The strength of your personal financial resources is equivalent to the quality of your financial decision-making. –Wayne Charisa

Financial success isn’t just about the numbers in your bank account—it’s about defining what truly matters to your happiness and making choices that support that vision. I first learned this lesson during my very first week at a brokerage firm on Bay Street. David Wilkes, one of the most successful advisors I’ve ever met, pulled me into his office and shared three pieces of advice that have stuck with me ever since: buy a small house, keep the first wife, and drive your car for at least 15 years.

David’s wisdom extended beyond investing—it was about creating a life of stability, balance, and intentionality. Over the years, I’ve taken that guidance to heart, refining it into a set of strategies that have helped me—and can help you—build financial security and freedom. In this post, I’ll share 15 practical strategies for financial success, from setting goals and budgeting to investing wisely and living intentionally, all grounded in lessons I’ve learned from experience and observation.

What is financial success

Financial Success is how you define what is most important to your happiness.

It was my first week at the brokerage firm on Bay Street. David Wilkes pulls me into the office and tells me ‘Jerry, I am going to give you three pieces of advice. In other words, buy a small house, keep the first wife, and drive your car for at least 15 years.’ A great piece of advice from one of the most successful advisers on Bay Street. David was great at investing his money. He was one of the best entrepreneurs I have met. As a result, I have listened to the above advice, and here are my 15 strategies for financial success.

Write down your goals

It is important to write down your financial goals. It is your blueprint and vision for your financial success for instance.

Know the difference between wants and needs. Food, shelter, heat, hydro and water are needs in order to sustain your life. In addition, wants are cappuccinos, going to the movies, vacations, and an expensive watch. Make sure needs are covered and then take care of wants.

Set short term (less than a year), medium (1 to 5 years), and long-term goals (more than 5 years). Be precise, realistic; set a time frame and a dollar amount. Write beside the goals whether it is a need or a want. Figure out the cost of each goal, how many months you need to achieve it, and then how much money you need to save each month.

Create a budget

A budget is how you will spend your money in any given year. The budget tells you how much money you will have for the things you want to purchase. In my two decades of voluntary counseling, every single person who was ever referred to me never had or followed a budget. In other words, a budget also allows you to live within your means and gets you a step closer to financial success.

Create an emergency fund

As the name suggests, this is for emergencies. What happens if you are laid off? What happens if you are in an accident? The dishwasher breaks down or you need winter tires. In conclusion,  open a high-interest account at a bank and have at least 6 months of your salary saved up in this account.

Pay off your debts 

A Globe and Mail survey in 2018 found 48 % of Canadians live paycheck to paycheck. This is a stressful situation. Is it really worth carrying credit card debt at 21% interest? Once you are debt-free, you are not at the mercy of the lenders or anyone. You are free and can live life as you choose. Imagine if you paid off your mortgage, car and student loans. That means you do not have to pay rent or mortgage payments, no car or student loan payments. You can take it easy. You can take a less stressful job or work from home or work fewer days a week.

Save 10 percent

I strongly recommend that you start saving 10 percent of the money you earn. As you get more disciplined you can save more. Above all, this is your nest egg.

Save for retirement

At some point in our lives, the paycheck stops coming. Many of us will live at least more than two decades after we retire. We will need money for this. The best thing to do is to invest in a Registered Retirement Savings Plan.

Give to charity

The National Institute of Health did research on the brains of individuals who donate money. The act of giving money to a good cause activated pleasure centers in the brain. When you give money to a charity that is aligned with your goals and values you are making a difference and impacting other people’s lives.

Be patient

Rome was not built in one day. When you buy a home, do not go and buy a brand-new car, new furniture, install hardwood, new interlock and remodel the kitchen. The extra debt will add unnecessary pressure on you. Take your time and do one thing at a time to become financially successful.

Stay away from credit cards

The average credit card debt in Canada is $2,600. Many pay only the minimum balance. That means paying 21% interest on it. Use credit cards only if you have the money in the bank account.

Do not buy on impulse

This is your biggest enemy. It can derail any plan you have for simplicity and frugality. Avoid malls and do window shopping. Stick to your goals, budget, and plan and avoid online retail.  A walk, volunteering, going to the gym, talking to a friend, or having someone over can make up for retail therapy.

If you are married, keep the first wife

Many successful married men have asked me what is the best financial advice I can give them. I always tell them to keep the first wife. Divorce messes you mentally, emotionally and financially. Keep her and treat her well.

Keep track of your spending

Have an excel spreadsheet or write down your major expenses and expenditure so you know you have the funds in your bank account.

Invest in a TFSA

If you have extra funds, invest in the Tax-Free Savings Account. You are allowed to invest a certain amount every year and you do not have to pay tax on any interest, dividend, or capital growth in this account.

Do not keep up with the neighbor

Make a promise to yourself. You will not keep up with the neighbor. Do you really need to spend $40,000 on interlock? Do you need to install an outdoor pool which you will barely use? If you have a paved driveway, is an interlock driveway any better?

Drive the car for 15 years

If you buy a new car, as soon as you drive it out of the showroom it loses thirty-five percent of its value. You are better off buying a car that is one year old. If you do decide to buy a new car, drive it for the next 15 years or at least 300,000 km before you get a new one.

In conclusion, these are some of my strategies for financial success, let me know if you are using them and how they have worked out for you.

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