1. Avoid getting into debt

Being in debt prevents us from financial progress.  Debts often carry high-interest rates.  This means that the money that we could be using to build our future is being used to pay for things we did in our past, which also prevents us from living in the present. Our motto should always be: "no to debts."

2. Live for the future

A good way to live is to wait to give ourselves indulgences and gratifications.  Before buying that latest model vehicle, that 70” television, or any other luxury item, let's think first about saving for our future. Many people with normal lives and income who maintain constant savings, even a small percentage, say 10% or 15% of their income, can retire millionaires.

3. Be generous

Instead of spending all your money on the latest toys, practice solidarity with charities, create scholarships for youth, or help friends and family when they need it. You can leave a meaningful legacy and positively impact other people's lives.

4. Read and inform yourself

You have to maintain a constant desire to learn.  Television series do not make us grow intellectually. Make the best of your downtime… read and learn as much as much as possible.

5. Tell every dollar what to do

Get in the habit of budgeting every month and give specific instructions to every dollar you earn. Your budget is your plan. It is very difficult to build wealth without a plan. You are in charge of creating your wealth. Try to live within your means and the less we spend the faster we can accumulate wealth.

It is very important first of all to eliminate debts. A Licensed Insolvency Trustee can advise you on the different programs offered by the Government of Canada to eliminate debt and start building your wealth.