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What's your single best financial tip?

39K views 109 replies 55 participants last post by  RedRose 
#1 ·
November is Financial Literacy Month, an initiative by the Feds to improve financial awareness among Canadians. A number of bloggers recently published their best financial tips. Many of you are already financially successful and many are just starting out. Let's hear from the ones who've been there and done that. What is your single best financial tip?
 
#9 ·
Buy a home you can comfortably afford.
And a car that you can also 'comfortably' afford!

A friend of mine was telling me how it took almost her entire family to convince her brother-in-law [recent immigrant], that he could not afford the house that he was entertaining buying. The reason why he had been in a rush to buy, was because co-workers had convinced him that it could be done based on his salary/down payment amount [because they had done it too].

Anyhow, he ended up agreeing with his family, but consoled himself by buying an expensive car instead. :rolleyes2:

Don't be a copy-cat would be another advice!
 
#7 ·
On October 30th, I celebrated my 3rd year as a DIY investor, so I have not personally been doing it that long [others have done it for me], but my single advice, especially for the 20+ group, would be to start investing & paying debts early; the latter could be your best investment of all!

As we say, a picture speaks a thousand words:


 
#10 ·
I expect a lot of the advice here is going to be similar. One thing I will offer that is not directly 'financial advice' but can definitely have a big impact on one's financial future is to make a point with networking with people. I made it a new years resolution of mine to try to be more proactive in meeting people and building connections that might be useful in the future, and to invest more energy into strengthening the relationships that I already have. As a bit of an introvert this is a challenge for myself but I think it is important.
 
#27 ·
Hm. Don't agree with this.

I made quite a nice return off of my previous mutual funds. That statement is very subjective and does not apply in all situations or to all investors.

My advice would be to have discipline. If you don't have it, you'll never succeed no matter what you do.
 
#25 ·
Hmm... one that hasn't already been mentioned yet...

When you're young, (and have little savings) the biggest threat to your household's welfare (aside from profligate spending habits) is the loss of you and/or your spouse's ability to earn income. Don't ignore long-term disability insurance and accident insurance, particularly if you are offered these through a workplace benefit package.
 
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