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Make the big banks work for you, not against you!
You work hard. You sacrifice to save. You risk your money in the market over your working lifetime and you trust your bank to treat you fairly. But your bank strips away half of your lifetime investment returns in fees, costing you tens of thousands, or even hundreds of thousands, of dollars. Without realizing it, millions of Canadians are in precisely this position.
How does the industry pull this off? The big Canadian bank, and by extension our entire financial industy, brilliantly capitalize on the combination of individual investors’ poor understanding of fees, deep loyalty, and misplaced trust by charging Canadians the highest investment fees in the world. There is a better way!
Larry Bates, a former senior banker and investment industry insider turned investor advocate, reveals industry secrets and tactics that most hard-working, hard-saving Canadians need to be aware of to beat the banks at their own game.
Provides a step-by-step guide to investing that slashes banking fees and can potentially double investment returns.
Shows how to build a larger retirement nest egg by switching from high-cost mutual funds to more efficient, low-cost investment products.
Outlines a simple approach to investing that takes just a few hours each year to implement.
Offers the knowledge and tools to achieve the long-term investing success you and your family deserve.
Beat the Bank proves that you don’t need to be an expert to invest successfully . . . you just need to know the basics. It’s easy when you know how!
Publisher : Milner; 1st edition (Sept. 16 2018)
Language : English
Paperback : 208 pages
ISBN-10 : 1775343707
ISBN-13 : 978-1775343707
Item weight : 281 g
Dimensions : 15.29 x 1.3 x 22.81 cm
Customers say
Customers find the book easy to read and understand. They appreciate the good insights and valuable information provided in it. Many consider it a great investment that will save new and mature investors money by following a sound investing strategy that minimizes fees and taxes.
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cnagappa –
This book was a real eye opener for me
I couldn’t figure out why my Bond fund in my RRSP was not growing. This book helped “deprogram” me from my flawed and incorrect understanding of how financial services work, cautioned and explained how fees eat up a major portion of the investments of Canadians, and enlightened me by providing the simple tools to prevent my investments from being chewed up by fees and taxes, and provided simple, practical advice on how to maximize my gains.The focus is long term, mainly aimed at building a nest egg for retirement. But the advice is useful regardless of what your investment goals are.As other’s have stated, the first chapter itself is worth more than the cost of this book. This book will pay for itself at least a thousand times, but more likely between five to fifty thousand times over, depending on the amount of your initial investment and its duration.It’s written in a way that will inform you and also help you retain the knowledge you’ve gained.Every chapter in this book is a gem. There is some repetition of key concepts, but it is definitely necessary.That being said, now with higher interest rates being the norm, I look forward to an update from the author which provides additional advice given the higher interest rates.
Chris –
Very basic entry level and a must read / must have in your collection
I am about 50 pages away from being finished with this book. It has exactly what I want. Simple to read and doesnt get into the elite investing stuff. If you arent trying to be a full time investor and want a modest return on investment without paying high fees, this book is a must read. Never trust your bank! I already knew a lot of what the book is saying but 90% of people dont. Highly recommend this book glad I bought it. The only thing I did not like was how the books seems to waste time / repeats itself a lot and adds big charts to fill up the page (you can tell they tried to stretch it out cause books normally are 200pages at the minimum), but even with saying that, its a fast quick read and it drills the point . The main message of the book is mutual funds that banks offer are essentially a scam that gobble up 50% of your projected returns. The banks take advantage of people because people think investing and get scared and put the trust in the banks but thats the big mistake. This book will take you max 5-8hours to read and the ROI (return on investment) is going to be insane. I feel bad for my family members when reading this book cause well first of all most of them dont invest, but the ones that do are investing in mutual funds. And I always remember Tony Robins saying that its a scam but i never understood why. I even had a meeting at my bank months before buying this book and all they sell you is mutual funds and the projections they show you match what you can get yourself by buying into ETFs but the difference is the fees that the banks charge destroy you. All you have to do is take one or two more steps and you will gain 40-45% more money on your investment in the long run by avoiding the killer fees. This book is a must read, and every school should be sending students home with this instead of really anything else the school offers. Its always baffling how I (we) have to go out of our way to get this simple information when it should be provided in the school system but remember no one really has your best interest but you! Invest in yourself and buy this book and you;ll make thousands, hundreds of thousands, or millions more on your return by spending 20-30 bucks and 5-8hrs of your time.
Henrique Aranega –
Brilliant idea and strategy
The book that will change your life!It, this statement summarize everything you need to know about this book, if you want starting investment start here.
Emily –
Practical Guide to Investing in Canada
“Beat the Bank: The Canadian Guide to Simply Successful Investing” by Larry Bates is an insightful and practical resource for Canadians looking to take control of their financial future through smart investing.Bates, a former investment banker, demystifies the complexities of investing and offers clear, actionable advice on how to build wealth and achieve financial independence. He emphasizes the importance of adopting a simple and disciplined approach to investing, focusing on low-cost, passive investment strategies that maximize returns over the long term.One of the strengths of this book is its relevance to the Canadian investment landscape. Bates addresses common challenges faced by Canadian investors, such as high fees, hidden costs, and misleading financial advice, and provides alternative strategies for optimizing investment returns while minimizing risk.The book covers a wide range of topics, including asset allocation, portfolio construction, retirement planning, and tax-efficient investing. Bates’s writing is accessible and engaging, making complex investment concepts understandable to readers of all backgrounds.Overall, “Beat the Bank: The Canadian Guide to Simply Successful Investing” is a valuable resource for Canadians seeking to build wealth and achieve financial security through prudent investing practices. Whether you’re a novice investor or experienced financial professional, this book offers practical guidance and actionable insights that can help you navigate the complexities of the investment landscape.I highly recommend “Beat the Bank” for anyone interested in taking charge of their financial future and making informed investment decisions in the Canadian market. It’s an essential read for those seeking to build a solid foundation for long-term financial success.
Amazon Customer –
An amazing book!
If you are Canadian, read this book!
Jordan N. –
There is a great choice of investment books for Americans. Some ideas are universal and you can apply them anywhere. However, there are some differences when it comes to some tax shelters that are available. E.g. we don’t have Roth IRA (TFSA is similar), 509 (we have RESP), 401(k)… Some programs are similar, but when working with numbers any difference may be significant. So, we can’t take full advantage of some great American investment books. Larry Bates is Canadian, writing for Canadians.However, some ideas are universal. Start early, invest in ETFs instead of Mutual Funds, and leave your investment to grow. Plan for decades, and trust the power of North American market. Don’t worry about fluctuations and crashes.From that perspective, I believe it will be highly beneficial to Americans.This is not a book for daily investors, but for people who prefer to spend few hours per year on management of their investments.
Lilu –
I’ve started to invest through Canadian online brokers by myself. As a newcomer in Canada and in my late 40s, it was challenging dealing with the myriad of investment options I had access. After had read BtB, it became so simple knowing exactly what to do and where to allocate my money.
Christel Schmidt –
Interesting and finally a Canadian perspective!
sunbyrne –
Larry explains, guides and opens a door to the world of how banks take a chunk of your investments gains.