Pay Yourself First

The concept of paying yourself first means directing a portion of every paycheque into savings and investments before allocating money to bills, discretionary spending, or anything else. This single habit is widely regarded as the cornerstone of personal wealth building.

By automating transfers to your TFSA, RRSP, or other savings vehicles on payday, you remove the temptation to spend first and save whatever remains. Most Canadians who build significant wealth over their careers point to this discipline as the primary driver of their success.