Book Review: Moolala Guide to Rockin’ Your RRSP

Our review of Moolala Guide To Rockin' Your RRSP

Retirement planning doesn’t have to be dull and boring – it can be imaginative and motivating. Bruce Sellery’s latest book is a breath of fresh air in the personal finance genre. While there have been countless books written on RRSPs, this is the first book I’ve read that covers them in such a straightforward way.

Moolala Guide

Continuing RRSP Confusion

With less than a quarter of Canadians contributing to RRSPs (24 per cent in 2011, according to Statistics Canada) and a retirement crisis brewing, clearly something is amiss. While TFSAs have been a hit with Canadians, RRSPs have seemingly fallen by the wayside, with fewer Canadians contributing less each year. Sellery is here to change that. His new book, The Moolala Guide to Rockin’ Your RRSP, helps readers make money simple by providing sound, actionable advice anyone can follow.

The C Factors of Retirement

If you read Sellery’s first book, Moolala: Why Smart People Do Dumb Things with Their Money – and What You Can Do About It, you’ll feel right at home. So why do smart, capable people do dumb things with their money? That’s the million dollar question. Sellery has developed the “C Factors” to explain this phenomenon.

1. Context

How are you supposed to get excited about saving for your retirement when you don’t have any plans? Context answers the question, “What do I see myself doing in retirement?”. Retirement may be decades away, but it’s still important to start planning today. Whether you envision yourself laying on the beach in Hawaii or travelling the world, context helps make your retirement plans relevant and empowering.

2. Consequences

Have you ever thought about the consequences of not saving for retirement? How are you going to be able to afford to travel the world if you never bothered to contribute to your RRSP? If you’re relying on winning the lottery, you’re living in a pipe dream. Although most people would rather concentrate on the positive things in life, it’s important to understand that by spending today, you’re robbing from your future self. Are your prepared to live with the consequences?

3. Complexity

Does the word “RRSPs” make you break into hives and sweat profusely? RRSPs may be a lot more complicated than learning your ABC’s, but it’s still important to have at least a basic understanding. Although you don’t need to follow the stock markets on a daily basis, it’s important to know if your company offers retirement savings plans like a Group RRSP or Defined Contribution Pension Plan.  By not taking advantage, you’re leaving free money on the table.

Sellery Reinvents the Personal Finance Genre

Sellery’s book is fun and enjoyable for readers of all ages. Whether you’re hitting the books in university, are in your forties with a family, or approaching retirement, you’re sure to learn plenty. Sellery gives a whole new meaning to the term “actionable advice”. Each chapter is filled with interactive exercises to help motivate you to make your retirement dreams a reality. There are also personal stories from people just like you – if they can save towards their retirement, why can’t you?

In between witty banter and a Monty Python joke or two, Sellery provides sound advice to help get your RRSP rockin’. Sellery’s five painless steps will motivate you to get off your couch and set your retirement plan into action. If you can read only one book on retirement, this is it – it will change the way you think about retirement forever.

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Saving For Retirement

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