Build Wealth Canada Podcast Lessons on Mastering Money in Canada - Featuring Fred Masters
15 snips
Aug 1, 2023 AI Snips
Chapters
Transcript
Episode notes
Debt And Time Are The Big Constraints
- Debt addiction and lack of urgency are the two main brakes on Canadians reaching financial independence.
- Time is the most powerful variable for wealth accumulation, so start saving early and consistently.
Choose Low-Cost Index Investing
- Embrace low-cost index investing to control fees and avoid underperformance.
- Use index funds inside tax-sheltered accounts and let time and compounding do the work.
Avoid Home Runs; Get Rich Slow
- Avoid chasing crypto or hot stocks for home runs that add excessive risk.
- Follow a 'get rich slow' approach: earn, save, invest consistently in index products.