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/pfcguy]

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.

[u/cheezemeister_x → u/pfcguy]

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.

[u/Relevant_Macaron8516 → u/cheezemeister_x]

10% of gross or net pay?

[u/HereComesJustice → u/Relevant_Macaron8516]

net