Walletpop Canada sat down and interviewed Gail Vaz-Oxlade and discussed her new book 'It's Your Money: Becoming a woman of independent Means' at the offices of Harper Collins.

Vaz-Oxlade hopes her book will get people to stop being scared and start taking action. While the book is geared toward educating and empowering women about issues such as divorce, becoming a parent, or becoming widowed, there's also lot of great information for men as well. It's never too late to improve your financial health and the sooner you do, the better.

"I think it's really important that we come to realize that life is about balance, that it's not all or nothing. It's not spending every waking moment thinking about money or spending no time thinking about money," says Vaz-Oxlade. "Managing money isn't really that hard. It requires some discipline and there is some detail involved, but in reality it doesn't take that much time and the payback is huge."

Click on the picture below to view our gallery 'The Top 9 Financial Mistakes People Will Make in 2012'. Vaz-Oxlade interview continues below.


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Come Super Bowl Sunday, the pressure will be on the New England Patriots and New York Giants as they battle in Indianapolis for NFL glory. And it will also be on you, as you aim to plan the Super Bowl party to end all Super Bowl parties - without sacking your savings account. Here are some tips for hosting a Super Bowl party that doesn't blow the budget.

Internet bidding sites have been spreading like forest mushrooms after a warm rain in late May recently. E-Bay has almost become an afterthought.

It all began when people decided, for example, that to sell a car as a trade-in when buying a spanking new vehicle is shortsighted. The dealer offers you a price. That price will, in the best of cases, cut into the new car's price but, eventually, you'll find out that car dealers aren't in the business for your beautiful (insert colour here) eyes.

This realization (and not only about cars) has led to all kinds of lists and sites that let you sell your older product (or buy one) for prices considerably more to your liking. You're not supporting a dealer's overhead, after all (this brings us back to cars, but only because they're such an easy example).

But the lengths some of the bidding sites go to these days must raise an eyebrow or two.

Have you ever taken a drive into the ritziest neighbourhood in your city and wondered what people must have been doing to be able to afford a $20 million home? I have. And I've come to the following conclusions: It could be old money, it could be that someone took a good idea and turned it into a cash cow, or they could be street pharmacists. The truth is if you want to be wealthy, it doesn't matter how much money you earn, it's how much you keep that counts.

But why is no one saving anymore?

Sky-high student loan debt and easy access to high-interest credit cards are only part of the problem. At the other end of the spectrum, Canadians are struggling with the rising cost of living and low-paying jobs. Statistics Canada says that household net-worth has dropped 2.1 per cent to $180,100 in the third quarter from $184,700 in the second quarter.

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While visiting my banker, I happened to overhear a conversation about how an octogenarian of modest means managed to save what adds up to be an annual income of $30,000 a year for the rest of her retirement years. This amount doesn't include her company pension or money received from her Canada Pension Plan. That's pretty incredible for a single debt-free senior. Is she The Bionic Penny Pinching Woman? Nope. She's incredibly prudent with her finances and doesn't rely on credit.

Related links:

• Canada's Rich Are Getting Richer. So Who Are They?
• How to Find a Good Financial Expert
• Kevin O'Leary on How to Wake Up Rich & When 'Fire' the Government

Financial experts recommend that you save 80 per cent of your working salary for each year of your retirement. Are you on track? If not, follow the lead of high net-worth individuals. Here's how:

1. Have a plan

Unless they won the lottery, most millionaires and billionaires didn't become rich by chance. They developed a plan and a timeline to gradually grow their net worth. Part of this plan includes debt reduction and becoming asset rich. An important part of planning is dreaming. Visualize when you want to retire and the life you want to lead. Ask yourself how much money you will need to save to get there, and actively focus on that plan. To ensure that your plans come to fruition set out SMART objectives: Specific, Measureable, Attainable, Realistic, and Timely.

2. Create a budget

I know it's not exciting stuff, but budgets can work. Wealthy people are very disciplined about following their budgets. Check out (non-Canadian) actress Zooey Deschanel's monthly financial breakdown. Budgets weren't created to spoil your fun; they're a blueprint for tracking your income and expenses so you can reach your short- and long-term goals. If you're part of a couple or a family unit, include their input when creating your budget. Remember to pay yourself first and set aside cash for emergencies, fun and charitable donations. The goal is to minimize your credit dependency, save for purchases, and prepare yourself for life events.

3. Get good advice

The fact is wealthy people almost always use a financial advisor. Working with an advisor doesn't mean you are lazy or are financially impaired. Au contraire. Rich people hire financial advisors because they want to be successful, just like top athletes, corporate executives and entertainers do.

But don't just hire anyone. Look for professional distinctions, such as certified or chartered financial planner. Ask for references and referrals from family and friends. You need to get a sense of their experience, service level and availability. Lastly, don't underestimate the value of personal compatibility. You want to work with someone you can trust and who will become a true financial confidant.

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Porter is offering a 25 per cent saving on their base fares between Toronto and certain cities. Those cities are:

Montréal
Québec City
Halifax
Moncton
St. John's

You have to book by January 27, 2012 and fly by June 15, 2012. Just use the promo code: YTZPROMO

If you're an Indigo rewards member, you can save an extra 10 per cent when you shop online for books from now until midnight on January 27.

Just enter JANUARYSAVINGS at the checkout. Enjoy your new books!

Maybe you've picked up the phone recently to hear the following recording or something like it:

"Are you more than $10,000 in debt? We can help! Press #1 now to get connected with one of our agents and they can help cut you're debt in half for only a quarter of the cost."

Well, unfortunately a lot of these debt reduction agencies are nowhere near who they claim to be and most end up costing you money instead of waiving your debts. This is why The Financial Consumer Agency of Canada has issued a consumer warning against those telemarketing calls and advertisements claiming to come from debt reduction agencies or anyone who claims to provide "debt reduction," "debt relief," "debt settlement" or "debt renegotiation."

"Unfortunately, people do not always see the benefits that debt reduction companies lead them to expect-and some people wind up even deeper in debt than they were before," says FCAC Commissioner Ursula Menke. "If an offer to reduce your debts seems too good to be true, it probably is."

The usual setup promises that the company can work out a deal with your creditors so that you're able to pay back only a small percentage of what you actually owe for "pennies on the dollar." It's quite the offer, but it may actually turn into a Faustian bargain.

Related Links:

• Debt Settlement or Credit Counseling?
• What is Debt Settlement?
• It's Never Too Late to Get On Top of Your Debt
• Debt Reduction: Five Steps to Freedom

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Getting in shape or setting a fitness goal doesn't have to be solitary. For added inspiration and motivation, the best answer may be hiring a personal trainer.

After figuring out what you need first (as shown in part one) - next you need to know how to find the right personal trainer for you.

Brent Bishop, a personal trainer and owner of Think Fitness Studios, advises that after you've made a commitment to work on your health, finding the right personal trainer is just as important as finding a physician or a dentist.

Bishop has several suggestions on what to ask and things to know about hiring a personal trainer.

Do you remember gym class?

Remember when your gym teacher forced everyone to climb the rope, run relay or learn to play tennis?

I certainly do, and although I whined and complained about spending an hour in a baggy t-shirt and sweatpants, I was grateful for the motivation to go outside and get moving.

As an adult, I can come with a million of excuses to not exercise.

Whether it's my old gym clothes (I really should head to LuluLemon) or the time (don't I need to reorganize my kitchen cupboard), there's always an excuse as to why I don't go to the gym.

So will a personal trainer be the answer to my endless ways to avoid working up a sweat?

There may be a lot of economic uncertainty out there but it appears quite a few Canadians are sure of one thing -- they're still expecting to get their annual bonus.
A recent poll by BMO suggests that one third of Canadians in the workforce expect to get their year-end bonus which usually arrives between now and the end of February. It seems that those anticipating the reward also have high expectations when it comes to how much they'll receive -- 79 per cent of respondents who said they think they'll get a bonus said they expect it to be the same amount as last year or higher.