Of the many successful families I work with, I assist with multiple generations and some have questions on how to get started on the road to financial independence. Here are the main points to remember:

 

-Start as young as possible and save whatever you can afford.

-If you can, save 5-10% of your salary every year on a bi-monthly basis.

-If you can't afford 5-10%, then anything is better than nothing.

-Maximize any employer matching in a Defined Contribution Pension Plan or Group RSP.

-Primarily own stocks in a diversified portfolio until the 10 years prior to retirement.

-Don't get emotional about your statements: You are buying every month; while rising prices feel good, lower prices allow you to buy at lower levels.