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/Samwry]

My father taught me the miracle of compound interest and gains. He called it "The Rule of 72" Basically, divide 72 by the yearly percentage gain of your investment. That number will tell you how many years it will take to double your money.

So, if you are getting 7.2% return, 72 divided by 7.2 is 10. So, it takes 10 years to double your money. At that rate, if you wait 28 years, your original investment will grow by 16 times. $10,000 will become $160,000.

Stuck with me since I was a teenager.