I’ll admit it, when I picked up a copy of Preet Banerjee’s new book, Stop Over-Thinking Your Money, The Five Simple Rules of Financial Success, I immediately flipped to chapter seven. This is the chapter on Financial Advisors and I was very interested in what Preet would say about financial advice.  I have a lot of respect for Preet and his efforts to improve financial literacy in Canada, so I was expecting that he would present the subject in an objective, informative manner.

I wasn’t disappointed.  His plain language, common sense advice regarding the financial services industry is in line with the plain language, common sense advice in the rest of the book.

Why is this book essential reading for those who desire grounding in the basics of financial planning?  As the great philosopher, Voltaire, once said, “common sense is not so common”.

Preet delves into the fundamental rules of financial planning, helping the reader understand the importance of each.  He dispels some common misconceptions and presents each rule in a relatable manner.  The rules are:

  • Disaster-Proof Your Life
  • Spend Less than You Earn
  • Aggressively Pay Down High-Interest Debt
  • Read the Fine Print
  • Delay Consumption

Preet also includes a great primer on investing and insurance, both subjects that the financial industry often over-complicates.

Does this book replace the need for Financial Planners like me?  Both Preet and I don’t think so.  What it does do is empower Canadians with information on the critical aspects of financial decision making that, when implemented with or without an advisor, leads to greater financial security.

I consider it essential reading for young professionals entering the workforce.  The sooner one embraces the 5 rules, the fewer regrets in the future.

You can order the book here.

This information is of a general nature and should not be considered professional advice. Its accuracy or completeness is not guaranteed and Queensbury Strategies Inc. assumes no responsibility or liability.