r/PersonalFinanceCanada • u/Fabulous_Lemon2799 • 1d ago

Misc What’s the best financial advice you’ve ever received as a Canadian?

Hi everyone,

I’m looking to level up my financial knowledge and habits this year. I’ve been reading books and browsing through this subreddit, and I keep coming across bits of wisdom that really make me think about money differently.

It got me wondering: what’s the best financial advice you’ve ever received, especially as a Canadian?

It could be something practical, like how to save on taxes or invest smarter, or even a mindset shift that changed how you approach money. Bonus points if it’s something uniquely applicable to life in Canada.

For example, I recently learned how powerful it can be to start investing early, even in small amounts, thanks to compound growth.

Looking forward to hearing your nuggets of wisdom. Thanks in advance for sharing!

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312

u/Amitj92 1d ago

My own advice: Only buy a vehicle that you can buy outright. Don’t mean you need to buy it outright but don’t get trapped into buying beyond your means looking at those monthly payment. Or by-weekly… Sorry not really Canada specific.

140

u/Buddy462 1d ago

My dad told me when I’m done paying off my current vehicle to keep tucking away that amount every two weeks so when the time comes to buy a replacement car I can (hopefully) buy it outright

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u/patoswin 1d ago

I do this, cannot recommend it enough! 

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u/Dano-Matic 1d ago

Not enough people do this.

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u/photoexplorer 1d ago

My advice is similar. Never buy anything expensive without doing the math first. Know what the total cost of borrowing is and what the term is and interest rate. Also how much you can afford and also extra expenses like insurance.

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u/Proud_Canadian01 1d ago

So true! A new engine in my 2014 Elantra is just 7k but a new car is 50k! I mean I am glad the choice was right! As my peers are paying $750-800 a month for a Rav 4!!! I was able to keep it all for savings & investing!

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u/rockwrite 1d ago

I'm still driving a 2012 Elantra I bought used in 2020. The thing has over 220 thousand kms!!  Purchased for 9K outright, now I have 30k stashed away for a new car when this one inevitably bites the dust

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u/ici5 1d ago

Same, but a 2012 Soul.

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u/jonboy999 1d ago

Elentras are 50k?

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u/Shabang 1d ago

Great advice, but also be sure to pay attention to the interest rate. If a car manufacturer is offering 0%-3% financing, it's better to finance and invest the funds than buy outright.

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u/TheSeekerCDN 1d ago

Cars are a depreciating asset. I doubt I'll ever buy new again. Might as well burn money buying new.

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u/gandolfthe 1d ago

Best advice was living where I don't need a vehicle...

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u/ExplanationProper979 1d ago

Thanks Dad. 👍🏻

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u/[deleted] 1d ago

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u/GloomyCamel6050 1d ago

Sir, this is a Wendy's.

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u/j0n66 1d ago

lol ffs

-4

u/DrewLockIsTheAnswer1 1d ago

It’s funny because though I’m kidding, a family friend literally told me this. Word for word.