Article hero image

It’s Financial Literacy Month! Here’s Some Essential Money Advice

Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more

Many moons ago — OK, 2011, so not that many moons — the Canadian government decided it would be wise to remind folks that, Hey, money is really important, and, if you’d like to secure your financial future, you should learn how to manage it well. So they launched Financial Literacy Month, the premise of which happens to jibe really well with what we do day in and day out here at Wealthsimple. In honour of this year’s FinLit Month, we compiled an all-killer no-filler greatest-hits collection of our best personal-finance and investing advice. Once you’ve read Wealthsimple’s top insights, you can mosey over to the Financial Consumer Agency of Canada’s website for more. Or, if you happen to be really into story roundups, you can check out Money Diaries: Pride Edition.

“If you could predict what the best stock or the best sector or the best country was going to be, then diversification would be a terrible idea. Sadly, nobody has a crystal ball.”

Read more: A Deep (But Not TOO Deep) Explanation of What We Mean by 'Diversification’

“You might be thinking: Hmm, stock prices are at record highs, so it’s probably a good time to get out. But if that’s what you’re thinking, you might also need a lesson in long-term investing.”

Read more: Stocks Are at Record Highs. Is It Time to Sell?

"If your income has taken a hit and you have to tap into savings (or debt), how you do it is important. You don’t want to emerge from a crisis worse off than you need to be.”

Read more: Emergency Money: What to Do When Your Bills Are Bigger Than Your Income

“The tidal wave of hype that comes with every initial public offering may spark your investing FOMO. But FOMO isn’t the best strategy.”

Read more: What You Really Need to Know About IPOs

“How do changing interest rates affect me and my money? The short answer is: significantly.”

Read more: Now Is a Really Good Time to Understand How Interest Rates Work

“If the RRSP has wily-old-veteran energy, the TFSA has, shall we say, brash-young-punk-who-knows-TikTok-dances energy.”

Read more: RRSP vs TFSA: What’s the Better Choice?

“What’s the biggest unforced tax error? This one’s easy: filing your taxes late if you don’t need to.”

Read more: Here Are the Eight Tax Tips You Need

“The first piece of advice we have to offer: DO NOT READ EVERY PERSONAL FINANCE BOOK.”

Read more: Six Totally Worthwhile Personal Finance Books According to People Who’d Know

“Not all charities are created equal. Some are inefficient, or ineffective, and some are even scams.”

Read more: How To Pick a Charity That Does The Most Good

“If you think doing well in the stock market is about picking stocks, then you’re wrong.”

Read more: Why Do We Think Stock Markets Will Go Up Over Time, Anyway?

Our advice columnist Lizzie O’Leary helps one person fix her money life and teaches the rest of us how to make a financial plan through the “waterfall method.”

Listen now: Salina: A Money Makeover

Wealthsimple uses technology and smart, friendly humans to help you grow and manage your money. Invest, save, trade, and even do your taxes in a better, simpler way.

Money Diaries

"MY UNDERGRADUATE ADVISER TOLD ME I SHOULD JUST FORGET ABOUT THE WHOLE WRITING THING. ‘YOU SHOULD FIND A GOOD MAN AND GET MARRIED,’ HE TOLD ME."

Margaret Atwood

subscribe

Get the best stories from our magazine every month

Sign up for our email newsletter

  • Finance for Humans

    You Don’t Have to Pay Taxes on Crypto! And Other NOT TRUE Tax Myths

    Social media is great for doom scrolling and feeling FOMO. But it’s absolutely lousy if you want credible crypto tax advice in Canada.

  • Finance for Humans

    Inflation Freakout 2021: What Happens Next?

    OK, so inflation is high — really high. And central bankers are in a tough spot, because there’s no clear way to bring it down. Here are three paths they’re probably considering, and what each might mean for the rest of us.

  • MEET WEALTHSIMPLE

    A new kind of financial company

    Invest, trade, save, spend, and even do your taxes in a better, simpler way.

    see-more cta
  • Finance for Humans

    Seven Ways to Get Ready (Financially) for Your First Kid

    There are a few simple ways to make sure you have your ducks in a row when you become a parent. Do them as soon as you can! You’re a responsible adult now, after all. Here’s how.

  • Finance for Humans

    Ask Lizzie: How Do I Afford to Buy My Rich Sister Something She’ll Actually Like! And Other Holiday Conundrums

    This week, our columnist reviews her rules for gifts from how to budget, how to give meaningful gifts regardless of price, and of course, a how-to on rich sisters.

MEET WEALTHSIMPLE

A new kind of financial company

Invest, trade, save, spend, and even do your taxes in a better, simpler way.

GET STARTEDright arrow icon

Our best stories, once a month.

Sign up for our newsletter

The content on this site is produced by Wealthsimple Technologies Inc. and is for informational purposes only. The content is not intended to be investment advice or any other kind of professional advice. Before taking any action based on this content you should consult a professional. We do not endorse any third parties referenced on this site. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. By using this website, you accept our (Terms of Use) and (Privacy Policy). Copyright 2022 Wealthsimple Technologies Inc.

;