Advertisement
Graeme Falco's new book is a good primer for beginner and intermediate investors who are hoping to build a portfolio that will help them retire early
SpeedReaderBook: Building wealth and being happy: a practical guide to financial independence
Author: Graeme Falco
Publisher: Graeme Falco 2016
www.amazon.com/dp/B01MXRXM1A
Price: $11.99, Kindle $3.99
WHO IT’S FOR: People who want to get rich slowly over many years and retire early
MORE SPECIFICALLY: Those who want to know how to achieve financial independent but also how to find happiness—apart from the dollar amount in our investment accounts.
DOES IT BUST ANY MYTHS?: Yes, that there are legitimate reasons to have a home country bias in your portfolio—favourable tax treatment for domestic stocks being one of them. And while there is no clear “right” answer to this asset allocation question, Canadian investors can reasonably defend an allocation made up of anywhere from 4% to 30% Canadian equity.
DOES IT TOUCH ON ANY OTHER INVESTMENT THEMES?: Of course, the book talks about ETFs, stocks, asset allocation as well as taxes for someone setting themselves the goal of generating passive income for early retirement. It also talks about real estate investing and bond investing, with an eye on how these products and strategies can help you reach early retirement. It’s good for primer beginner and intermediate investors.
SURELY YOU CAN’T REACH FINANCIAL INDEPENDENCE BEFORE RETIREMENT?: Yes you can, and with a little planning, many people do.
WHY WE LIKE IT: It clearly shows how even though you’re saving for financial independence, it doesn’t mean you have to be a miserable penny pincher during the accumulation years to become financially independent at a reasonable age.
WHAT’S SURPRISING?: That financial independence doesn’t have to coincide with retirement. Financial independence is achieved when income from passive sources (stocks, rental income, bank interest, etc.) exceeds one’s expenses—and that can be at any age.
ACTION ITEM: “The saving and waiting part of financial independence is long, so learn to enjoy it
KEY TAKEAWAY: “All too often people think that achieving financially independence will allow them to become the person they are really meant to be. But just as buying physical objects can’t make you happy in the long run, a big pile of investments can’t give you self-esteem or satisfaction from life.” So remember to live in the present.
Read more:
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
If you’re looking for a financial advisor or planner, learning about their credentials can help you choose the right...
Nvidia doubles revenue in one year, Canadian inflation moves in the wrong direction, Target misses badly, Walmart beats earnings...
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
Nvidia is Wall Street’s most valuable company. How it got there, by the numbers.
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Practical advice on how to build your retirement savings for employees at mid-career, the self-employed, single parents and more.
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.