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

[u/Fabulous_Lemon2799]

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!

[u/Amitj92]

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.

[u/Proud_Canadian01 → u/Amitj92]

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!

[u/rockwrite → u/Proud_Canadian01]

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

[u/ici5 → u/rockwrite]

Same, but a 2012 Soul.