Building wealth is along-term journey. Whether you're early in your career or looking to take control of your finances more strategically, the steps you take now will have a meaningful impact on your future.
At Matco Financial, we partner with individuals and families across all stages of life—from those just starting out to those preparing to leave a legacy. In this article, we focus on accumulators: people between the ages of 18 and 55 who are working, earning, and planning for their future.
The following seven steps are designed to help you begin building your wealth in a clear, strategic, and sustainable way.
A financial plan is the foundation of wealth building. It clarifies your current financial position, outlines your goals, and helps you understand what actions to take next.
Start by reviewing or creating your personal balance sheet: what you own(assets) and what you owe (liabilities), along with your income and expenses. From there, set both short-term and long-term goals.
Short-term goals may include saving for a vacation, building an emergency fund, or buying a vehicle. Long-term goals may include retirement, buying a home, or reaching financial independence. Aligning these goals with a realistic plan helps you stay focused and flexible as your life evolves.
Tip: Save before you spend, set up automatic contributions, build an emergency fund, and aim to purchase assets that grow in value—not ones that depreciate.
All investments carry some degree of risk. Understanding your comfort level is critical to making decisions you can stick with over time.
We encourage clients to consider both emotional and financial risk tolerance. If you share finances with a partner, ensure you’re aligned. Differing perspectives on risk can affect your financial outcomes and your peace of mind.
Growth requires risk. But taking the right amount of risk—aligned with your goals, timeline, and comfort—can be the difference between staying invested and abandoning a plan prematurely.
Before investing outside of registered accounts, focus on reducing high-interest debt. Paying down credit cards, lines of credit, or loans with interest rates higher than your estimated after-tax investment return is often the most efficient way to free up cash flow.
Even mortgage repayment can take priority over taxable investing, depending on your situation. However, strategic exceptions may apply, particularly when registered accounts offer meaningful tax benefits. Our portfolio managers can help assess what’s right for you.
An RRSP remains one of the most effective retirement tools for Canadians. Contributions are tax-deductible, which lowers your taxable income today. Meanwhile, your investments grow tax-deferred until withdrawal—typically in retirement when your tax rate may be lower.
Even if you’re focused on paying off your mortgage, contributing to your RRSP can offer benefits:
This balanced approach helps build long-term wealth while still meeting short-term financial goals.
After setting up your RRSP, consider the order in which to use other accounts. Structuring your accounts efficiently ensures you’re optimizing tax benefits and long-term growth.
Here’s a general guide:
Tip: Planning a home purchase? The new First Home Savings Account (FHSA) combines the benefits of an RRSP and a TFSA. Contributions are tax-deductible, and withdrawals are tax-free when used for your first home.
Estate planning isn’t just for retirees; it’s a key part of long-term financial health at any age. If something happens to you unexpectedly, having the right documents in place ensures your wishes are respected.
Every adult should have:
Without a Will, your estate could be administered by a government-appointed trustee, potentially delaying distributions and creating unintended outcomes for your family.
A financial plan is not a one-time project. Life changes—your plan should too.
We recommend reviewing your plan annually to ensure:
Even small adjustments—such as increasing RRSP contributions or updating your Will—can make a significant difference over time.
Wealth isn’t built overnight. It takes discipline, informed decisions, and the willingness to adjust as life evolves. These seven steps are designed to help you take control and move forward with confidence.
Navigating your financial future isn’t something you have to do alone. A trusted professional can provide clarity, perspective, and experienced insight, especially when your goals or circumstances change. Whether you're just starting to build wealth or making decisions about preserving it, building a relationship with a professional who knows your circumstances can make all the difference.
Our team is here to turn knowledge into results. Start building your financial future by speaking with an advisor.
