The content on this website may contain affiliate links or sponsored content. This means we earn money from brands when readers click through, purchase, or sign up through certain links. Clicking the links won't result in any additional cost to you, but it will support our blog. Thanks!
When I first saw the subtitle of this book, I knew I really wanted to read it. It states “Why every woman should plan financially to be single, even when she is not.” This really resonated with me. As we know, women live longer than men do, so the odds of a Woman with a male partner being widowed are pretty high.
She also accounts for those who are single either intentionally or unintentionally stating that “90% of women will need to manage their own finances at some point in life…”. “Bank On Yourself– A must read book for every Canadian Woman. It was written by a Senior Wealth Advisor – Leslie McCormik, and Ardelle Harrison, a Financially independent intentionally single retiree.
With just over 200 pages, this book is easily digestible for women of any level of financial knowledge. The book really focuses on building your confidence in financial matters. Learning how to budget, considering insurance, and planning for financial independence are all covered in “Bank On Yourself“.
Part 3 of Bank On Yourself focuses on ways to create financial independence for yourself. Creating multiple income streams – they recommend all women have a minimum of 3 income streams for retirement. That might be a mix of Government Benefits, Pensions, Real Estate, Investment Income, Annuities or many other potential options.
Whatever your mix, diversifying your retirement income can be a great help in case you need a lump sum at a certain point; you can tap into one of your income sources. If one of your investments dips at a time when you need a steady income, you are protected.
There are so many reasons women need to be investing, but here are our top 5! This book really drives home the fact that each and every Canadian woman should be learning about their money and taking ownership. Bank On Yourself Reviews just what can happen if you aren’t prepared, and helps you take the steps you need to start learning.
This book is clear, easy to understand, and covers all aspects you must know in retirement as a Canadian Woman such as CPP and OAS considerations for single vs coupled women. They cover what you need to know if you were partnered and recently became single in retirement due to losing a partner. These are important things to know that most of us never think about until we are in the situation.
I hope that this Bank On Yourself Review encourages you to check it out. You may need to search and check your local library, but I highly recommend any Canadian woman read this book!
About The Author
Jessica Morgan is the founder of canadianbudget.ca and a Millennial mom of one who has a burning obsession with all things personal finance. Jessica has a BA in East Asian Studies from York University and a Masters in Business Administration from Toronto Metropolitan University. She is a career public sector employee with a Hybrid Pension, as well as an advocate for Canadian women to improve their personal finance knowledge.