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The Money Edit is for women who are passionate about personal finance and financial independence.

This is a place to change your mind about spending, saving and living your best life.

Everyone wants to Beat the Bank

Everyone wants to Beat the Bank

We’re all at different stages of our money journey. Some of us are in school with tuition bills and part time serving jobs. Some of us are starting families and saving for mat leave. You may be in the process of buying your first or second home, or thinking about ways to pay off your mortgage.

Think ahead

Where ever you are now, it’s always good practice to think ahead. What do you want to celebrate one year from now? What plans or habits can you put in place that will help you move forward towards those goals?

Regarding your money, what’s the one thing you could learn today that would help you in the long run?

Make a plan

In my opinion, the one thing you can do right now is create a money plan. It sounds complicated, but it’s not. Thanks to Larry Bates’ book Beat the Bank: The Canadian guide to Simply Successful Investing, we all have access to a seasoned, professional investor.

Whether you’re investing right now or don’t know how to start, this book is a quick, accessible read that explains the simple steps to create a money plan and start building wealth.

Beat the Bank

The goal of this book is to encourage us to

  • Learn investment basics (six Wealth Formula forces: Amount + Time + Rate minus Fees + Tax + Inflation = Wealth)

  • Think long term (whether you’re 25 or 75, you have an investment time horizon!)

  • Minimize costs (including fees, taxes and inflation)

Figure out your style

  • Are you an AIY (assemble it yourself), DIY (do it yourself) or robo investor?

  • Which one works for you: the un-plan, the self-plan, the fee for service plan? Either way, commit to consistency and write it down!

Investment Advice

Throughout the book there are real examples of people in different stages of their lives and Larry uses their stories to illustrate ways to build wealth. He addresses asset allocation and which ETFs to buy, noting that both Blackrock and Vanguard have great Canadian options. We’ll talk about this further in the money edit book club this fall.

In summary

Beat the Bank is built on the premise that we can learn the basics, know ourselves, understand how Bay Street works (Bay Street is Canada’s Wall Street), make a simple plan, invest like clockwork, ignore the market, and most importantly enjoy life!

If you want to hear Larry discuss his investing philosophies, check out the Canadian Couch Potato podcast here. You can always check out the Beat the Bank blog to learn more.

Have you read the book? What are your thoughts on managing your own investments? Comment below - I want to know….

P.S. This is not endorsed by Larry and we are in no way affiliated, I just love the book!

P.P.S. - I’m screwing up the book club plan (one book/month) but I had to share right away! We’ll discuss ETFs further in the fall when we dig into investing books.

TME Book Club Review: Live Your Life Not Theirs - inspirational or panic inducing?

TME Book Club Review: Live Your Life Not Theirs - inspirational or panic inducing?

DIY taxes - it's easier than you think!

DIY taxes - it's easier than you think!