RRSP Guide - Book cover _emailIt has been a while since the last book review but this book, The Moolala Guide to Rockin your RRSP by Bruce Sellery, is one I would like to share.  The first instalment by Mr. Sellery, Moolala, was reviewed in 2011 with high regard and focused on achieving your financial goals.  This book has the same feel as the first book, but with a focus on mastering your retirement.

About the Author

You may have heard the name Bruce Sellery before as he is one of the founders of Business News Network (BNN).  Here’s what the book says about him:

Bruce Sellery is a business journalist and professional speaker.  As one of the founding members of BNN, he has anchored thousands of hours of programing from Toronto to New York.

More recently, Bruce founded Moolala, a personal finance training company focused on inspiring people to get a handle on their money so that they can live the life that they want.

About The Book

This book, like the first, is broken out into steps to give the reader a step by step guide to understanding and achieving a financially comfortable retirement.  I would say that while all levels of personal finance enthusiasts could benefit from this book, it is geared towards the person in the beginner stages.

The steps include:

  • Step ONE:  Lay the Foundation – Similar to step one in Moolala, this step puts into context why smart people do dumb things with their money.  Determines what your money is for.  Addressing the consequences. Determining the right level of complexity for you and your money.
  • Step TWO: Determining How Much You Need – Calculating how much is enough.
  • Step THREE: Develop the Plan – Coming up with a plan.  Summarizing the when, why and how much. Understanding TFSAs, Group RRSPs, and spousal RRSPs.  Determining how much to contribute.
  • Step FOUR: Take Action – Conquering your comfort zone.  Opening an RRSP. Diversifying your retirement savings.
  • Step FIVE: Stay Engaged – Develop solid habits. Automating retirement savings.  Saving more.  Bringing it all together with a checklist.

I enjoy Mr. Sellery’s writing style as it is easy to understand with a dash of humour.  The section that I enjoyed the most was the section of how much you actually need to retire with examples of various retirement lifestyles.

Want a Free Copy?

I am offering Million Dollar Journey readers the chance to win a free copy of the book (2 copies available).  The details are below:

  1. Tell me one of your financial goals for 2014 in the comments by clicking here. (+1 entry)
  • Only one comment entry per person (valid email addresses only please – privacy policy).
  • Contest will end Sat 5pm EST May 10, 2014 and the winner, drawn randomly, will be contacted shortly after!
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One of my goals for 2014 is to increase my TFSA by 20%. I entered the market in March and so far my TFSA value is at $33000 from $31000, hopefully I can do it.

Thanks!

One of my financial goals for 2014 was to max out both my RRSP and TFSA. I say “was” because this month it will be done!

And another goal I have is to finish the first Moolala book… :P

My Goal is to open an RRSP for myself and a RESP for each of my children. I am in need of all the info and hints for saving money I can get!

My goals include making max contributions to RDSP and RESP, as well as greatly increasing contributions to RRSPs and TFSA. Slowly plugging away with automated contributions and I am on track so far.

My Goal for 2014 is to max out My tfsa (5500 done) pay down my morgage by 5 000 put 5000$ in my RRSP

and start Reding the Moolala book

My goal for the year to start contributing to my child’s RESP

My goals for 2014 are the following:

Max TFSA – $5500 for my wife and I. – $4,200 contributed to date
Optimize RESP for both children – $2500 each – on track with monthly contributions
Optimize RRSP – approx $5000 – have not contributed as yet
Double up Mortgage Payments – on track with accelerated biweekly payments

Goal is to get latest daughter’s RESP going this year and get 20% return on RRSP I just transferred out to invest myself.

My goal for 2014 is to take the time to really understand what is going on in my mutual funds instead of just trusting the financial adviser. The outcome of this understanding will be to establish a plan for retirement.

My goal is to put 18% into my RRSP. Don’t know if I can make it but I am sure going to try.

My goal is to put $5000 towards my RRSP before the end of Dec 2014.

My goal for this year is to $50,000 line of credit ($15000 more to go!) and get on track to investing $30,000 annually.

My goal is to max out my TFSA contribution.

My goal is to crest financial stability for my family – emergency fund, RESP top up, RRSP contribution, and most importantly eliminate debt!

To complete tracking our annual spending in this first year of early retirement in order to set up appropriate sized buckets for future years. Top up the TFSA’s by the end of this month.

My goal this year is to pay off my line of credit, and continuing to make my RESP, and RRSP contributions.

MY GOAL IS TO MAXIMISE TFSA AND RRSP IN 2014

One of my financial goals is to move some investments out of mutual funds into a self-directed brokerage account with lower fees.

My investing goal in 2014, is to try and get my 40-something self employed kids to listen to me when I tell them they need to start getting a retirement plan in place. Like a lot of young people, they have put this off and without CPP, minimal RRPS and other savings I am concerned about them.

My goal is to increase my net worth from $80 000 to $100 000 this year. And learn more about REITs

Goal is to max out RRSP and TFSA, which will be more of a challenge than in other years due to the need to finish some expensive projects around the house this summer.

My goal is to attain a positive cash flow for my business and to start to move forward instead of backward. I have a plan in place with very attainable objectives.

My goal for 2014 is to find a new alternative income stream (new business venture?).

Our goal for 2014 is to convert our savings/investments into a stable income flow to supplement my pension when my wife retires this year.

My goals for 2014 are:

– pay down debt
– contribute 10% of income to RRSP
– start monthly contributions to TFSA
– continue RESP contributions

I set a goal for this year to keep my saving rate above 50% of my take home pay. Which in turn would mean I can max out my TFSA.

My goal for 2014 is to continue saving 20% of income in the TFSA and 2% of income in my child’s RESP, even when my wife is off work for the summer months. Furthermore, I will help my recently divorced mother leave her high-cost broker and set-up her own low-cost online trading platform with a ETF-based dividend payment portfolio.

My goal is to add an additional $10k to my TSFA by the end of 2014. I’m diverting $400 per pay towards it so well on my way!

My goal for 2014 is to try and give to Charity. We are debt free with only a mortgage and resp and RRSP/TFSA contributions
So now it’s time to try and share some wealth.

My goal is getting back on track after being out of work for over a year. I have no savings left as of right now and need to start over at age 47.

Having recently graduated, I’m saving up for a down payment to put towards a house or condo.

Make a lump sum payment to our mortgage.

Max out my RRSP contribution

My goal is to keep growing my net asset.

Goals include: Max TFSA, 10K into RRSP and 10K into non-reg Canadian divy stocks.

My goal this year is to get my son (age 23) interested in saving & investing now, to take advantage of compounding.

I started my investment portfolio in 2012. My goal for this year is to make rules for each account so that I spent not more than 1-2 hours every month instead of tracking them each week and mixing emotions with investment objectives.

My goal for 2014 is to increase my overall net worth by 20%. To achieve this I will have to save aggressively and hope the stock market gods are on my side ;).

Goals
To maximize contribution to TFSA and maintain budget to provide reasonable living

One of my goals for 2014 is to build my emergency fund consisting of 3 months of gross salary. $3,000 of my emergency fund will be in my scotia one account to waive the $12.95/month a month fee (will accomplish this by the end of May). The remaining amount will be kept in a peoples trust TFSA at 3%.

Save for a down payment on a home. Thanks for the great giveaway!

My goal is to open a TFSA and RRSP through an online brokerage so I can invest in dividend paying and high growth companies, and take control of my financial future….instead of having the bank and fee-sucking mutual funds do it for me.

I’m already retired and (try to) manage my own portfolio. A few tips would be invaluable in maintaining my buying power. Does your book provide that? If so, I’m very much interested for the know-how. Thanks!

My goal for 2014 is to earn 4,000$ in dividend income frim all my accounts.

2014 Goal : Reach “minimum safe distance” in net worth so that I can start easing into semi-retirement.

My goal is for my wife and I to consolidate our debt and have it payed off asap.

My goal for 2014 is to max out both my wife and my TFSA as I think it is the best retirement plan ever introduced by the governmet.
Currently we have $108,000 between us and my goal is to have $500,000 by the time I retire in 12 to 15 years.
I am willing to sacrifice short term RRSP refund for a tax free fund when I retire.

– Max out TSFA
– contribute 10% to RRSP
– save for down payment for home

-Track net worth
-Track spending
-Max out RRSP

Avoid consumer debt (not easy with kids and a mortgage and a car that’s slowly rusting out from under me).