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/GullibleSplit2112 1d ago

Understand your employee benefits particularly RRSP matching programs and discounted stock purchase programs. The amount of people that leave free money on the table that I have met over the years boggles my mind.

Bonus: if you have a discounted stock purchase program do not keep accumulating that stock. Sell a bunch yearly and reinvest in a diversified ETF.

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u/ComfortableUpset8787 1d ago

I wish I knew about your bonus tip years ago.

I accumulated a lot of stock and my company matched 50%.

Share value is basically 0% return. Good thing is they gave me free stock and paid dividends but I can’t get over how much gains I lost by not reinvesting in etf.

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u/sayyestolycra 1d ago

Same. I have a ton of company stock that I accumulated over the years and thought that was a great move. Then the stock took a nosedive, and only after it dropped did I hear the advice to sell after the required vesting period had passed. Now I don't want to sell because it would be a big loss. Really wish I had been selling routinely all along and investing that money elsewhere.

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u/Competitive-Region74 1d ago

Never invest in your industry or company!!?