How Much Is Enough?: Balancing Todays Needs with Tomorrows Retirement Goals

Praise for How Much is Enough? "The one question clients continually ask financial planner Diane McCurdy is ′How much is enough?′ to retire on. The answers are in this timely guide to financial independence for young people, boomers on the cusp of retirement, and everyone between." – Jonathan Chevreau, editor of MoneySense magazine and author of Findependence Day "Most Canadians wish they had better control of their finances, and too many of them have no idea how to get it. How Much is Enough  offers a clear, compelling and accessible answer. If you′ve ever wondered about how to safeguard your future, you need to read this book." – Amanda Lang, Senior Business Correspondent, CBC News, author of The Power of Why "Easy–to–read . . . information everybody should know about personal money management." – Bruce Cohen, author of The Money Advisor and co–author of The Pension Puzzle "A timely and useful book for boomers and others seriously interested in a comprehensive approach to financial planning for retirement." – David K. Foot, author of Boom Bust & Echo Find Your Sleep–at–Night–and–Retire–Well Number Planning for retirement can be stressful, and whether your money will last as long as you do is one of the biggest burning questions. How Much is Enough? provides practical and personalized answers by examining both the financial and emotional aspects of money. You′ll find out what money type you are and, as a result, you′ll better understand your relationship to money and how money affects the relationships in your life. How Much is Enough? reveals four simple truths that will help you reach your goals: We need to acknowledge both the numerical and emotional sides of money issues We need to be able to reward ourselves while we prepare for the future We need to know where our money is going and understand our current situation Everyone needs a basic understanding of investing and investment products This fully updated Canadian edition of How Much is Enough? will help you build a tailored financial plan that will help you make money, save taxes and sleep at night. You′ll know exactly how much you′ll need, what you′ll need it for and how to achieve your retirement goals.

Preface to the Third Edition ix Acknowledgements xiii Introduction xvii PART ONE: WHAT IS ENOUGH? Chapter 1: Your Money and Your Life 3 How Did You Score? 8 Two Attitudes, One Family 15 Money Myths 17 Chapter 2: Where It Goes 21 Tracking Your Cash Flow 22 Chapter 3: What You Want 37 What Do You Want, Anyway? 38 Wish List Favourites 45 Yearly Goals 49 Chapter 4: What’s Enough for You 55 The Magic Number 55 Crunching the Numbers 56 What Your Enough Number Means 72 PART TWO: GETTING ENOUGH Chapter 5: Getting on Track 77 Needs vs. Wants 78 Budgeting—I’ll Try to Be Gentle 81 Chapter 6: Finding Financial Advice 95 Finding a Good Financial Advisor 96 Trust, Two Ways 98 Your Risk Profi le 104 Chapter 7: How to Make Your Money Grow 109 Loaners 110 Owners 115 Owner Investments: The Basics 119 Some Rules for Investing 134 Chapter 8: Registered Plans 137 Registered Retirement Savings Plans 138 Registered Education Savings Plans (RESPs) 148 Tax–Free Savings Accounts (TFSAs) 152 Saving Outside the Government Plans 157 Chapter 9: Ages and Stages 161 Age 20–35 161 Age 35–50 170 Age 50–65 Plus 172 Chapter 10: Family Finances 183 Teaching Kids the Value of Money 183 The Money Challenge 184 Chapter 11: I’ve Got Enough (Now What?) 193 A Changing Concept of Retirement 194 Retirement: The Financial Side 203 Chapter 12: Estate Planning 227 What Happens if I Don’t Have a Will? 228 Laying the Groundwork 231 What Happens to My Business? 240 How Do I Choose My Executor? 243 How to Save Tax and Probate on Your Estate 244 Chapter 13: Tips and Thoughts to Make It Work 245 Twenty Thoughts to Help You Stay on Track 246 Twenty Tips to Help You Save Money 247 Appendix: Financial Planning Professional Designations 249 Index 251 About the Author 261

Diane McCurdy, CFP, is the founder of McCurdy Financial Planning Inc., an established and respected firm that services clients from all walks of life. An active writer, educator, speaker and advisor, Diane is recognized internationally in her industry and in the media. She is also a real estate investor and a member of the Million Dollar Round Table.