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October 2016


Willing Wisdom by Thomas William Deans

A Motivation Speaker, Lawyer, and a Psychotherapist walk into a Las Vegas bar...this sounds like the start of a good joke, BUT it’s actually the premise of this month’s book! Motivational Speaker, William, is meeting with his colleagues Steve, a lawyer, and Ashley, a psychotherapist, at the hotel bar to unwind after giving a presentation. The conversation quickly turns to estates and wills. Exploring common issues with writing a will, William shares his family’s secret to success when it comes to the topic of death, wills, and estate planning; 7 questions that incite open communication!  These 7 questions are answered every year within his family, and create the framework for a new way to discuss wills and the passing of one’s estate. Through the conversation of the colleagues, readers can get a new perspective on the importance of wills and the nuance of writing, and updating a will. 


The Little Book that Builds Wealth by Pat Dorsey

If you are interested in what your Mutual Fund Managers do or are interested in what stock picking is all about, this is an excellent read for you! Pat Dorsey, the former director of Equity Research at Morningstar, outlines his proven approach for stock picking and how it can be applied. Exploring the concept of “Economic Moats,” Dorsey discusses several factors to consider while evaluating companies to invest in. The book is simple and easy to read, while providing a wealth of knowledge.


The Wealthy Barber Returns by David Chilton

Its been one year since the launch of Manitoulin Financial’s Book of the Month. Twelve fantastic books have been featured on a variety of finance and motivational topics. The Book of the Month started with "The Wealthy Barber," so its only fitting that to celebrate the 1-year anniversary, we use the sequel as our October 2017 Book.

"The Wealthy Barber Returns" is David Chilton’s response to the frustrations he felt regarding the markets and economy in 2011. Written in a fresh style from the original, this book is more like a conversation with Chilton himself, except this time he is “significantly older and marginally wiser.”


Why Smart People Make Big Money Mistakes and How to Correct Them

by Gary Belsky and Thomas Gilovich

“Why Smart People Make Big Money Mistakes and How to Correct Them” gives an excellent introduction to the science of Behavioural Finance. While this book was published in 2000, the information remains highly relevant today. Exploring the ways people spend, save, invest, borrow, and waste money, this book provides insight that can have investors of all levels pondering their money choices, and subsequently their money mistakes. Through the use of tangible examples, this book explores several different principles on how our minds perceive the money we have, or that we don’t have, and what we do with it.


The Compound Effect by Darren Hardy

Jam packed with small insights and motivation to achieve your goals, big or small, this book will change your life. The book takes compound interest out of the realm of investments, and applies it to everyday life. It’s about making small consistent changes that, over time, add up to big results.


This sounds simple enough, but this book truly unlocks the potential that one seemingly inconsequential act, like cutting out 125 calories from your diet a day, can have. At first it seems like nothing, but after 2 and a half years, this reduction in calories can equal a 33 pounds loss! That’s just one small example of the captivating information this book provides. The compound effect creates a whole new world of possibilities giving a fresh prospective to achieve goals and creating the life you want, one small manageable step at a time.


The Millionaire Next Door: The Surprising Secrets of America’s Wealthy

by Thomas Stanley and William Danko

When you picture a Millionaire in your mind who do see? What career does this person have? What kind of car do they drive? How big is their house? Do they wear fancy clothes and watches?


Thomas Stanley and William Danko focused on studying the affluent to answer these questions. Together, over 2 decades, they conducted surveys, interviews, and data accumulation to learn what millionaires really look like. Throughout their research 7 common factors continually showed up among those who have accumulated wealth. The results will surprise you as you learn that wealth accumulation doesn’t depend on having a super high paying job, but rather on “hard work, diligent savings, and living below your means.”


Its no wonder that this book became a New York Times Best Seller! This exciting read can be a real game changer in how you view your wealth, spend your money, and find ways to increase your earning potential! 


Beating the Street by Peter Lynch 

Peter Lynch is known as one of “The Greats” in the investment industry. He was the manager of the Magellan Fund at Fidelity Investments from 1977 – 1990. Under his management the fund made an average annual return of 29%! That is the equivalent for getting 29% 13 years in a row. With that track record to back up his expertise, its no wonder that his book became a national bestseller.


Beating the Street uses Peter’s investment philosophy to discuss mutual fund and stock picking strategies. He works to explain how he picks stocks, and gives a step by step description of the process. The book also shares his own set of principles, the first of which is “invest in what you know.” If you have an interest in stocks, or are looking to expand your knowledge on stocks, this is a great book to read.


Smart Couples Finish Rich by David Bach 

Managing your money as a couple can be an overwhelming task. People have different view points on how money should be invested and have varying spending habits. Money can cause serious stress in a relationship, which is one of the reasons that it is so important to talk about money with your partner and to be on the same page with regards to saving, investment and retirement plans.


This conversation and blending of resources can be hard. Where do you even start? This book creates an excellent system for couples looking to manage their finances together. Covering a huge range of topics, this book isn’t only about money; its about organizing your finances, saving for your dreams, planning your retirement, and realizing that your financial goals are possible.


* If you do choose to purchase this book, remember to buy the Canadian edition.


52 Ways to Wreck your Retirement by Tina De Vito

“Starting to think about retirement early is the best strategy, but starting today is the next best thing.”

Thinking and feeling young is something that most people think is wonderful! Getting ID’ed at the cash of the LCBO, when you’re in your 40s, can put a smile on your face for the rest of the week! BUT did you know that ‘feeling young’ can actually be hindering your retirement!? Find out how in this interesting and relaxing read!

52 Ways to Wreck your Retirement explores different mistakes and misconceptions that people make on their path to retirement and retirement planning.  Each chapter explores a different ‘mistake’ that people are making and explains why it is problematic. The chapters also end with a “To Do” list to help readers get on track with their retirement plan. 52 may seem like a random number, but it was selected so that readers can focus on 1 chapter a week and apply it to their finances. By the end of 1 year, readers will be on a more informed and confident path to retirement!

Check out the book and see if you are falling into any of the mistakes!


The Achievement Habit by Bernard Roth

Bernard Roth, the co-founder of the Stanford d.School, introduces the power of design thinking in this moving book. Roth creates a literary experience helping readers to let go of obstacles in their life and open themselves to explore and achieve the things they have always wanted.

Roth shares personal stories from his own life to illustrate his points in encouraging the reader to stop wishing, and start doing. Packed with thought-provoking exercise, this book explores several topics including:

- How to change your self-image into one of a doer and achiever

- How to build resilience by enforcing what you do rather than what you accomplish

- How subtle language changes can resolve existential dilemmas and barriers to action.

Well worth the read, this is a book that can be referenced over and over on your path to well-being and self-fulfillment.


The Richest Man in Babylon by George Clason

This book is a finance classic! It was originally published is 1926. Set in the city of Babylon, the book tells stories about the richest man, Arkad, and how he became so wealthy. The advice shared focuses on the principle of paying yourself first and living within your means.


While it is a fairly simple read, the writing style may-ith be daunting for some-ith (I know I found it excessive). The old English style of writing certainly wore me down at times, however the book was successful in creating an ancient world, where the financial concepts were brought to a more basic form. The advice can very easily be translated into today’s finance world, which is certainly one of the reasons that this book is so note-worthy.

When the Bubble Bursts: Surviving the Canadian Real Estate Crash   by Hilliard Macbeth

This book provides a well-rounded discussion on the Canadian housing bubble, its effects, and how to survive and thrive in a time of possible uncertainty. Using a global lens, Macbeth explores different housing markets and issues that have effected and aided in the creation of a Canadian housing bubble. After pointing out the factors that indicate the presence of a bubble, the book examines options for investors to prepare for the possible bursting of said bubble. Macbeth works to answer questions about what Canadians can do to be ready financially for retirement and how they can capitalize on the buying opportunity that could be presented.


The Power of Habit by Charles Duhigg

The new year is coming, and with that comes New Year’s Resolutions. This book was specifically selected for this month, as it can help in motivating people to achieve their resolutions and create new habits. “The Power of Habit” is an exciting book that explores what habits are, how they are developed, and how they can be changed. Through real life examples like P&G, the NFL, and even someone who was a chronic nail bitter, this books explains how people can harness the power of habit to achieve their goals. With an application that can span many aspects of your life, this book can easily apply to your financial picture and help in achieving your financial goals.

The Facts of Life by Paul Grimes

Last month we looked at a book that gives a general understanding of personal finances as a whole. This month’s books gives a more in-depth understanding of Life Insurance. Written in a similar story like fashion as “The Wealthy Barber,” this book will keep you interested while teaching you all about insurance and the ways it can benefit you and protect those that depend on you!  This is a great book to read while curled up in a blanket as the colder nights set in. Read this book and you will gain a new appreciation for the insurance aspect of the financial planning process.

The Wealthy Barber by David Chilton

This is a staple for anyone that wants to learn the basics about personal finance. If you are looking for a book that covers a variety of topics in an easy to understand format, this is the book for you. Although it was written in 1989, the information is still relevant today. For clients looking for a more modern read, there is also a second updated version called "The Wealthy Barber Returns."

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