If you’re a millennial, you’ve probably heard the usual money advice: save early, spend less, invest smart. But let’s face it–real life is busy, expensive, and unpredictable. Still, there are a few money habits that can quietly sabotage your future if you’re not careful. Here are five of the most common ones to watch out for:

1. Not Taking Saving Seriously

Time is your best financial ally. The earlier you start saving, the more your money can grow. But many millennials still aren’t making the most of it. A 2024 MyBankTracker survey found that less than half of millennials are actively investing, and many keep too much cash on the sidelines. Even just setting up automatic...

The debate between active and passive investing has been going on for decades–and for good reason. Both approaches have their strengths, but choosing the right one can make a big difference in whether you simply meet your goals or exceed them.

Why You’re Investing in the First Place

Most people invest with two goals in mind: protect what they have and grow their wealth. If your goal is to retire comfortably, you might be aiming for something like $50,000 a year in income. That typically requires close to a $1 million portfolio generating around 5% annually. The problem? Many Canadians aren’t even close–average RRSP balances are about $60,000, and even many Boomers have just over $100,000 in liquid savings.

So, playing it too safe–say, sticking with GICs–might keep your money secure, but it likely won’t grow...

Ralph had always worked hard for what he owned. But after watching friends and acquaintances struggle with messy estates, he realized that without a proper plan, everything he’d built could be left in chaos.

Take Vivian, for example. She remarried and decided to save money by using a do-it-yourself will kit. Unfortunately, she overlooked obligations from her late husband’s will. Untangling the mess took years and cost thousands in legal fees. Worse, her heirs had to pay taxes on income they never even saw because her assets were tied up in trust.

Then there was James, a farmer whose land was eventually annexed by a growing town. When he died without a will, it took nearly a decade to settle things–stalling both his estate and the community’s...