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MONEY RULES
Rule Your Money or Your Money Will Rule You
GAIL VAZ-OXLADE
Contents
INTRODUCTION Figure Out How Money Works
RULE #1: RENTING IS NOT A WASTE OF MONEY
RULE #2: DON’T MARRY A MONEY MORON
DOES YOUR DARLING …?
RULE #3: YOU MUST HAVE A WILL
RULE #4: YOU MUST HAVE POAS
RULE #5: FIGURE OUT WHAT’S REALLY IMPORTANT TO YOU
RULE #6: SET SOME GOALS
RULE #7: YOUR BANKER IS NOT YOUR FRIEND
RULE #8: EVERYONE NEEDS AN EMERGENCY FUND
RULE #9: CALCULATE YOUR OWN DEBT REPAYMENT PLAN
RULE #10: YOUR FINANCIAL EDUCATION IS YOUR RESPONSIBILITY
RULE #11: HOME OWNERSHIP DOESN’T GUARANTEE AN EASY RETIREMENT
RULE #12: COMPARE YOUR STUDENT LOAN INTEREST RATE WITH REGULAR LOAN RATES
RULE #13: TERM INSURANCE IS NOT BETTER THAN PERMANENT
RULE #14: DON’T LET YOUR LENDER DECIDE HOW MUCH HOME YOU SHOULD BUY
RULE #15: DON’T WAIT TO INVEST
RULE #16: DON’T PUT ONE GUY IN CHARGE OF THE MONEY
RULE #17: NEEDS MUST COME BEFORE WANTS
RULE #18: CREDIT IS GOOD—DEBT IS BAD
RULE #19: WRITE DOWN WHAT YOU’RE SPENDING
RULE #20: KEEP LEARNING—KEEP GROWING
RULE #21: IT’S NOT HOW MUCH YOU MAKE—IT’S HOW MUCH YOU KEEP
RULE #22: EVERYBODY NEEDS A BUDGET
RULE #23: MAKE A BUDGET
RULE #24: CALCULATE YOUR TAXES TO AVOID A TAX BILL
RULE #25: NEVER IMPULSE-SHOP
RULE #26: DON’T HAVE YOUR CREDIT WITH THE BANK THAT HAS YOUR DEPOSITS
RULE #27: DON’T TITHE IF YOU OWE MONEY
RULE #28: DON’T USE PREPAID CARDS
RULE #29: YOU CAN HAVE IT ALL, JUST NOT ALL AT THE SAME TIME
RULE #30: EVEN CHICKENS CAN INVEST SAFELY
RULE #31: ENROL IN YOUR COMPANY PENSION PLAN
RULE #32: ENJOY YOUR MONEY ONCE YOU’RE BACK IN THE BLACK
RULE #33: SAVE WHILE YOU PAY OFF YOUR DEBT
RULE #34: WATCHING YOUR PENNIES DOESN’T MAKE YOU “CHEAP”!
RULE #35: DON’T OBSESS ABOUT YOUR CREDIT SCORE
RULE #36: DANCE YOUR WAY TO WHAT YOU WANT
RULE #37: KNOW YOUR TIME HORIZON
RULE #38: MORE WON’T MAKE YOU HAPPIER
RULE #39: YOU ARE IN CHARGE
RULE #40: FIGURE OUT YOUR MONEY SET POINT
RULE #41: DON’T PLAY THE KEEPING UP GAME
RULE #42: TALK TO YOUR PARENTS ABOUT THEIR MONEY
RULE #43: YOU CAN USE YOUR RRSP AS COLLATERAL
RULE #44: PROTECT YOUR FINANCIAL IDENTITY
RULE #45: MEASURE YOUR PROGRESS
RULE #46: DON’T PUT YOURSELF AT RISK TO HELP OTHERS
RULE #47: PAY ATTENTION TO YOUR CREDIT CARD COSTS
RULE #48: IT’S NOT YOUR MONEY UNTIL IT’S IN THE BANK
RULE #49: YOUR KIDS’ FINANCIAL EDUCATION IS YOUR RESPONSIBILITY
RULE #50: YOU’RE ENTITLED!
RULE #51: YOUR MONEY SAYS A LOT ABOUT YOU
RULE #52: SET UP A CURVEBALL ACCOUNT
RULE #53: DON’T BUY THE MINIMUM PAYMENTS BULLSH*T
RULE #54: STAND ON YOUR OWN TWO FEET
RULE #55: A MATE IS NOT A PREREQUISITE FOR HOME OWNERSHIP
RULE #56: LEVERAGING ISN’T FOR EVERYBODY
RULE #57: LEARN FROM YOUR MISTAKES
RULE #58: DON’T LET EMOTIONS MAKE YOUR DECISIONS
RULE #59: NEVER SIGN UP FOR IN-STORE CREDIT CARD OFFERS
RULE #60: NEVER BUY MORTGAGE LIFE INSURANCE
RULE #61: MAKE YOUR OWN OVERDRAFT PROTECTION
RULE #62: UNDERSTAND OPPORTUNITY COST
RULE #63: MAKE SPOUSAL RRSP CONTRIBUTIONS BY DECEMBER
RULE #64: PLAN LIKE A PESSIMIST
RULE #65: JUST BECAUSE YOU HAVE A VARIABLE INCOME DOESN’T MEAN YOU CAN’T BUDGET
RULE #66: KNOW THE DIFFERENCE BETWEEN GOOD AND BAD DEBT
RULE #67: TAKE CARE OF YOUR STUFF
RULE #68: TIP MONEY IS REAL MONEY
RULE #69: EI DOESN’T NEGATE THE NEED FOR AN EF
RULE #70: STOP LETTING YOUR ADULT CHILDREN TAP YOUR WALLET
RULE #71: BE CAREFUL WHEN GIVING OUT YOUR INFO
RULE #72: DON’T AUTOMATICALLY RENEW YOUR MORTGAGE
RULE #73: TRACK YOUR NET WORTH
RULE #74: DON’T BUY WHAT YOU DON’T KNOW
RULE #75: PAY OFF CALLABLE DEBT FIRST
RULE #76: STOP RATIONALIZING
RULE #77: BUILD A STRONG PERSONAL ECONOMY
RULE #78: TOO GOOD TO BE TRUE USUALLY IS
RULE #79: KEEP TAX-RELATED PAPERWORK FOR SEVEN YEARS
RULE #80: KNOW YOUR RISK TOLERANCE
RULE #81: AVOID EARLY RENEWAL PENALTIES
RULE #82: STAY WITHIN CDIC LIMITS
RULE #83: CALCULATE THE REAL PROFIT ON YOUR HOME
RULE #84: KNOW HOW COMPOUNDING WORKS
RULE #85: PATIENCE IS A VIRTUE
RULE #86: THE KNOW YOUR CLIENT FORM DOES NOT GIVE YOU A GOOD RISK PROFILE
RULE #87: CLEAN UP YOUR DEBT MESS
RULE #88: CHARGE YOUR KIDS RENT
RULE #89: PLAN TO GRADUATE WITH LOANS OF LESS THAN ONE YEAR’S NET INCOME
RULE #90: QUITCHERBITCHIN’ AND FIRE YOUR BANK
RULE #91: STAYING HOME WITH BABY IS A PRIVILEGE
RULE #92: PAY YOUR MORTGAGE OFF BEFORE RETIREMENT
RULE #93: DO NOT CASH IN REGISTERED SAVINGS TO PAY DOWN DEBT
RULE #94: STOP PROCRASTINATING
RULE #95: FOCUS ON BEING MARRIED, NOT JUST ON GETTING MARRIED
RULE #96: SELL UNREGISTERED INVESTMENTS TO PAY DOWN DEBT
RULE #97: BE HONEST ABOUT YOUR MONEY
RULE #98: YOU CAN’T BEAT THE TAX MAN ON RRSP WITHDRAWALS
RULE #99: A PREAPPROVED MORTGAGE DOES NOT MEND YOU’RE GUARANTEED FINANCING
RULE #100: DON’T CLAIM YOUR RRSP DEDUCTION RIGHT AWAY
RULE #101: DEFINE RELATIVE VALUE BY YOUR DISPOSABLE INCOME
RULE #102: STOP USING PLASTIC
RULE #103: WORK IS WORK IS WORK
RULE #104: A CONSOLIDATION LOAN DOES NOT PAY OFF DEBT
RULE #105: DON’T FALL PREY TO THE SUNK COST FALLACY
RULE #106: DON’T SHOP ON YOUR BALANCE TRANSFER CREDIT CARD
RULE #107: SAVING IS EASY-INVESTING IS COMPLICATED
RULE #108: NEVER TRAVEL WITHOUT PRIVATE MEDICAL INSURANCE
RULE #109: PAY YOUR BILLS EARLY
RULE #110: ASK THESE QUESTIONS BEFORE YOU BORROW
RULE #111: IF YOU HAVE TO LIE, DON’T BUY
RULE #112: YOUR SITUATION IS UNIQUE
RULE #113: YOU’RE NOT RESPONSIBLE FOR OTHER PEOPLE’S DEBT
RULE #114: COUNT YOUR SAVINGS IN $, NOT %
RULE #115: MONEY LENT IS A GIFT
RULE #116: PAY YOUR CREDIT CARD BALANCE IN FULL
RULE #117: NEGOTIATE—DON’T COMPROMISE
RULE #118: OPEN A LINE OF CREDIT BEFORE YOU RETIRE
RULE #119: DON’T ACCELERATE YOUR HOME BUYERS’ PLAN REPAYMENT
RULE #120: DON’T BE A SUCKER
RULE #121: DON’T SKIP PAYMENTS
RULE #122: ASK FOR A CASH DISCOUNT
RULE #123: A SUPPLEMENTAL CREDIT CARD DOESN’T BUILD A CREDIT HISTORY
RULE #124: DON’T GAMBLE
RULE #125: BUSY PEOPLE SPEND LESS MONEY
RULE #126: LAZY PEOPLE SPEND MORE MONEY
RULE #127: DO NOT HAVE JOINT CONSUMER CREDIT
RULE #128: PLAN YOUR FUNERAL
RULE #129: DON’T PASS UP FREE MONEY
RULE #130: NEVER BUY WHAT YOU CAN BORROW
RULE #131: CREDIT IS SMART-DEBT IS STUPID
RULE #132: CRAP HAPPENS
RULE #133: DON’T OVERPAY YOUR WITHHOLDING TAX
RULE #134: REVIEW YOUR CREDIT CARD STATEMENT EVERY MONTH
RULE #135: ASK YOUR INSURANCE BROKER TO PROVE HIS INDEPENDENCE
RULE #136: THINK ABOUT THE FUTURE
RULE #137: GET OFF THE HEDONIC TREADMILL
RULE #138: PROTECT YOURSELF FROM A MONEY MORON
RULE #139: DON’T SEEK HELP FROM CREDIT COUNSELLING
RULE #140: CHANGE YOUR BILLING DATES
RULE #141: FIGURE OUT YOUR MOTIVATION
RULE #142: KNOW THE RULES FOR WRITING OFF A HOME OFFICE
RULE #143: DESIGNATE BENEFICIARIES ON EVERYTHING
RULE #144: STOP DOING MENTAL MATH
RULE #145: CHOOSE YOUR WORDS CAREFULLY TO GET ON THE SAME PAGE FINANCIALLY
RULE #146: CASH FLOW IS KING
RULE #147: LIVING TOGETHER IS NOT THE SAME AS MARRIED
RULE #148: INCREASE YOUR INSURANCE DEDUCTIBLES
RULE #149: DON’T WASTE MONEY ON YOUR CAR
RULE #150: LOSE YOUR BAD HABITS
RULE #151: MONEY ISN’T YOURS UNTIL IT’S IN THE BANK REDUX
RULE #152: HIDE MONEY FROM SPENDTHRIFTS
RULE #153: MAKE CHOICES, NOT DEBT
RULE #154: EMBRACE ANTICIPATION
RULE #155: IF YOU SPLIT UP, TAKE YOUR NAME OFF THE CREDIT
RULE #156: MONEY BEGETS MONEY
RULE #157: FIGURE OUT WHAT YOU WANT MONEY FOR
RULE #158: ESCHEW ENVY
RULE #159: NEGATIVE EQUITY IS AN OXYMORON
RULE #160: REALLOCATE DEBT REPAYMENT SMARTLY
RULE #161: WEIGH MERS AGAINST RETURNS
RULE #162: YOUR FINANCIAL NEEDS WILL CHANGE
RULE #163: DON’T TREAT YOUR HOME EQUITY LIKE A PIGGY BANK
RULE #164: KNOW WHAT YOU’RE SPENDING ON YOUR KIDS
RULE #165: DON’T SKIP FILING A TAX RETURN
RULE #166: PAY YOUR TAXES
RULE #167: DON’T RETIRE TOO EARLY
RULE #168: PLAN BEFORE GIVING
RULE #169: MAINTAIN YOUR HOME
RULE #170: DON’T MIX BUSINESS INCOME AND PERSONAL INCOME
RULE #171: WORK HARDER TO PAY MORE TAXES
RULE #172: IT’S NEVER TOO LATE
RULE #173: YOUR BANK WILL GIVE YOU ALL THE ROPE YOU NEED TO HANG YOURSELF
RULE #174: LIFE ISN’T FAIR
RULE #175: TELEVISION IS NOT REAL LIFE
RULE #176: IF YOU’RE CARRYING A BALANCE ON YOUR CREDIT CARD, CUT UP THE CARD
RULE #177: CONSUMABLES ARE NOT INVESTMENTS
RULE #178: EXPERTS DIFFER
RULE #179: ATMS ARE NOT WALLETS
RULE #180: PRACTISE, PRACTISE, PRACTISE
RULE #181: NEVER BUY CREDITOR INSURANCE
RULE #182: EXAMINE YOUR LIFE
RULE #183: FIND SOME BALANCE
RULE #184: KNOW HOW CREDIT CARDS CALCULATE INTEREST
RULE #185: SET CONCRETE GOALS
RULE #186: NEVER TAKE A PAYMENT HOLIDAY
RULE #187: HIRE GOOD HELP
RULE #188: KEEP A SEPARATE CREDIT CARD FOR ONLINE SHOPPING
RULE #189: STUFF ACCUMULATES. USE IT UP.
RULE #190: PRACTISE NOT BUYING
RULE #191: CHOOSE YOUR EVIL
RULE #192: DON’T BE TOO SMART FOR YOUR OWN GOOD
RULE #193: BUY AND STAY PUT
RULE #194: IF YOU FREEZE, REBOOT
RULE #195: BORROW CONSCIOUSLY
RULE #196: YOU CAN BUY LIFE INSURANCE ON YOUR PARTNER
RULE #197: USE AN RDSP TO PROTECT YOUR DISABLED CHILD
RULE #198: PRACTISE FINANCIAL CONSERVATION
RULE #199: DON’T TAKE THE TAX MAN’S ADVICE AS GOSPEL
RULE #200: MUTUAL FUND AVERAGES DON’T MEAN DIDDLY
RULE #201: KNOW THE BEST TIME TO USE A VARIABLE MORTGAGE
RULE #202: NOT EVERYONE SHOULD HAVE AN RRSP
RULE #203: ACCELERATE YOUR MORTGAGE REPAYMENT
RULE #204: HELP CHILDREN WITH EARNED INCOME MAKE RRSP CONTRIBUTIONS
RULE #205: YOU DON’T OWN YOUR COMPANY INSURANCE
RULE #206: DIVERSIFY YOUR PORTFOLIO
RULE #207: WRITE YOUR OWN MORTGAGE
RULE #208: ALWAYS REVIEW YOUR NOTICE OF ASSESSMENT
RULE #209: WATCH OUT FOR LIFESTYLE INFLATION
RULE #210: ALWAYS SHOP WITH A LIST
RULE #211: SELF-EMPLOYMENT IS TAX-SMART
RULE #212: IT’S NOT WHAT YOU SAVED—IT’S WHAT YOU SPENT!
RULE #213: CLOSE CREDIT ACCOUNTS YOU’RE NOT USING
RULE #214: TAKE A SPENDING HOLIDAY
RULE #215: IF YOU GET BAD ADVICE, COMPLAIN!
RULE #216: STUDENT LOANS CAN BE DISCHARGED AFTER SEVEN YEARS
RULE #217: REPLACE IMPULSIVE ACTION WITH CONSCIOUS CHOICE
RULE #218: COLLATERAL MORTGAGES ARE A TRAP
RULE #219: BUY INSURANCE WHEN YOU DON’T NEED IT
RULE #220: ADD UP WHAT YOU OWE
RULE #221: DON’T BUY AND CHECK OUT
RULE #222: DON’T BORROW TO CONTRIBUTE TO AN RRSP
RULE #223: OPEN AN RESP FOR YOUR KIDS
RULE #224: NEVER BUY A GROUP (OR SCHOLARSHIP TRUST) RESP
RULE #225: CONSIDER A MARRIAGE CONTRACT
RULE #226: YOU WON’T GET RICH ON MATERNITY LEAVE
RULE #227: SET A PET MEDICAL SPENDING LIMIT
RULE #228: KNOW WHAT BEING AN EXECUTOR ENTAILS
RULE #229: ASK YOURSELF, WOULD YOU PICK IT UP?
RULE #230: KNOW THE LIMITATIONS ON RESP WITHDRAWALS
RULE #231: UNDERSTAND HOW YOUR PENSION PLAN WORKS
RULE #232: DON’T BUY NOW AND PAY LATER
RULE #233: NAME A GUARDIAN FOR YOUR CHILDREN
RULE #234: FIND THE BUDGET SYSTEM THAT WORKS FOR YOU!
RULE #235: CALCULATE THE PER USE COST TO DETERMINE VALUE
RULE #236: WATCH YOUR VARIABLE MORTGAGE LIKE A HAWK
RULE #237: DON’T CONSOLIDATE TO YOUR MORTGAGE UNLESS YOU’RE SERIOUSLY SERIOUS ABOUT GETTING YOUR DEBT PAID OFF
RULE #238: STOP THINKING OF AN RRSP AS AN INVESTMENT
RULE #239: WATCH YOUR FOOD COSTS
RULE #240: EMBRACE SIMPLE PLEASURES
RULE #241: EVEN COMPANY PENSION PLANS HAVE RISKS
RULE #242: IF CRAP HAPPENS, RENEGOTIATE YOUR STUDENT LOAN TERMS
RULE #243: CO-SIGNED DEBT IS 100% YOUR DEBT
RULE #244: KNOW IF YOU CAN “THOIL” IT
RULE #245: DON’T MAKE YOURSELF HOUSE-POOR
RULE #246: FEND OFF RETAILER INFLUENCES
RULE #247: NAME A “CONTINGENT SUBSCRIBER” ON YOUR RESPS
RULE #248: CROSS CHEQUES TO PROTECT YOURSELF
RULE #249: BUY THE INDEX
RULE #250: TAX-PLAN IN JAN
RULE #251: DON’T GET SUCKED IN BY “FREE”
RULE #252: YOU’RE ALLOWED TO SAY NO
RULE #253: GET OUT OF OVERDRAFT
RULE #254: MAKE MORE MONEY
RULE #255: A LINE OF CREDIT IS NOT AN EMERGENCY FUND
RULE #256: CALCULATE YOUR REAL MORTGAGE LOAN INSURANCE COSTS
RULE #257: STOP LOOKING FOR THE EASY WAY
RULE #258: LEAVE $1,000 OF YOUR EMERGENCY FUND IN YOUR CHEQUING ACCOUNT
RULE #259: YOU DON’T NEED A TON OF CASH TO MAKE A PRINCIPAL PREPAYMENT AGAINST YOUR MORTGAGE
RULE #260: TAKE PLEASURE FROM YOUR MONEY
RULE #261: DON’T TURN GUIDELINES INTO RULES
CONCLUSION Money Is Just a Tool
LIST OF RULES
ACKNOWLEDGEMENTS
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