How to Eat an Elephant

Getting your financial house in order is a big job. At first, you might even feel like you've bitten off more than you can chew. But don't give up! In How to Eat an Elephant, you'll gain vital understanding of important personal finance basics in just one day a month. Rather than tackle the beast in one bite, you'll master it a little bit at a time. Supported by online resources, tools, and reports, you'll complete fundamental tasks and gain fundamental understanding in an orderly and effective way.

With practical, easy-to-understand guidance, this book will show you how to reduce your debt and save on interest; improve your understanding of personal finance basics and gain new confidence; reduce stress and anxiety about your money; and use powerful online tools to organize all your financial information.

• Offers a structured, non-intimidating approach to personal finance that can be mastered in four hours a month
• Covers vital topics like budgeting, life insurance, investment products, retirement planning, wills and powers of attorney, and much more
• Written by Frank Wiginton, one of Canada’s best-known personal finance speakers and gurus

If it's time to take charge of your financial life, look no further. How to Eat an Elephant offers real solutions that will save you time, money, and headaches.

Acknowledgements ix

How to Use this Guide xi

Introduction 1

PART ONE: Understanding Your Finances 3

Chapter 1: Setting and Achieving Goals 5

Chapter 2: Where Are You Now? 19

Chapter 3: How to Save a Lot of Money! 31

Chapter 4: Income and Debt Management 53

PART TWO: Protecting Your Finances 71

Chapter 5: Benefits 73

Chapter 6: Risk and Living Insurance 93

Chapter 7: Life Insurance 107

PART THREE: Growing Your Finances 131

Chapter 8: Retirement and Estate Planning 133

Chapter 9: Investing 163

Chapter 10: Tax Planning 187

PART FOUR: Ensuring Financial Success 211

Chapter 11: Wills, Powers of Attorney, and Personal Care Directives 213

Chapter 12: Finding the Right Advisors 237
Conclusion 257

About the Employee Financial Education Division 259

Index 261

About the Author 273

FRANK WIGINTON CFP, RRC, FMA, CIM, FCSI, Fellow of the FPSCTM, is a highly sought after personal finance speaker, coach and educator who develops and delivers financial education programs for businesses of all sizes. He also works with select clients to prepare comprehensive financial plans that enable them to enjoy a better quality of life. Frank appears on BNN, CityTV, Global TV, and CBC radio. His advice is frequently quoted by the Globe and Mail, National Post, Toronto Star, Maclean's, Canadian Business, and MoneySense. A passionate father, sailor and traveller, Frank is based in the Toronto area, where he lives with his wife and children.

HOW DO YOU EAT AN ELEPHANT?

ONE BITE AT A TIME!

Have you ever felt intimidated or overwhelmed by your personal finances? Have you ever wanted to get on top of your financial affairs but always feel it is a huge task? Now you can break down your financial elephant into small, bite-sized pieces. By spending only four hours each month, you can get your personal finances in order and start enjoying a better quality of life. Supported by online resources and tools, you can complete each task set forth in the book easily and efficiently, printing summaries and reports as you go.

How to Eat an Elephant will help you to:

• Put all of your financial affairs in order once and for all.
• Reduce your stress and alleviate your anxiety about money.
• Reduce your debts and save you hundreds of dollars in interest.
• Increase your understanding and confidence about money.
• Save hundreds of dollars in legal, advisory, and management fees.
• Organize your financial information using simple and powerful online tools.

By dealing with your financial elephant "one bite at a time," you will find the experience to be easy, educational, and empowering. With this book, your financial success begins today!

ARE YOU READY FOR A BETTER QUALITY OF LIFE?

To learn more about this book and its interactive online tools, visit www.howtoeatanelephant.ca.

A Step-by-Step Guide to Financial Planning for Canadians