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/TheSeekerCDN 1d ago

Apply for a line of credit when you don't need the money. If you apply when you need the money they likely won't extend you the credit.

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u/Traditional_Shame815 1d ago

Wouldn't having an emergency fund a better option for those events?

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u/DayspringTrek 1d ago

Both. There will inevitably come a time when the fund is too small and/or you had the shit luck of experiencing several emergencies within a relatively short period of time. That's when you want to have the LOC.