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I did not think I was paying these high fees for my investments. Turns out i was paying many fees I didn’t know about. This book has inspired me and gave me the knowledge to switch from high fee mutual funds to AIY investing. Now I can’t stop learning about it all.
By far a MUST READ for all Canadians. Once I started it I could not put it down and refused to watch any TV or social media ect. The author was very knowledgable and honest in everything most of us Canadians have no clue in nor will they teach us this in schools. I called out a lot of banking people I personally know and gave them a peace of my mind and left them dumb founded on how I found out what they’ve been doing to Canadians for years. READ THE BOOK.
Had two people help me with my finances. One suggested I understand more about the banks and fees. The other advised me to find evaluate the services I was receiving. Both have impeccable carriers in finance. Book was a good education. Wish I had read it 30 years earlier. Helps to understand what no one is telling you and plan accordingly.
I sailed through the book in a couple of hours. This is a very easy read and a solid confirmation of what I came to realize some years ago. It is a good reminder that one should avoid paying fees (such as what mutual fund charges) and construct the portfolio in a way to minimize tax (which is not all that hard, interest, dividend and capital gain are taxed differently).
The author covers the basics well and introduces us to his T-REX calculator which is a good tool to judge the portfolio we'd like to invest in. The flow of the book - the quotations and examples are lucid and get straight to the point. Simply successful investing does not have to be complicated, and the author gives us examples of sample portfolios depending on the individual's risk tolerance.
Beat the Bank is hands down the best information I have read on investing for retirement. The clearly presented, detailed information opened my eyes to the impact of high cost mutual funds on my saving success, and to the benefit of switching to lower cost ETFs. Through it, I gained the understanding and confidence to pull my investments from a mutual funds ‘expert’, open my own trading account (Questrade) and create a portfolio (ETFs and some individual stocks) that is outperforming my previous provider. I have recommended this book to a number of friends and will be giving a copy to each of my kids this Christmas. I’d also encourage anyone to make this (very small) investment in learning the rules of simply successful investing; I’m confident it will pay back in spades!