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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 the book 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 will be able to tap into one of your income sources. If one of your investments dips at a time that you need a steady income, you are protected.
This book is clear, easy to understand, and covers all aspects you will need to 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 incase you were partnered and recently became single in retirement due to the loss of a partner. These are important things to know that most of us never think about until we are in the situation.
I learned a lot from Bank On Yourself, and highly recommend any Canadian woman read this book!
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