Wealthing Like Rabbits – Book Review And Giveaway

Wealthing Like Rabbits Robert Brown

Robert Brown’s Wealthing Like Rabbits is indeed an original introduction to personal finance. You won’t find any other books out there that informs readers about personal finance using references such as zombies, the failing Toronto Maple Leafs and Super Mario. It’s clear that the book is aiming at the underserved younger audiences and does a good job of it. 

Along with the use of references, Robert Brown writes in simple, easy to understand language for people whom are starting to delve into the world of personal finance. His use of common sense logic makes this an easy and fulfilling read.

Rabbits, Zombies And RRSPs

After the first chapter and learning about the golden rule of personal finance “pay yourself first and spend less than you earn”, Wealthing Like Rabbits conveys the magic of compound interest with rabbits, zombies and RRSPs.

Every week England receives 110 new zombies. This continues for the next forty years. . . on average only six out of every one hundred zombies chow down on the British citizenry annually, zombamafying them into new zombies. How many zombies would be in England after forty years?”

There would be 824,627 zombies in England after forty years. 

Robert then provides a real world example:

Does that mean if you put $100 a week into your RRSP every week for forty years and get an average rate of return of 6% over those years, you’ll have $824,627 in your RRSP?

Yes it does. 
Even though you only put in $208,000?

Mario Mortgage

In this chapter of Wealthing Like Rabbits, Brown takes the example of the Super Mario Brothers, Mario and Luigi, and creates a scenario involving buying a home with a mortgage. The most interesting takeaway from the scenario is that the total cost of home drastically changes depending upon several factors. The cost of the home, mortgage, interest, insurance, and amortization all effect the total cost of borrowing. 

Mario bought a house that was worth $175,000 more than Luigi’s, which resulted in a bigger mortgage. In the end, Mario’s house will cost him $402,472 – over four hundred thousand dollars – more than Luigi’s house will cost him.

Robert Brown does a great job in showing up that banks are not looking out for your financial needs. Here are two of his best quotes regarding mortgages. 

Retail banks are in the business of providing financial services or products to make a profit. They are very good at it. They are not in the business of ensuring that your house purchase is a smart decision for you and your long-term financial health.

Asking a bank how much you are ‘allowed’ to spend on a home is a bit like asking Ronald McDonald if you are allowed to supersize your Big Mac and fries.

Debt And Disease

Robert Brown reminds us that the banks are not our friends. They don’t give us lines of credit, mortgage or credit cards because they are our friends. They are in business to profit.

If you were to ask a room full of bankers to decide on which they loved more – big extended mortgages or credit cards – it would be a tough decision for them.

He warns about the dangers of consumer debt and how society is falling into this type of lifestyle.

Lines of credit are very seductive. Now it has become acceptable and, in some circles, almost fashionable to take on mountains of consumer debt. Do not buy into this thinking.

Closing Thoughts

Wealthing Like Rabbits covers the topics of debt, mortgages, pay day loans, opportunity costs, credit cards and lines of credit and many other aspects to personal finance. Robert Brown has put together a must-read for anyone starting to venture into the journey of controlling of their finances. 

If you are interested in picking up Wealthing Like Rabbits, you can order a copy online for $16.95 in paperback. There are also kindle additions available as well to save a few bucks. You can also enter our contest below for a chance to win one of three copies. Content closes May 31st.

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