Review: The RESP Book

The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians – Mike Holman

For parents wanting to save for their children’s education, there may be no better option than the Registered Education Savings Plan.  I’ve found that there is a TON of information on the internet about RESPs, but I’ve found very little of it to be useful.  The CRA’s website has the rules, but tells you little about how it would work for you.  And the rest that I’ve found on the internet are from financial institutions that are trying to sell you on their RESP products.  Naturally, I’m wary of these.

Who is this book for?

If you are looking for a guide on the RESP, with explanations that are simple enough for ordinary Canadians to understand, this is the book.  If you’re looking for unbiased information on RESP from someone who is not trying to sell you a product, this is the book.

Mike Holman filled-in all the gaps for me in my research.  He describes how the program works, the best way to use it and things to be careful of.  On specific strength of the book, is the number of ‘what-if’ scenarios that Holam presents.  I found that he did an effective job of presenting enough scenarios that every Canadian should be able to pick up the book and figure out how to best make the RESP work for them and their child.  Holman does a good job of explaining all the intricacies of the RESP.

The RESP Book: The Simple Guide to Registered Education Savings Plans for Canadians.  The title says it all.  It’s a book about RESPs.  Mike Holman has made the RESP program simple.  And, it’s a really effective guide.  

For parents (or really any family members) thinking about saving for their children’s education, The RESP Book is an excellent investment.

 

Review: Millionaire Teacher

Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School – Andrew Hallam

Andrew Hallam’s Millionaire Teacher, is my favorite personal finance book, period.  It is an entertaining read – I read the entire book the first time over a weekend (Who knew a finance book could be entertaining?).  Millionaire Teacher is informative.  Hallam even makes the world of investment seem simple!

Who is this book for?

If you’re a Canadian and you’ll only read one book about investing, this is the book.  If you are feeling like the world of investing is intimidating, and aren’t sure where to start, this is the book.  If you have money to invest and you’re not sure how to invest it, this is the book.  If you’re looking at an index investing approach, and are trying to wrap your mind around it, this is the book.  If you are feeling like you don’t have enough money to spare to think about saving or investing, this is the book (you can get the kindle version for $12).

Andrew Hallam shares his story, telling you how he managed to accumulate a million-dollar portfolio before the age of 40, on a modest school teacher’s salary.  Hallam demonstrates the value of maximizing savings and describes how he did it.  He explores the impact of investing early, the effect high-fee mutual funds can have on your investment returns and the benefits of using index funds as an alternative.  One aspect I really enjoyed, was his take on how an investor should think or react to large profits or losses in their portfolio.

This is the book I wish I had read, when I first started investing.  If I had found this book before I purchased my first mutual funds, even if I had gotten the worst deal on the book and it had cost me $100, it would still have been the best investment I could have made.