This started as a summary of the book, Wealthy Barber: The Common Sense Guide to Successful Financial Planning by David Chilton that I was writing for my Book Club. However, the more I wrote the more I realized that I was adding stuff that was not in the book. In order to not confuse a book summary with my notes on financial planning, I have re-written parts of the summary and continue to make changes. If ever you see the mention of an author or the book, I mean Mr Chilton and the book Wealthy Barber. But this writeup now contains a lot more of what I have learned in the last few years on the different topics covered in the book.
These notes are not meant as financial planning advice. I am no financial expert and have not spent a lot of time double checking anything. There are likely to be at least some mistakes and errors. These notes are mostly my own musings and a way to remember my thought process. That said, if they end up being useful to you, I would be glad to hear about it.
The book I summarized was written in the 90s and a lot has happened since. However, a lot of the key advice regarding financial planning will continue to be true. Another issue with the book for me was that living in Canada, the rules and types of accounts etc. are different. However, it is interesting to note that while Canada does things differently, it does them similarly.
This page got long enough that I thought it best to break it down into multiple pages: