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A contrarian and controversial look at personal finance, and a
super simple strategy for making--and keeping--more
money
Traditional financial wisdom persuades us to grow our net worth
and build our assets. But traditional financial wisdom is often
wrong. In Cash Cows, Pigs and Jackpots: The Simplest Personal
Finance Strategy You'll Ever See, author and Chartered
Accountant David Trahair challenges everything we think we know
about managing our money, suggesting that that we follow the lead
of the financial institutions that are leading us down the path to
financial ruin.
The banks, brokers, and investment companies of the world make
enormous sums of money because they know that cash is king and they
know how to guarantee cash flow from their clients on a continual
basis. They aren't making the bulk of their money from investing in
the stock market--they're leeching it from regular people like
you, every minute of every day. Cash Cows, Pigs and Jackpots
turns the tables, showing that the biggest cash cow we have is
ourselves. Instead of chasing a dream that will never come true, it
presents a financial plan so simple even a 10-year-old could
understand it.
Explains why the common consensus about making money is
inherently flawed
Presents an incredibly simple, easy-to-follow plan for really
making and saving money
Exposes the dangers of trusting money to a bank or broker
Helping you break asset addiction, get out of debt, and increase
your personal cash flow--and your wealth with it, Cash
Cows, Pigs and Jackpots explains how bringing more cash into
your life and watching carefully where it goes will allow you to
save more, live the life you want, and avoid as much risk as
possible--a great strategy going into the stormy financial
years to come
Autorentext
David Trahair is a Chartered Accountant who operates as a
sole-proprietor, offering a broad range of accounting and tax
services to a variety of businesses and individuals. He is a
frequent speaker, appears regularly in the media, and is the author
of several books, including Enough Bull and Crushing
Debt. He is also a previous director of Credit Canada, a
non-profit organization dedicated to helping people deal with
credit problems.
Zusammenfassung
A contrarian and controversial look at personal finance, and a super simple strategy for makingand keepingmore money
Traditional financial wisdom persuades us to grow our net worth and build our assets. But traditional financial wisdom is often wrong. In Cash Cows, Pigs and Jackpots: The Simplest Personal Finance Strategy You'll Ever See, author and Chartered Accountant David Trahair challenges everything we think we know about managing our money, suggesting that that we follow the lead of the financial institutions that are leading us down the path to financial ruin.
The banks, brokers, and investment companies of the world make enormous sums of money because they know that cash is king and they know how to guarantee cash flow from their clients on a continual basis. They aren't making the bulk of their money from investing in the stock marketthey're leeching it from regular people like you, every minute of every day. Cash Cows, Pigs and Jackpots turns the tables, showing that the biggest cash cow we have is ourselves. Instead of chasing a dream that will never come true, it presents a financial plan so simple even a 10-year-old could understand it.
Inhalt
Acknowledgements xii
Introduction 1
Cash Is Not King 2
Cash Flow Is King 2
Who Gets Rich Off You 3
It's Not Just Them, It's Us 3
Want to Get Rich Quick? 3
Back to Basics 4
Chapter 1The Cash Cow Strategy 5
Cash Cows 5
Cash Pigs 6
Cash Jackpots 7
This Is Not a Philosophy; It's About Cash Flow 8
Cows and Pigs Can Change 8
One Person's Pig May Be Another Person's Cow 9
Cash Cow, Pig or Jackpot? 9
A House or Condo 10
Gambling 11
Personal Debt 11
Defined Benefit (DB) Pension Plans 12
Canada Pension Plan and Old Age Security 14
Kids 14
A Bigger View: Government Debt 15
Why Don't People Follow This Basic Strategy? 16
Chapter 2Taking Care of Your Biggest Cash Cow 17
Your Biggest Cash Cow Is 17
How to Protect Your Biggest Cash Cow 19
Is Your Body Trying to Tell You Something? 19
Are You Eating Well? 20
How Much Exercise Do You Get? 22
How Much Sleep Do You Get? 22
The Value of Hard Work 23
Summing up Healthy Living 24
Chapter 3Who Wants to Be a Millionaire? 25
What Is "Rich"? 25
Net Worth Is a Lousy Measure of Wealth 25
Mixing Pre-Tax and After-Tax Amounts 26
Ignores Cash Flow 26
Many "Wealthy" People Are Living a Mirage 28
Why I Don't Want to Win the Lottery 30
Going Beyond the Numbers 31
Does Money Buy Happiness? 31
What Causes Happiness? 33
"The Happy Movie" 33
Happy for No Reason 35
My Take on Happy 38
My Secret to Life 39
Million Dollar Wrap-up 41
Chapter 4The Trap: Why You Aren't Getting Rich and They Are 42
How the Banks Make Money 43
Plug the Cash Pig Leaks 43
The Mutual Fund Fee Monster 44
Borrowing to Get Rich: It Can Work, But Don't Bet on It 45The Wealth Effect Is the Enemy 46
Sometimes People Are Their Own Worst Enemies 47
Paul's Story 48
Closing the Trap 54
Chapter 5The Dream of Home Ownership 55
The Wealthy Barber Weighs In 56
How Much Home Can You Afford? 57
Rent Is Not a Four-Letter Word 60
An Example123 Any Street, Hometown 63
123 Any Street: The Assumptions 65
Don't Forget the Closing Costs 66
A Word About the Down Payment 69
CMHC Changes 71
The Key Points That Most People Miss 72
The Opportunity Cost 72
The Ongoing Cash Costs 74
Consumer Debt Warning 74
Compounding Confusion 75
123 Any Street: The TFSA Results 77
123 Any Street: The RRSP Results 80
Playing with the Inputs 81
Housing Prices Increases 81
House Price 81
Interest Rates 84
Beware Those Trying to Sell You Something 84
Beyond the Numbers 85
Long-Term House Prices 85
Repairs and Maintenance 86
Renovations 87
The End Game: Can You Sell? 87
Conclusion 87
Chapter 6The Condominium Conundrum 89
Condo Basics 90
Defi nition of a Condominium 90
The Legal Details 91
Condominium Regulations 91
The Fees 92
Who Pays for What? 92
Insurance 93
Renting Out the Unit 94
Condo Costs 94
The Purchase Price 95
The Monthly Costs 95
Running the Numbers 96
The Toronto Condo: Results 97
Playing with the Inputs 100
Further Analysis Required 101
Buying a New Condominium 102
Buying a Re-sale Condominium 103
Condos: What Could Go Wrong? 104 What You Can...