Important financial lessons learned by TD Wealth Financial Planners and Advisors

"Opposites attract. My husband and I have completely different styles when it comes to managing money. Growing up, my family was very careful with what little money we had, while my husband's family didn't have the same financial struggles. I was frugal, he was more freewheeling, and it was frustrating sometimes for both of us at times. When we bought our first house, I was tired of being the one to take care of the money in our relationship. So, we decided I would take a step back and he could take a turn at handling all the bills. Suddenly he was seeing where our money went, and how fast it can go. My husband started to have an appreciation for my inclination to save where possible. By bringing him to the table it eased the frustration for both of us. Now as an advisor, I try to get both partners involved when we talk about their financial goals and help them understand each other's blind spots."

"One of my most important goals was buying a property. I started saving at 19 and worked co-op during university to continue to save. When I was finally able to afford a down payment, I found an old building with a unit that had been renovated, but the location wasn't ideal. I was so focused on buying a home and getting into the market quickly that I probably didn't make the best investment decision. When it came time to sell, I didn't make any money on it. If I had saved more initially, I could have afforded something that would have been a better investment. An advisor may have been able to assist me in seeing past the excitement of the purchase."

"Our first home was in a convenient spot in the city, near where we worked. Eventually my husband and I realized we wanted something bigger, and we decided to move to the suburbs and get more home for less money. Financially it made sense, but from a quality-of-life standpoint, it ended up being more stressful living in a home that was bigger and farther away from work. We didn't think deeply enough about the lifestyle changes of the move and focused more on the potential investment opportunity. While financially it was a good decision, the winter commute is brutal!"

"The first time I got a raise, I spent most of it on a big trip to Cuba with my girlfriend. I have great memories, but not much to show for it financially. When you get a salary increase, consider saving some for long-term goals. The temptation is there to buy a better phone, eat out more often or buy nicer clothes, but sometimes it's good to resist the splurge. It's something I try to impart to my clients."

"When I was younger my dad had a work accident. He had no disability insurance and was the sole breadwinner. My mom had to go back to work, and although they had an emergency fund, I witnessed the stress it put them through. Setting money aside for a rainy day saved our family. At our age, we often think we are young and healthy and don't need insurance, but now can be the most affordable time to get it."

"At our wedding, my wife made a speech in which she said, "In the world, there are toothpaste rollers, and toothpaste squeezers." I'm the toothpaste roller, and she is the squeezer. I am more careful and conscientious about almost everything, including money. She is the toothpaste squeezer, enjoying life and not thinking too much about what comes next. But over the years the two of us have realized that there must be a balance. Sometimes you must roll, like when the tube is getting empty. Other times squeezing is okay, particularly if there's lots of toothpaste in there. We apply this philosophy to our marriage and our money. The important thing for us is that we have a long-term plan that guides us along the way, and that we both brush our teeth."

"My wife and I originally wanted to live the dream of having a big house in the city with our careers being our top priority. But early in our marriage we realized we were working long hours, eating late when we got home and spending little to no time together. So, we decided to make a major life renovation. We rented our home out and built a tiny house on my in-laws' farm. It's just 420 square feet. My wife quit her job as a pharmacist to work on the farm. We are much happier and much less stressed because we no longer have the financial and physical burden of a big home. We hope to have kids one day, and maybe our home will have to change, but we also hope our philosophy stays. I try to remind my clients that stuff may not always equate to happiness."

"I came from Indonesia to attend university in Canada, so I wasn't well prepared for how banking works. I never even had a credit card. When I signed up for a bank account I went for the most basic account. When I finally talked to an advisor, they pointed out that I was paying $80 a month in transaction and withdrawal fees. If I had just put that $80 in a TFSA or RSP, it really could have added up."