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Margot Bai

Competition

  1. Smart Couples Finish Rich Canadian Edition
  2. The Wealthy Barber
  3. The Beardstown Ladies' Guide to Smart Spending for Big Savings



Smart Couples Finish Rich Canadian Edition: 9 Steps to Creating a Rich Future for You and Your Partner
By: David Bach (Doubleday Canada, 2003)

This well-known American author released a Canadian edition of his successful book, Smart Couples Finish Rich. Focusing more on relationship issues and investment options, Bach commits only one chapter, The Couple's Latte FactorTM, to the idea of reducing spending to find savings. However, he focuses almost exclusively on small spending, such as snacks, take-out, parking, and movie rentals. Spend Smarter, Save Bigger also discusses small savings but focuses on the much greater savings possible on large purchases such as a home or vehicles. Bach does a good job covering mortgages and insurance but betrays his bias as a financial advisor by unequivocally recommending that everyone needs to pay for investment advice. Spend Smarter, Save Bigger reveals the huge savings available by choosing simple, effective, low-cost investment alternatives and shows how to find unbiased investment advice for free.


The Wealthy Barber: The Commonsense Guide to Successful Financial Planning
By: David Chilton (Stoddart, 1989)

This highly successful Canadian classic is widely known as the foundational guide to "paying yourself first." Its success stems in part from its use of fiction to deliver a relatively simple message of saving 10% of income consistently over your lifetime. Spend Smarter, Save Bigger also uses story-telling throughout to teach key points in an entertaining way. However, while Chilton suggests saving a set amount and spending the rest, I show how to maximize savings in every area to grow wealth much faster. While Chilton's approach targets retirement at age 65, Spend Smarter, Save Bigger will enable the reader to retire and pursue their dreams well before this traditional retirement age.


The Beardstown Ladies' Guide to Smart Spending for Big Savings: How to Save for a Rainy Day without Sacrificing Your Lifestyle
By: The Beardstown Ladies' Investment Club with Robin Dellabough, (Hyperion, 1997).

The best-selling Beardstown Ladies have the right idea by prioritizing savings into a pyramid, with the biggest tangible expenses, home and automobiles at the top. However, the Ladies discuss home and auto savings only briefly, giving far more attention to smaller savings, while Spend Smarter, Save Bigger focuses almost entirely on big savings. While the Beardstown Ladies suggest buying a resale home below market value, they completely ignore the savings often available by buying new construction. Spend Smarter, Save Bigger emphasizes future resale considerations when choosing a home, something the Beardstown Ladies overlook. The Ladies suggest driving the same car for five to seven years, while Spend Smarter, Save Bigger shows the huge savings available by keeping a car for ten years. Spend Smarter, Save Bigger also emphasizes how reliability in a vehicle and safe driving technique will save thousands more, another area the Beardstown Ladies miss. The Ladies discuss banking fees but ignore the hefty fees levied on investments completely, another source of huge savings. In short, Spend Smarter, Save Bigger goes deeper than the Beardstown Ladies in providing practical advice on saving in the biggest areas.