Monday 23 March 2020

Book ~ "Talk Money to Me: Save Well, Spend Some, and Feel Good About Your Money" (2019) Kelley Keehn

From Goodreads ~ No matter your age, salary, social or relationship status, money is an important part of your life. Yet, somehow, talking about your money situation is hard. Why is it that you know more about what goes on in your friend’s bedroom than with their bank account? Do you know if your parents have a will or or if they’ll leave a legacy? How many of your colleagues are still paying off student debt but are jet-setting around the globe on multiple credit cards?

Since no one is talking about it, you can’t be expected to learn how to manage your money on your own. With years of experience as a personal finance advisor and educator, Kelley Keehn will answer your most burning questions about money and will talk you through how to avoid mistakes along the way. You can gain control of your debt, learn to save for your future, have a life, and feel good about money all at the same time. And - spoiler alert - you don’t need a budget to do any of this! You’ll learn:
  • How to build good credit (and get rid of bad credit—especially credit card debt)
  • What all these dreaded acronyms mean and how they can work for you - TFSA, RRSP, RESP, CFP, CPP
  • How and when to invest for your future 
  • How to talk about money with your partner - and everyone else in your life
  • How to save for a mortgage and then work towards being mortgage-free 
  • How to have fun, splurge once in a while, and still save money

I work in the financial services industry so books like this catch my eye.  It's always interesting to see how others talk about retirement, budgeting, finances, etc. and I always look forward to learning something new.

The chapters are:
  1. Cash or credit?
  2. Shopaholic Anonymous
  3. Leaving money on the table
  4. All show
  5. The car trap
  6. Sharing is caring
  7. Burn your mortgage
  8. Going solo
  9. The sandwich generation
  10. Where are you now?

There is a glossary at the end.

Each chapter begins with scenarios with various situations, along with missteps.  There are solutions followed by where they are now.

I found the information in this book was at a basic level so it's good for someone who doesn't know a lot and gives them something to think about about building your credit rating, saving for retirement, don't spend more than you have, etc.  It seemed, though, that the solution to each situation was to hire a fee-for-service Certified Financial Planner, which I don't think was needed every time.  Don't overspend.  Don't live beyond your means.  Don't try to keep up with friends.  If you don't need it but want it but can't afford it, don't get it.

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