Spend less than you earn.
Buy a cheap car, cash - don't lease one or buy it on credit.
Borrow money only for appreciating and/or income producing assets. Everything else buy in cash: car, vacation, school education, clothing, bling-bling, food, ...
Real estate used to be appreciating, but that is not a given in all markets anymore, so be careful how much house you chose to afford, especially early in life if one's job situation requires one to be more flexible with location choice. [When I came to Canada in 1986 with $1000 in my jeans and my used bicycle (and not much else but no debt) many of my then MBA colleagues had 2 cars and huge houses in the mid to late twenties. I thought that was strange, then .. And still think that now. We didn't buy our first home until 1993 after having moved three times between 1986 and 1993 .. The point being that a house can be a great asset but also a huge liability due to mortgage interest and huge transaction costs on sale/move] .. Therefore:
Don't buy too big a house (or car) with too much debt too early in your life, or if you have one too big, sell it and downsize, or at least sublet the basement.
Live more modestly, until you can truly afford it. That is hard, but it is possible and liberating. ( I bought my first ever new car until I was well into my 40's)
Pay off consumer debt first, starting with the most expensive debt, usually retail store cards at 20%+ interest, then credit cards, .. Then (and only then) invest into something useful ... like income producing real estate with moderate leverage.
Be mindful of vocabulary used by the financial industry: A credit card is not a credit card if you cannot pay it off every month. It is a debt card. Retirement planning is mainly about the retirement of the planner. Wealth advising is primarily about the wealth of the advisor. Invest in an RRSP or TFSA to a bank primarily means additional fees collected, regardless of your investment performance, thus heavily marketed to you, the consumer, even encouraging RRSP loans with interest.
Be mindful of vocabulary you use: A problem is usually not a "problem" .. it is just a fact. Fear is False Evidence Appearing Real. I can .. and I cannot .. and you're right either way. I don't have time .. usually is not true either .. you had 24 hours yesterday like all other humans on this planet .. you just decided to not take the time for a certain task. A need is often just a "want". etc.
