Table Of Content
MONEY
RULES
Rule Your Money or Your Money Will Rule You
GAIL VAZ-OXLADE
This book is dedicated to all the mothers, fathers, grandmothers, and
grandfathers who wish they’d done more to help their kids figure money out.
With this book of rules, you have a road map for future discussions.
To all the young ’uns who just want some way of figuring out what’s true and
what’s a load of bullsh*t, here it is, just for you. Now you know. You can’t use
ignorance as an excuse for making the same mistakes your parents made.
To my son, Malcolm, who could care less about money. This is for when you’re
ready.
Contents
Cover
Title Page
INTRODUCTION: Figure Out How Money Works
RULE #1: RENTING IS NOT A WASTE OF MONEY
RULE #2: DON’T MARRY A MONEY MORON
RULE #3: YOU MUST HAVE A WILL
RULE #4: YOU MUST HAVE POAS
RULE #5: FIGURE OUT WHAT’S REALLY IMPORTANT TO YOU
RULE #6: SET SOME GOALS
RULE #7: YOUR BANKER IS NOT YOUR FRIEND
RULE #8: EVERYONE NEEDS AN EMERGENCY FUND
RULE #9: CALCULATE YOUR OWN DEBT REPAYMENT PLAN
RULE #10: YOUR FINANCIAL EDUCATION IS YOUR RESPONSIBILITY
RULE #11: HOME OWNERSHIP DOESN’T GUARANTEE AN EASY
RETIREMENT
RULE #12: COMPARE YOUR STUDENT LOAN INTEREST RATE WITH
REGULAR LOAN RATES
RULE #13: TERM INSURANCE IS NOT BETTER THAN PERMANENT
RULE #14: DON’T LET YOUR LENDER DECIDE HOW MUCH HOME
YOU SHOULD BUY
RULE #15: DON’T WAIT TO INVEST
RULE #16: DON’T PUT ONE GUY IN CHARGE OF THE MONEY
RULE #17: NEEDS MUST COME BEFORE WANTS
RULE #18: CREDIT IS GOOD—DEBT IS BAD
RULE #19: WRITE DOWN WHAT YOU’RE SPENDING
RULE #20: KEEP LEARNING—KEEP GROWING
RULE #21: IT’S NOT HOW MUCH YOU MAKE—IT’S HOW MUCH YOU
KEEP
RULE #22: EVERYBODY NEEDS A BUDGET
RULE #23: MAKE A BUDGET
RULE #24: CALCULATE YOUR TAXES TO AVOID A TAX BILL
RULE #25: NEVER IMPULSE-SHOP
RULE #26: DON’T HAVE YOUR CREDIT WITH THE BANK THAT HAS
YOUR DEPOSITS
RULE #27: DON’T TITHE IF YOU OWE MONEY
RULE #28: DON’T USE PREPAID CARDS
RULE #29: YOU CAN HAVE IT ALL, JUST NOT ALL AT THE SAME TIME
RULE #30: EVEN CHICKENS CAN INVEST SAFELY
RULE #31: ENROL IN YOUR COMPANY PENSION PLAN
RULE #32: ENJOY YOUR MONEY ONCE YOU’RE BACK IN THE BLACK
RULE #33: SAVE WHILE YOU PAY OFF YOUR DEBT
RULE #34: WATCHING YOUR PENNIES DOESN’T MAKE YOU
“CHEAP”!
RULE #35: DON’T OBSESS ABOUT YOUR CREDIT SCORE
RULE #36: DANCE YOUR WAY TO WHAT YOU WANT
RULE #37: KNOW YOUR TIME HORIZON
RULE #38: MORE WON’T MAKE YOU HAPPIER
RULE #39: YOU ARE IN CHARGE
RULE #40: FIGURE OUT YOUR MONEY SET POINT
RULE #41: DON’T PLAY THE KEEPING UP GAME
RULE #42: TALK TO YOUR PARENTS ABOUT THEIR MONEY
RULE #43: YOU CAN USE YOUR RRSP AS COLLATERAL
RULE #44: PROTECT YOUR FINANCIAL IDENTITY
RULE #45: MEASURE YOUR PROGRESS
RULE #46: DON’T PUT YOURSELF AT RISK TO HELP OTHERS
RULE #47: PAY ATTENTION TO YOUR CREDIT CARD COSTS
RULE #48: IT’S NOT YOUR MONEY UNTIL IT’S IN THE BANK
RULE #49: YOUR KIDS’ FINANCIAL EDUCATION IS YOUR
RESPONSIBILITY
RULE #50: YOU’RE ENTITLED!
RULE #51: YOUR MONEY SAYS A LOT ABOUT YOU
RULE #52: SET UP A CURVEBALL ACCOUNT
RULE #53: DON’T BUY THE MINIMUM PAYMENTS BULLSH*T
RULE #54: STAND ON YOUR OWN TWO FEET
RULE #55: A MATE IS NOT A PREREQUISITE FOR HOME OWNERSHIP
RULE #56: LEVERAGING ISN’T FOR EVERYBODY
RULE #57: LEARN FROM YOUR MISTAKES
RULE #58: DON’T LET EMOTIONS MAKE YOUR DECISIONS
RULE #59: NEVER SIGN UP FOR IN-STORE CREDIT CARD OFFERS
RULE #60: NEVER BUY MORTGAGE LIFE INSURANCE
RULE #61: MAKE YOUR OWN OVERDRAFT PROTECTION
RULE #62: UNDERSTAND OPPORTUNITY COST
RULE #63: MAKE SPOUSAL RRSP CONTRIBUTIONS BY DECEMBER
RULE #64: PLAN LIKE A PESSIMIST
RULE #65: JUST BECAUSE YOU HAVE A VARIABLE INCOME DOESN’T
MEAN YOU CAN’T BUDGET
RULE #66: KNOW THE DIFFERENCE BETWEEN GOOD AND BAD DEBT
RULE #67: TAKE CARE OF YOUR STUFF
RULE #68: TIP MONEY IS REAL MONEY
RULE #69: EI DOESN’T NEGATE THE NEED FOR AN EF
RULE #70: STOP LETTING YOUR ADULT CHILDREN TAP YOUR
WALLET
RULE #71: BE CAREFUL WHEN GIVING OUT YOUR INFO
RULE #72: DON’T AUTOMATICALLY RENEW YOUR MORTGAGE
RULE #73: TRACK YOUR NET WORTH
RULE #74: DON’T BUY WHAT YOU DON’T KNOW
RULE #75: PAY OFF CALLABLE DEBT FIRST
RULE #76: STOP RATIONALIZING
RULE #77: BUILD A STRONG PERSONAL ECONOMY
RULE #78: TOO GOOD TO BE TRUE USUALLY IS
RULE #79: KEEP TAX-RELATED PAPERWORK FOR SEVEN YEARS
RULE #80: KNOW YOUR RISK TOLERANCE
RULE #81: AVOID EARLY RENEWAL PENALTIES
RULE #82: STAY WITHIN CDIC LIMITS
RULE #83: CALCULATE THE REAL PROFIT ON YOUR HOME
RULE #84: KNOW HOW COMPOUNDING WORKS
RULE #85: PATIENCE IS A VIRTUE
RULE #86: THE KNOW YOUR CLIENT FORM DOES NOT GIVE YOU A
GOOD RISK PROFILE
RULE #87: CLEAN UP YOUR DEBT MESS
RULE #88: CHARGE YOUR KIDS RENT
RULE #89: PLAN TO GRADUATE WITH LOANS OF LESS THAN ONE
YEAR’S NET INCOME
RULE #90: QUITCHERBITCHIN’ AND FIRE YOUR BANK
RULE #91: STAYING HOME WITH BABY IS A PRIVILEGE
RULE #92: PAY YOUR MORTGAGE OFF BEFORE RETIREMENT
RULE #93: DO NOT CASH IN REGISTERED SAVINGS TO PAY DOWN
DEBT
RULE #94: STOP PROCRASTINATING
RULE #95: FOCUS ON BEING MARRIED, NOT JUST ON GETTING
MARRIED
RULE #96: SELL UNREGISTERED INVESTMENTS TO PAY DOWN DEBT
RULE #97: BE HONEST ABOUT YOUR MONEY
RULE #98: YOU CAN’T BEAT THE TAX MAN ON RRSP WITHDRAWALS
RULE #99: A PREAPPROVED MORTGAGE DOES NOT MEAN YOU’RE
GUARANTEED FINANCING
RULE #100: DON’T CLAIM YOUR RRSP DEDUCTION RIGHT AWAY
RULE #101: DEFINE RELATIVE VALUE BY YOUR DISPOSABLE
INCOME
RULE #102: STOP USING PLASTIC
RULE #103: WORK IS WORK IS WORK
RULE #104: A CONSOLIDATION LOAN DOES NOT PAY OFF DEBT
RULE #105: DON’T FALL PREY TO THE SUNK COST FALLACY
RULE #106: DON’T SHOP ON YOUR BALANCE TRANSFER CREDIT
CARD
RULE #107: SAVING IS EASY—INVESTING IS COMPLICATED
RULE #108: NEVER TRAVEL WITHOUT PRIVATE MEDICAL
INSURANCE
RULE #109: PAY YOUR BILLS EARLY
RULE #110: ASK THESE QUESTIONS BEFORE YOU BORROW
RULE #111: IF YOU HAVE TO LIE, DON’T BUY
RULE #112: YOUR SITUATION IS UNIQUE
RULE #113: YOU’RE NOT RESPONSIBLE FOR OTHER PEOPLE’S DEBT
RULE #114: COUNT YOUR SAVINGS IN $, NOT %
RULE #115: MONEY LENT IS A GIFT
RULE #116: PAY YOUR CREDIT CARD BALANCE IN FULL
RULE #117: NEGOTIATE—DON’T COMPROMISE
RULE #118: OPEN A LINE OF CREDIT BEFORE YOU RETIRE
RULE #119: DON’T ACCELERATE YOUR HOME BUYERS’ PLAN
REPAYMENT
RULE #120: DON’T BE A SUCKER
RULE #121: DON’T SKIP PAYMENTS
RULE #122: ASK FOR A CASH DISCOUNT
RULE #123: A SUPPLEMENTAL CREDIT CARD DOESN’T BUILD A
CREDIT HISTORY
RULE #124: DON’T GAMBLE
RULE #125: BUSY PEOPLE SPEND LESS MONEY
RULE #126: LAZY PEOPLE SPEND MORE MONEY
RULE #127: DO NOT HAVE JOINT CONSUMER CREDIT
RULE #128: PLAN YOUR FUNERAL
RULE #129: DON’T PASS UP FREE MONEY
RULE #130: NEVER BUY WHAT YOU CAN BORROW
RULE #131: CREDIT IS SMART—DEBT IS STUPID
RULE #132: CRAP HAPPENS
RULE #133: DON’T OVERPAY YOUR WITHHOLDING TAX
RULE #134: REVIEW YOUR CREDIT CARD STATEMENT EVERY
MONTH
RULE #135: ASK YOUR INSURANCE BROKER TO PROVE HIS
INDEPENDENCE
RULE #136: THINK ABOUT THE FUTURE
RULE #137: GET OFF THE HEDONIC TREADMILL
RULE #138: PROTECT YOURSELF FROM A MONEY MORON
RULE #139: DON’T SEEK HELP FROM CREDIT COUNSELLING
RULE #140: CHANGE YOUR BILLING DATES
RULE #141: FIGURE OUT YOUR MOTIVATION
RULE #142: KNOW THE RULES FOR WRITING OFF A HOME OFFICE
RULE #143: DESIGNATE BENEFICIARIES ON EVERYTHING
RULE #144: STOP DOING MENTAL MATH
RULE #145: CHOOSE YOUR WORDS CAREFULLY TO GET ON THE
SAME PAGE FINANCIALLY
RULE #146: CASH FLOW IS KING
RULE #147: LIVING TOGETHER IS NOT THE SAME AS MARRIED
RULE #148: INCREASE YOUR INSURANCE DEDUCTIBLES
RULE #149: DON’T WASTE MONEY ON YOUR CAR
RULE #150: LOSE YOUR BAD HABITS
RULE #151: MONEY ISN’T YOURS UNTIL IT’S IN THE BANK REDUX
RULE #152: HIDE MONEY FROM SPENDTHRIFTS
RULE #153: MAKE CHOICES, NOT DEBT
RULE #154: EMBRACE ANTICIPATION
RULE #155: IF YOU SPLIT UP, TAKE YOUR NAME OFF THE CREDIT
RULE #156: MONEY BEGETS MONEY
RULE #157: FIGURE OUT WHAT YOU WANT MONEY FOR
RULE #158: ESCHEW ENVY
RULE #159: NEGATIVE EQUITY IS AN OXYMORON
RULE #160: REALLOCATE DEBT REPAYMENT SMARTLY
RULE #161: WEIGH MERS AGAINST RETURNS
RULE #162: YOUR FINANCIAL NEEDS WILL CHANGE
RULE #163: DON’T TREAT YOUR HOME EQUITY LIKE A PIGGY BANK
RULE #164: KNOW WHAT YOU’RE SPENDING ON YOUR KIDS
RULE #165: DON’T SKIP FILING A TAX RETURN
RULE #166: PAY YOUR TAXES
RULE #167: DON’T RETIRE TOO EARLY
RULE #168: PLAN BEFORE GIVING
RULE #169: MAINTAIN YOUR HOME
RULE #170: DON’T MIX BUSINESS INCOME AND PERSONAL INCOME
RULE #171: WORK HARDER TO PAY MORE TAXES
RULE #172: IT’S NEVER TOO LATE
RULE #173: YOUR BANK WILL GIVE YOU ALL THE ROPE YOU NEED
TO HANG YOURSELF
RULE #174: LIFE ISN’T FAIR
RULE #175: TELEVISION IS NOT REAL LIFE
RULE #176: IF YOU’RE CARRYING A BALANCE ON YOUR CREDIT
CARD, CUT UP THE CARD
RULE #177: CONSUMABLES ARE NOT INVESTMENTS
RULE #178: EXPERTS DIFFER
RULE #179: ATMS ARE NOT WALLETS
RULE #180: PRACTISE, PRACTISE, PRACTISE
RULE #181: NEVER BUY CREDITOR INSURANCE
RULE #182: EXAMINE YOUR LIFE
RULE #183: FIND SOME BALANCE
RULE #184: KNOW HOW CREDIT CARDS CALCULATE INTEREST
RULE #185: SET CONCRETE GOALS
RULE #186: NEVER TAKE A PAYMENT HOLIDAY
RULE #187: HIRE GOOD HELP
RULE #188: KEEP A SEPARATE CREDIT CARD FOR ONLINE SHOPPING
RULE #189: STUFF ACCUMULATES. USE IT UP.
RULE #190: PRACTISE NOT BUYING
RULE #191: CHOOSE YOUR EVIL
RULE #192: DON’T BE TOO SMART FOR YOUR OWN GOOD
RULE #193: BUY AND STAY PUT
RULE #194: IF YOU FREEZE, REBOOT
RULE #195: BORROW CONSCIOUSLY
RULE #196: YOU CAN BUY LIFE INSURANCE ON YOUR PARTNER
RULE #197: USE AN RDSP TO PROTECT YOUR DISABLED CHILD
RULE #198: PRACTISE FINANCIAL CONSERVATION
RULE #199: DON’T TAKE THE TAX MAN’S ADVICE AS GOSPEL
RULE #200: MUTUAL FUND AVERAGES DON’T MEAN DIDDLY
RULE #201: KNOW THE BEST TIME TO USE A VARIABLE MORTGAGE
RULE #202: NOT EVERYONE SHOULD HAVE AN RRSP
RULE #203: ACCELERATE YOUR MORTGAGE REPAYMENT
RULE #204: HELP CHILDREN WITH EARNED INCOME MAKE RRSP
CONTRIBUTIONS
RULE #205: YOU DON’T OWN YOUR COMPANY INSURANCE
RULE #206: DIVERSIFY YOUR PORTFOLIO
RULE #207 WRITE YOUR OWN MORTGAGE
RULE #208: ALWAYS REVIEW YOUR NOTICE OF ASSESSMENT
RULE #209: WATCH OUT FOR LIFESTYLE INFLATION
RULE #210: ALWAYS SHOP WITH A LIST
RULE #211: SELF-EMPLOYMENT IS TAX-SMART
RULE #212: IT’S NOT WHAT YOU SAVED—IT’S WHAT YOU SPENT!
RULE #213: CLOSE CREDIT ACCOUNTS YOU’RE NOT USING
RULE #214: TAKE A SPENDING HOLIDAY
RULE #215: IF YOU GET BAD ADVICE, COMPLAIN!
RULE #216: STUDENT LOANS CAN BE DISCHARGED AFTER SEVEN
YEARS
RULE #217: REPLACE IMPULSIVE ACTION WITH CONSCIOUS CHOICE
RULE #218: COLLATERAL MORTGAGES ARE A TRAP
RULE #219: BUY INSURANCE WHEN YOU DON’T NEED IT
RULE #220: ADD UP WHAT YOU OWE
RULE #221: DON’T BUY AND CHECK OUT
RULE #222: DON’T BORROW TO CONTRIBUTE TO AN RRSP
RULE #223: OPEN AN RESP FOR YOUR KIDS
RULE #224: NEVER BUY A GROUP (OR SCHOLARSHIP TRUST) RESP
RULE #225: CONSIDER A MARRIAGE CONTRACT
