Friday 22 June 2018

Book ~ "How Much Is Enough? Balancing Today's Needs with Tomorrow's Retirement Goals" (2013) Diane McCurdy

From Goodreads ~ Questions concerning retirement savings abound but the one question on everyone's mind is "How much is enough to provide for the type of retirement I want?" 

"How Much Is Enough?" provides the answer by helping readers build a customized plan. Author and financial planning expert Diane McCurdy clearly explains how to save on taxes and invest wisely so that readers can find the money they need to reach their retirement goals. 

Readers will also learn how to comfortably work with financial advisors and manage the investments needed for retirement. 

I work in the retirement planning industry and find it interesting reading books on this topic.  It's a good reminder of things already I know (and sometimes forget) and I usually learn something new.  That's why this book caught my eye.

The chapters include:
  1. Your money and your life
  2. Where it goes
  3. What you want
  4. What's enough for you
  5. Getting on Track
  6. Finding a good financial advisor
  7. How to make your money grow
  8. Retirement plans
  9. Ages and stages
  10. Family finances
  11. I've got enough (now what?)
  12. Estate planning
  13. Tips and thoughts to make it work

There is a questionnaire you can answer to find out what your attitude is towards money.  You can be a spender, a builder, a giver or a saver (it turns out that I'm a saver which sounds right).  She makes reference to the results throughout the book so it's a good idea to do the quiz.

I found the information fairly basic, which is good for a beginner.  The author, who is a financial planner, doesn't go into a lot of detail, though, so if you want to learn more you have to go elsewhere.  I found most of the examples and comparisons she used were conflicting with the information.  For example, she talks about the 10% rule ... take 10% off your gross earnings and pay down your debt or save it.  Agreed.  "And when that $100 per week raise comes, take 10% off the top of that too."  $100 per week raise?!  Who gets a $100 raise?!  Not the majority of Canadians!  Also the majority of examples for salaries, houses, vacations, etc. she uses are not those of the average Canadian.  So it's hard to take her seriously if you aren't well-off.  Good for her if this is the calibre of the client she deals with.

The author makes reference to her website where you'll find a downloadable program to track your expenses, etc.  Unfortunately it doesn't seem like she has kept ownership of the URL as it doesn't load.

If you are looking for a basic book you can relate to as an average Canadian, this isn't it.

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