Thursday, February 24, 2011

TFSA and Family Finances ~ More reading

Yes, I devour books like these...
 I have read this one last year and wanted to confirm a few things this year, so browsed it again.  I am amazed how few people know that a TFSA doesn't have to be just a savings bank account.  You can buy penny stocks/blue chips stocks, etc in this fund.  If you put in $5000 and the stock goes up (like a Bank of Montreal stock, etc) and you end up with $12000 in that TFSA account, it is all profit.  No need to report to the government.  IF you pulled out your $12000, you could put another $12000 back in the next calendar year.  NOT BAD!  A great way to make money for a down payment on a house or a vacation, etc.  A few chapters in this book are a real good easy to understand read.

They are American, there is some reference to Canada in it, I browsed it.  It is an easy read, they think along the same lines as us.  Think ahead, plan ahead, save what you've got.  No big surprises.  The biggest thing I got out of this was :  bring a crockpot along on trips that you need to stay in motels.  Plug it in the bathroom and come back to supper!  ha ha.  Loved it.  When they flew somewhere, they quickly went to a 2nd hand store and bought a slow cooker, make a trip to a grocery store and voila!  Food for the masses.  AND bring a cooler, motels have ice right or a little refrigerator...
They are very common sense.  They have 3 options for your personality type of actions you can take for each subject to help you reach your goal.

Yes, the one of the left is the same one as another post "How to Survive without a Salary" by Charles Long.  I guess I had reserved this version as well from the library.  A little easier to read on the eyes, same info basically.  How to get your life making you money, spending little to live and living the life you want.  EX.  Rent out houses for monthly income, be thrifty, grow your own, make investments that pay you dividends, work casual at something you love.
"What Every Canadian Should Know about Family Finance" by the Canadian Securities Institute, non profit.
Everything from a budget, mortgage, life insurance, RRSP, RESP, Wills, Power of Attorney, Investments, Minimizing Taxes, Education, Retirement.  Gives a listing of organizations to help you.  This was good to get you going and get some head knowledge and to confirm what you are doing is right or "wrong"...oh no.
A little time examining your finances can really pay off in the long run.

God has given us brains to live in this world.  We are meant to be an encouragement to others and a help.  If I am struggling to stay afloat, it is hard to bless others.  We have been very blessed in many ways and can't wait to be able to give back. We already know how to live on a shoestring, so we'll see what we can do when we actually start making some money again.  I'm waiting for the famine to be over ~ That excites me.

1 comment:

Kimberly said...

You're quite the inspiration, you know? I'm guilty of flying by the seat of my proverbial pants in far too many aspects of my life, and reading this really makes me think I need to reexamine a few things.