Monday, 25 July 2016

Book Review: Wealthing Like Rabbits

When thinking about Canadian personal Finance books, we tend to think about the "Wealthy Barber". I have to admit that, that is the one book taught me about Canadian personal finance than any other book. 

Recently, I found another book : "Wealthing Like Rabbits: an original introduction to personal finance" written by Robert R.Brown. 

It came to me while I was doing a search on the Toronto public library website to find personal finance books. The title was intriguing. So I got the book. Never heard of Wealth as a verb or wealthing instead of saving. 

It is for some one starting to to learn about personal finances. The book is very funny and the language is simple. 
The book starts with the life of a typical spender. Then try to have a different view point. I am sure, the reader will get hooked at this point to know more about a better happy way of living in Canada.

If you are already having a frugal life style and very careful about where your money goes, then you don't really have to read this book.

The author has a bias towards RRSP. I won't agree with just investing in RRSP and neglecting TFSA. One should consider both. There are advantages and disadvantages on both investment vehicles. I would say, put money in RRSP and if you get a refund, invest it in the TFSA. 
The book doesn't say anything about how to invest your money. I hope the author will write another funny book explaining mutual funds, ETFs and investing in general.

I like the author's point of view of not borrowing to invest in RRSP. I disagree with neglecting the reward points on the credit cards though. People who are reading a personal finance book usually have the idea of using the credit card wisely and living within their means. I believe, we should take advantage of the credit cards and pay the bills in time. 

I agree with buying less home than the mortgage advisor tells you. That is explained by the example of Mario brothers. It sure get the attention of the 20 something trying to save money. 

I would suggest the book as a great gift for a young person, just  starting life. The book can inspire them to save for future. They might think of the cost of each expensive gadget in a different way. 

Rabbit population increases faster than our savings. Being mindful and taking care of the limited resources called money will make life more affordable and happy. 

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