Uncover the Myths to Get on Track Financially

Personal finance is a constant area of struggle for Canadians. It is often pushed to the bottom of our list of priorities to be dealt with later, while other problems are tackled first. Individuals often procrastinate in dealing with their monetary problems. This can be a result of a lack of financial knowledge, a feeling that there is not enough time, or simply not having the right tools.

Whatever an individual’s reason, people tend to look for a quick and easy way to fix these financial issues and get misled by myths along the way.

David Trahair, a chartered accountant for over 25 years, has seen such financial problems firsthand. In his book Smoke and Mirrors: Financial Myths That Will Ruin Your Retirement Dreams, Trahair reveals his concern for the ways in which large finance companies and their advisers exploit the typical Canadian’s lack of financial knowledge. By recognizing the myths he unveils in his book and exposing the truth behind them, Trahair’s hope is to help others who may have become victim to these financial fantasies and to “see reality through the smoke and mirrors.”

First: Uncover the Myths

Most of us are conditioned to believe myths such as:

  • you need $1 million to retire,
  • RRSPs are the most important thing you can invest in for retirement,
  • you don’t need to worry about your investments,
  • avoiding taxes will save you money, and
  • life insurance will secure your future.

If we continue to believe these completely, our problems will eventually worsen. Debt can become more detrimental and has the potential to haunt us and the ones we love for years to come. Large financial institutions have been increasingly trying to capitalize on our lack of knowledge. As a result, it becomes more difficult to find information about money that is credible and trustworthy.

Next: Take Control of Your Personal Finances

As well as providing readers with the truth about such financial myths, in Smoke and MIrrors Trahair provides thoughts and tools to help individuals learn and make healthy financial choices, such as how to:

  • plan efficiently for RRSPs
  • calculate expenses in order to save for the future
  • make purchases while keeping stable finances in mind
  • track and record finances

With the right tools, and a bit of knowledge, it’s possible to not be misled by financial myths.

About Smoke & Mirrors 7Author David Trahair wants to reveal the truth behind the myths that are so often pitched to unassuming Canadians who are concerned about their financial future.

His book challenges the self-serving claims of people pushing RRSPs and other “investments” and reveals why you should question their claims. Smoke and Mirrors: Financial Myths That Will Ruin Your Retirement Dreams is available in our Web store.

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