How Not to Move Back In With Your Parents – Book Review and Giveaway

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:

  1. Affording College or UniversityRESPs, what post secondary education really costs, student debt.
  2. How to Handle Debt, Both in School and AfterwardStudent credit cards, loans, credit ratings .
  3. You and Your Bank – Student banking, post graduation banking needs.
  4. Saving, Budgeting and What to do if you have to Move Back Home – Post Grad financial priorities, budgeting, boomerang generation.
  5. Looking to the Future: RRSPs and TFSAs – What to do first, primer on RRSPs, RRSP vs TFSA, intro to pension plans.
  6. Cars and You – Car sharing services, buying vs leasing.
  7. Buying a Home – Renting, first time home buyers, first mortgages, variable vs fixed mortgages.
  8. Weddings and Kids – Costs of getting married, saving for the wedding, baby talk, daycare costs.
  9. Insurance and Wills – Home and auto insurance, life insurance, wills.

Final Thoughts

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:

  1. Tell me your best personal finance tips for young people by leaving a comment in this post. (+1 entry)
  • Only one comment entry per person (valid email addresses only please – privacy policy).
  • 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!

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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9 years ago

The most important: avoid debt at all costs! Do whatever it takes to get an education with the least amount of debt as possible. And have a plan! Don’t take post secondary education just for the heck of it. It needs to lead somewhere!

Paul G
9 years ago

I’d say an important tip is with furniture: live off old stuff from garage sales and the odd new IKEA piece, and only buy new, expensive furniture when you actually have the cash. It’s amazing how people can get into debt just to fill a 2 bedroom apartment with furniture they won’t even like in 5 years….

It’s ok when you’re 22 to have mismatched furniture !

9 years ago

Chip away at student loan interest faster by using a chunk of each paycheque to make extra payments. Live like a student with shared rent and homemade food after graduation.

9 years ago

1. Find a summer job
2. Get a secured credit card and use only it until you get a full-time job. Learn to pay it off in full each month

9 years ago

Do not use credit cards for any purchases unless you are able to pay off the complete balance at the end of each month!

9 years ago

For young people:

Start saving early.

Save consistently (automated savings every month).

Diversify your investments.

9 years ago

1) Treat credit cards as debit cards, only charging what you can afford to pay off in full.
2) Although many people find it hard to follow a budget, I think it’s important to figure out all your monthly fixed and variable expenses which allows you to see your maximum discretionary spending. Once you reach your limit, stop spending!
3) Don’t rely on credit to finance all your purchases (cars, renos, travel). You appreciate things more when you’ve had to work hard for them, and you won’t get yourself into trouble with debt.
4) It’s never too early to save for retirement! You will thank yourself when you’re in your 40s and 50s and you don’t have to make a mad effort to save like most others (thanks to the power of compounding interest).

9 years ago

The best advice I have for young people is to put together a budget and stick to it. Tell your money where to go so that you can be proactive and not reactive.

Brendan Flanagan
9 years ago

I think it’s important to understand that this is directed towards young people. We don’t all like saving every penny, we don’t all like meeting with suits at the bank or the like. My advice is to find the areas you are uselessly bleeding money from and clog that artery, why are you being so frugal over pennies and then gushing money from other personal finance arteries? Hope the book’s as useful as you say!

9 years ago

My Best Tip is to pay off your credit card debt. I treat my credit card as a free 30 day lone; I don’t spend more then I can afford to comfortably pay off when the bill comes. And if you do get into a bind, then get a 2nd or 3rd job and pay it off. The extra hard work will remind you next time to watch how much you put on you card and to pay it off always! No exceptions! If you don’t think you can handle it, cut up your cards!