It’s been a couple of years, but Rob Carrick is back again with another personal finance book that I would consider a must read for young Canadians. The title is a bit long, but descriptive to the overall theme of the book. The book is titled “How Not to Move Back in with Your Parents – The Young Person’s Guide to Financial Empowerment.”
About the Author:
According to the book:
Rob Carrick is one of Canada’s most widely read and best-respected financial experts, with two decades of experience as a business and economics reporter and commentator. Carrick worked on both Bay Street and Parliament Hill before becoming the personal finance columnist for The Globe and Mail ten years ago.
About the Book
As you can probably conclude from the book title, this book focuses on step by step personal finance for young people. It spans from basic budgeting, to finances as a student, to financial life after being a student (ie. buying a house, marriage, kids). I like how this book is opinionated with many elements of “real life” thrown in as examples. One aspect that I found refreshing was Rob Carrick’s opinion on real estate. With a lot of real estate bashing going on in the media, he believes (as do I) that in the long run, owning a house when you can afford it, is a better option than renting.
The topic areas covered in the book include:
- Affording College or University – RESPs, what post secondary education really costs, student debt.
- How to Handle Debt, Both in School and Afterward – Student credit cards, loans, credit ratings .
- You and Your Bank – Student banking, post graduation banking needs.
- Saving, Budgeting and What to do if you have to Move Back Home – Post Grad financial priorities, budgeting, boomerang generation.
- Looking to the Future: RRSPs and TFSAs – What to do first, primer on RRSPs, RRSP vs TFSA, intro to pension plans.
- Cars and You – Car sharing services, buying vs leasing.
- Buying a Home – Renting, first time home buyers, first mortgages, variable vs fixed mortgages.
- Weddings and Kids – Costs of getting married, saving for the wedding, baby talk, daycare costs.
- Insurance and Wills – Home and auto insurance, life insurance, wills.
Overall, I enjoyed this book and would consider it a must read for young personal finance enthusiasts, especially those just starting out on their journey.
Want a Free Copy?
The book publisher was generous in offering Million Dollar Journey readers the chance to win 2 free copies of the book. The details are below:
- Tell me your best personal finance tips for young people by leaving a comment in this post. (+1 entry)
- Only those with a North American mailing address may enter (publisher rules, sorry).
- Contest will end Fri 5pm EST June 8, 2012 and the winner, drawn randomly from all entries, contacted shortly after!