TORONTO, May 25 /CNW/ - Thousands of Canadians have learned a painful
lesson during the recent economic downturn - they've been living beyond their
Vancouver-based financial planner Erika Penner addresses that issue, and
what can be done about it, in her new book, Master Your Real Wealth: How to
live your life with financial security.
To mark the official release of the book today, Penner has revealed the
top 10 ways Canadians can achieve financial security:
1. Understand what real wealth means.
It's what's left after debt, taxes, inflation and costs. It's the money
you need for your life now -- and in the future. To get more of it, you
need to understand the value of every dollar spent and saved.
2. Get started - even if you're not in great financial shape.
The sooner you start, the better your chances of growing your pot of
gold. Record your assets and debts, income and expenses. You need to know
where your money is going. Until you do, you won't be able to build real
3. Don't build your lifestyle with debt.
Many Canadians have fallen into the trap of using too much credit. By not
paying off their credit card balances each month, they're incurring
large, non-deductible interest expense. That works against the
accumulation of real wealth.
4. Use your income wisely.
Employ it to acquire assets that will help build, not erode, your real
wealth - after debt, taxes, costs and inflation.
5. Don't go it alone.
A team comprised of a financial planner, insurance specialist, accountant
and lawyer may be required in various life stages - and can bring value
that will really pay off.
6. Protect your wealth.
Insurance isn't just an expense. It can protect the assets you've
acquired and are growing. Fully understanding the insurance products
you're buying is a key to achieving your financial goals.
7. Minimize your taxes.
Simple strategies can save a lot of income taxes. You have the right to
arrange your affairs to pay the least amount of tax the law will allow.
Various products and income streams can all be taxed differently - and
will either be better or worse for your financial situation.
8. Pay attention to inflation.
Increasingly, Canadians are living as long in retirement as they worked.
It's important that our retirement income increases to overcome inflation
or that we have enough financial assets to draw upon. Inflation erodes
future purchasing power.
9. Ensure you get value for your money.
All products, including financial products, cost money. Their prices
vary, as do the ways of paying for them. Don't be afraid to ask what
something costs - and what you're getting in return.
10. Know what will bring you financial peace of mind.
Know what's important for you to achieve financial peace of mind and
access the people, products and processes that can help you attain it.
Remember that it's always okay to ask for help.
Master Your Real Wealth is the fourth in the new Master Your Personal
Finances books, published by The Knowledge Bureau, a leading Canadian
financial services education institute.
Media is invited to attend the official launch of Master Your Real Wealth
and Erika Penner's presentation titled, "You Too Can Master Your Real Wealth"
on Monday, May 25th at 6:45pm at Terminal City Club, President's Room,
The Knowledge Bureau is a national publisher and certified post-secondary
educational institute, which provides continuing professional development to
practicing professionals in tax and financial services leading to
certification and designation. For more information, please visit
For further information:
For further information: To receive a review copy of the book, arrange
to speak with Erika Penner or for further information, please contact Kerry
Breeze at (416) 829-1727 or by email at firstname.lastname@example.org