goal is to max out my rrsp and use whatever I have left to invest in my non registered account instead of putting only in a regular savings account.

  • Karen May 7, 2014, 2:32 am

    My financial goal is to max out my TFSA and get at least $5,000 in dividends.

  • jungle May 7, 2014, 3:48 am

    2014 goal: max tfsa. About half way there now!

  • SST May 7, 2014, 3:53 am

    re: “The section that I enjoyed the most was the section of how much you actually need to retire…”

    What is the “actually need” range Mr. Sellery recommends for retirement?

  • Vanessa May 7, 2014, 9:37 am

    My financial goal for this year is to pay down $18,000 in student loans.

  • Vanessa May 7, 2014, 9:40 am

    My goal for this year is to pay down $18 000 in student loans.

  • TM May 7, 2014, 9:54 am

    One of our financial goals (wife and I are a team!) Is to pay down our mortgage by 20% which we’ve already achieved by deciding to postpone purchasing a new car for another year and redirecting the funds towards our home.

  • Salim May 7, 2014, 11:22 am

    Max out my TFSA and RRSP in 2014. I know I will come close for the RRSP goal, but TFSA will be a challenge

  • Sufi May 7, 2014, 11:23 am

    My goal is to cash out our mutual funds, and take over the management of both my husbands and my own RRSP. Another goal is to open an investment TFSA, and to grow my dividend income – my first goal level is $50 a month.

  • Greg May 7, 2014, 12:35 pm

    My goal for 2014 is to maximize my RRSP contribution for the first time.

  • Samer Kamel May 7, 2014, 1:25 pm

    Good day,

    My main goal is to be debt free, that is totally debt free including my house.

    Thanks
    Samer

  • Paul May 7, 2014, 1:26 pm

    I am currently employing the Smith Maeuver. I have recently purchased a rental property. My goal for 2014 is to rapidly reduce mymortgage by utilizing the Cash Flow Dam.

  • Steve May 7, 2014, 1:43 pm

    My goal is to get some diversification into my TFSA and RRSP. At present it is all in either GICs or cash. I want to get some dividend paying stocks into the mix.

  • Michel Laflamme May 7, 2014, 2:28 pm

    As a 61-year-old pensioner, I continue investing a % of the different pension income I get monthly into my taxable and non-taxable accounts (RRSP, TFSA & insurance’s accumulation funds)

  • Rob Murray May 7, 2014, 3:54 pm

    My goal is to pay down my mortgage/pay up my Smith Manouevre by $5000.

  • A Frugal Family's Journey May 8, 2014, 1:58 am

    One of our goals for the year is reach $2K in annual dividend payouts. Right now, we are at $637 (with 2/3 of the year left) so we’ll need to continue adding some capital.

  • DL May 8, 2014, 2:01 am

    Continue to save and contribute to investments, and sticking to my planned portfolio mix.

  • Barry @ Moneywehave May 8, 2014, 2:44 am

    Bruce is awesome, I found the chapter on unconventional ways to fund your retirement to be hilarious. It’s not meant to be real advice but more of well if you didn’t save enough this is what you’re going to have to do.

    I’ve had him on my show before and he’s a great person to talk to.

  • Darryl May 8, 2014, 10:27 am

    My goal for 2014 is to track the fam’s net worth, continue to reduce expenses at our rental property and decide if money should be put in RRSPs or save for another rental property.

  • Jennifer May 8, 2014, 1:09 pm

    My goal for 2014 is to actually follow the budget my husband & I have taken the time to set up, so that we finally see progress towards our financial goals!!!

  • Scott May 8, 2014, 1:20 pm

    To be 100% out of high mer mutual funds.

  • Chris May 8, 2014, 4:34 pm

    My goal is to manage the non-registered account buying e-series MF by myself, to obtain 20% return in 2014, so far it’s 6% after 3 months. I also managed to increase my weekly mortgage payment by 30%.

  • DividendInvestor May 9, 2014, 1:05 am

    My financial goal is to have a net worth of $300,000 before my 30th birthday (Dec 2014).

  • John May 9, 2014, 1:44 am

    My goal is to is convert some of my RRSP’s to a RIF, maximize my TFSA, rebalance my taxable investment account. apply for CPP and OAS,

  • Nancy May 9, 2014, 2:51 am

    My goal is to review my finances and put together my retirement financial plan, particularly my LIRAs.

  • NanC May 9, 2014, 2:52 am

    My goal is to review my finances and put together my retirement plan, particularly a plan for my LIRAs.

  • Daniel May 9, 2014, 3:22 am

    My goal this year is to max out my TFSA and win a lottery if I got lucky….hahaha

  • Gord Evers May 9, 2014, 11:55 am

    My goal is to have enough money saved in cash to pay for my son’s final year of university. My RESP has finally ran out it was a gods send.

  • Heather May 9, 2014, 12:25 pm

    My goal is to rebalance my investments across my registered and non registered accounts to increase tax efficiency.

  • Bugsy G May 9, 2014, 1:22 pm

    One of my financial goals for 2014 is to maximize my TFSA. I have TFSA contribution room that I’ve been unable to utilize in past years.

  • nisusa May 9, 2014, 3:42 pm

    My Goal was to stop paying monthly banking fees at TD (yearly $240 with Overdraft) and switch to Tangerine and get into the habit of savings. So far i saved 3K into various savings accounts since i switched 2 months back . Looking to empower my investing skills and make money work for me instead of traditional 1.3 % TFSA return.

  • Sam May 9, 2014, 7:43 pm

    Having retired and no earned income (in spite of having RRSP room), I am focusing on my TFSA growth. Will have to figure out on using RRIFs, annuities and other income to get a comfortable cash flow in the near future.

  • Alain May 9, 2014, 10:15 pm

    My goal is to get a line of credit on the house to invest. Never used leverage and it is time I do!

  • Benny May 9, 2014, 10:59 pm

    My goal is to eliminate my LOC so that I am able to use the funds to invest in dividend paying stocks.

  • Suz May 9, 2014, 11:37 pm

    My goal is to increase my investments by at least 7,000 this year

  • Raj May 10, 2014, 1:11 pm

    My goal is to retire when iam 55 ……. Financial freedom !!!

  • Alf May 10, 2014, 1:52 pm

    One of my financial goals for 2014 is to achieve a dividend income of $1,000 per month.

  • Chantal May 10, 2014, 2:07 pm

    My financial goal for this year is to continue to save, save and save some more into my TFSA! This year I should be able to maximize the fund and have no more contribution left.

  • Nelson May 10, 2014, 5:20 pm

    As a newcomer to Canada, my goal this year is to open a TFSA account and a RRSP account.

  • Rob May 10, 2014, 6:19 pm

    I’m hoping to master the art of saving in a form I can sustain and manage by stopping the relation of money to having things.

  • Zack May 10, 2014, 7:12 pm

    my goal it to open an RRSP

  • Chris May 14, 2014, 5:33 pm

    For 2014 I want to focus on getting a sizeable additional chunk of money into my TSFA – I have a defined benefits work pension and put money into an RRSP, but have not maxed my TFSA. This year the focus will be more funds allocated there.

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