Whether reading is a habit or a hobby often forms a thin line between a successful person and an unsuccessful one. Look around yourself and notice that most famed and rich people are great readers. They read often and keep adding to their knowledge base. You would rarely come across a successful person who is not well-read. Elon Musk, Bill Gates, Warren Buffet- name any successful person, and you would be surprised to know that all of them share a common habit- Reading. Read as much as you can, and you can marvel at all the knowledge waiting to be absorbed by our magnificent brains! As a kid, do you remember how our parents pestered us to read and inculcate the habit of reading into our system? Indeed, our parents’ intentions were commendable. After all, parents always strive for the well-being of their children!
Personal finance as a genre is a great place to start, as money matters like nothing else does! If your finances are rightly placed, carefully planned, and well-thought-out, you could become the next billionaire! There are many common mistakes that all of us make. You would be surprised to know that the beginning of personal finances is not when you start earning but when you start making choices that will impact your earning potential for the future. For example, the degree you choose in your college will decide your initial earnings.
Let us guide you in the world of books- a world where we can find a reprieve from the daily routine and learn how to navigate through the roadmap of life. As we look at the top ten personal finance books in Canada, we hope that we will inspire you to reach your fullest financial potential!
1. Our initial selection is “Quit Like a Millionaire: No Gimmicks, Luck, Or Trust Fund Required” by Kristy Shen and Bryce Leung.
-who is tired of working and slogging in a job from nine to five or
-are you hustling between jobs or
-Are you thinking of starting a venture by yourself or
– Think laterally or
-Will be retiring shortly,
then you must read this book. This book could be your Bible for personal financing as it delves into the realm of unusual and unconventional ways in which you could retire earlier than planned while building wealth. The key is having a frugal lifestyle by spending only on what is required, putting your money into real estate, and having multiple income streams.
The often dreaded subject of Mathematics can be very interestingly applied as a proven approach to every sphere of financing- saving your money, investing it, and even spending it. If there is a book that could help you clear your debts and set you off on your destination of financial independence, this is the one!
2. A captivating read – “Beat the Bank: The Canadian Guide to Simply Successful Investing” by Larry Bates.
A 4.4. score on Goodreads indicates why you should be reading this book. The book is known for its simplicity as it describes many technical concepts, such as the benefits of indexing. Larry explains how high investment fees make certain investments a no-go zone for Canadians. The T-Rex score included in the book gives the readers an idea of how much they will have to shell out as fees. If you are serious about investing, this book is a must-read. It focuses on long-term growth. Larry describes how investment portfolios can be simplified and optimized.
3. For beginners- Personal Finance for Canadians for Dummies- By Eric Tyson and Tony Martin
As the name suggests, this book is a good read for people smart enough to accept that they are dummies in managing their finances! Always remember it takes courage to accept and embrace that you may not be good at something. Only some people are perfect in all spheres of life! The book lets you look at your financial situation and offers interesting and engaging perspectives.
Though two authors have written the book, it blends their views and makes a perfect presentation, which is a rare feat. The book now includes robo-advisors, which is the latest fad.
4. Easy Tax Tips for Canadians: Book One of the Piggy Bank Financial Series- By Peggy Ireland
If you want to know more about how the Canadian Tax system works, this book is one you must pick! The author’s real-life examples and extraordinarily creative tips will keep you hooked. This book might bring the chartered accountant within you to the fore as it teaches you not to evade taxes but to find a smart way around legal loopholes! It gives you tips on how not to pay your taxes over and speaks to all sections of readers- rich and poor, as we are all bound to pay taxes irrespective of our financial background.
5. Geared towards families, “The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians” is authored by Mike Holman.
If you know someone planning to have kids or has just had a kid, this book is a perfect gift! You could gift yourself and your partner this book if you are considering having or just having kids. The book engages with Canadian parents and guides them on how to get started with RESP Accounts.
Everything is explained in the book in a simple yet engaging manner, from the kind of expenses that could be involved when having kids to how you can fund their education.
6. Tailored for impulsive buyers, “Do You Really Need it? One Question to Free You Financially” is authored by Pierre-Yves McSween.
Don’t we all make purchases that we don’t need? This book will help you realize that it is important to say NO and be conscious before purchasing. It is a fact that the book does not speak with negative overtones but positively shows us how avoiding unnecessary purchases can help us add to our savings. Even if you have saved a small amount, that is better any day than not having any savings. It is this kind of concept that the book reinforces and teaches.
7. For the futuristic ones- Investing for Canadians All-in-One for Dummies- By Tony Martin and Eric Tyson
If you have been looking for a book that talks to investors who belong to the future, this is the one! It talks about futuristic concepts like cryptocurrencies, taxes, and precious metals. Though it is a lengthy book and is being promoted as a seven-in-one series, it is a fluid read and doesn’t tire you.
Very few authors talk about matching your income and the investments you need to make, and this duo addresses the topic!
8. Be a successful investor- Reboot your portfolio: 9 steps to successful Investing with ETFs- By Dan Bortolotti
ETFs (Exchange Traded Funds), which are quite popular, are known to be complex yet beneficial. Dan has made ETFs easy to understand through his book by including examples to understand asset allocation and selection of funds in a simple language that makes these concepts easy to get.
9. An invaluable resource, “The Canadian Real Estate Investing Blueprint: The Precise Strategies Employed by Canadians to Acquire and Gain from Billions in Income Property” is authored by Nick Karadza and Tom Karadza.
This book is a secret treasure of secrets on how to invest! Many real estate investment options and their benefits have been discussed greatly in this book. Once you finish the book, you will become a pro at identifying the best real estate investment opportunities and can comfortably compare potential benefits/ losses.
10. Let’s simplify things! “The Value of Simple: A Practical Guide to Removing Complexity from Investing” by John Robertson.
This book is for you! The book is great as it allows you to invest and concentrate on the other aspects of life. It is a detailed guide to creating and managing your portfolio while strengthening your finances.
These books have been hand-picked as they cater to the Canadian financial systems and target the Canadian audience. While some other books are also on the list, they have been picked as they are great reads on personal finances.
Q. Can I download some good Canadian personal finance books in a pdf format?
You can do so at Free E-books.net, ManyBooks.net, and Project Gutenberg Canada.
Q. How many Canadians are going through financial stress?
Approximately 40% of Canadians are under financial stress and could benefit from good personal finance advice.