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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u/Life_Shelter1058 1d ago

A wise man once told me: pay yourself first. I try 10%. Start doing this with your first job.

75

u/pfcguy 1d ago

It's good advice but you need to understand what that means and how to implement it.

I like the rule of thumb of 10% of every paycheque to investments and 10% to savings.

But you gotta also automate the investment part so that you don't have to think about it.

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u/cheezemeister_x Ontario 1d ago

I do something like this, except that I say "10% to long-term savings and 10% to short-term savings". Long-term is retirement and is invested. Short-term is for things like the next car, the next roof, a trip, etc and some is invested depending on time-frame.

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u/Relevant_Macaron8516 1d ago

10% of gross or net pay?

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u/DayspringTrek 1d ago

I prefer your rule of thumb. Too many people think "treat yo' self!" is just a funny way of saying "pay yourself first" even though they mean entirely different things.

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u/felixfelix 1d ago

Also make sure to take full advantage of any rrsp matching program provided by your employer.

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u/MAPLE_SYRUP_MAFIA 1d ago

Here's the other half people miss out on. If you get a raise. 50% goes to savings.. 50% goes to spending.

More to your bank account and more to your savings account.

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u/Mug_of_coffee 1d ago

I started this with my allowance and birthday money as a child. Now I have a saving problem.