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Vishesh Raisinghani
Updated Aug 25, 2026
It's easy to assume that hitting a six-figure income means you're financially set. But for many Canadians, that's not the case.
An October 2024 Angus Reid Institute survey found 20% of households earning over $200,000 still reported financial struggles, compared with 35% of those earning under $50,000.
Wealth has less to do with how much you earn and more to do with how you manage it.
Here are five money habits high earners use — and how you can apply them too.
1. The rich are subtle about their wealth
Contrary to popular belief, most Canadian multimillionaires aren't driving neon orange Lamborghinis or lighting cigars from Gucci bags. Many high-net-worth Canadians actually downplay their wealth, even with significant assets.
The Globe and Mail attributes this to cultural modesty around money — many high earners even feel less wealthy than they are, suggesting attitude matters as much as actual net worth (3). This fits Canada's "stealth wealth" trend: a preference for value over brand name. Many wealthy Canadians choose higher-end Fords, Toyotas, and Hondas over luxury badges, favoring practicality over flash (4).
Wealth Tip: Wealthy Canadians stay wealthy by resisting the urge to flaunt it.
That frugal instinct shows up in small, unglamorous decisions too — like refusing to overpay for things everyone else sets on autopilot.
Auto insurance is a good example. Many people renew year after year without checking whether they're still getting a good deal.
By using a comparison platform like Rates.ca, you could potentially save $500+ by comparing 20+ quotes from top-rated auto insurance providers to ensure you aren't paying a hidden "loyalty tax" to your current insurer.
Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as 3 minutes.
Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.
That's money freed up to save or invest — which, as it turns out, is exactly what separates the wealthy from everyone else.
2. The rich know how to delay gratification
Another major psychological difference between the rich and the poor is a wealthy person's ability to delay gratification.
Wealthy Canadians understand that wealth is built over time. A 2017 study showed that when Canadians had extra money, they put it away to save for retirement rather than spending it immediately on a consumer good.
This ability to save for future financial goals shows that wealthier people — people who earn more or save more — tend to have greater patience and are better at delaying gratification.
Wealth Tip: The ability to resist instant gratification is a key sign of future financial success.
The key is to start making a habit out of saving and investing through automation.
Robo-advisor platforms like Wealthsimple Portfolios offer an easy, hands-off way to grow your money.
Their pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re saving for retirement, a home or building long-term wealth, there’s a portfolio that’s right for every investor.
Expert-managed and designed to weather market ups and downs, Wealthsimple takes care of the heavy lifting: automatic contributions, dividend reinvesting and smart rebalancing keep your investments on track.
You can invest through RRSPs, TFSAs or non-registered accounts, all from an intuitive online dashboard or their easy-to-use mobile app.
Trusted by more than 3 million Canadians, Wealthsimple manages over $100 billion in assets and provides $1 million in eligible coverage through the CDIC for chequing accounts and CIPF for investments. Plus, as licensed fiduciaries, Wealthsimple's advisors must put your financial interests first.
As a Money.ca reader, get a $25 bonus when you open your first account and fund at least $1 within 30 days.
Visit Wealthsimple for up-to-date terms and conditions.
3. The rich know you need to spend money to make money
Because wealthier Canadians are better at practicing delayed gratification, they’re also more likely to invest their money rather than spend it.
In 2021, about one in three Canadians were invested in the stock market. These numbers will likely continue to grow as broader groups of people begin to invest their savings. A 2023 study from FINRA and the CFA Institute found that Canada has the highest rate of Gen Z investors, with nearly 74% reporting that they have at least one type of investment (6).
Will Gen Z be the next highest group of millionaires? These numbers suggest the younger generation understand the importance of their money working for them, rather than the other way around.
Wealth Tip: To make money you need to spend money, but not on consumer goods. The key is to invest early and often to allow for compound interest and cumulative gains to grow your wealth.
But investing wisely is only half the equation. The other half? Making sure your bank isn't costing you money you could be investing instead.
Check if you qualify for profession-specific banking perks that can help reduce everyday banking costs.
For example, National Bank offers specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. Depending on eligibility, the offer can include:
- Up to 3 bank accounts with no fixed monthly fees, with an eligible Mastercard rewards credit card (Certain fees apply)
- Personal and home equity lines of credit with preferred terms and conditions
- Preferred value-added services like legal assistance and identity theft protection
- Access to a financial advisor
- An eligible Mastercard rewards credit card (Certain fees apply)
According to National Bank, eligible professionals can unlock up to approximately $1,313 in annual savings with higher savings available for select professions such as healthcare and IT.
The special offer covers more than 150 professions, including a wide range of professionals and specialists — and eligible individuals can enjoy even more savings when you combine specific banking products and services.
Find out if you work in an eligible profession and make an appointment to explore your options.
If you just need the basics, some chequing accounts offer simple, affordable banking.
For example, National Bank offers The Minimalist® chequing account. Depending on your age and eligibility, the package can include:
- 18 digital transactions per month (including Interac e-Transfers®)
- Access to THE EXCHANGE® network of ABMs at no additional cost
- Mobile cheque deposit available
According to National Bank's pricing, The Minimalist has $3.95 fixed monthly fees.
There are $0 monthly fees for ages 0-24 (including students), seniors 65+ on Guaranteed Income Supplement, RDSP beneficiaries, and Indigenous peoples.
Learn more about The Minimalist and compare with other National Bank chequing options.
4. The rich know to leverage debt skillfully
Debt can be both bad and good — it’s all about how it’s used.
Lower-income Canadian households are more likely to rely on costly forms of credit to manage their finances.
Research from the Financial Consumer Agency of Canada (FCAC) on payday loans shows that users are more likely to be from vulnerable populations, including those in households earning less than $40,000 annually (7).
According to the Bank of Canada’s Financial Systems Review, in 2022 wealthier Canadians tend to use debt for productive investments, such as real estate or business ventures (8). These assets have the potential to grow in value, while consumer goods like cars or electronics lose value over time.
Wealth Tip: Rethinking how you use debt could be a game-changer on your path to building wealth.
A mortgage is one of the clearest examples of "good” debt. It's used to acquire an asset that can grow in value over time. But the payoff depends heavily on the terms you lock in from day one.
Whether you are a first-time buyer or moving to a new home, locking in a competitive rate from the start is essential to protecting your budget, potentially saving you hundreds of dollars every month.
A quick five-minute application with Homewise can help you secure a great rate on a new mortgage.
Their free online tool compares offers from over 30 lenders to ensure you get the best deal available for your specific situation.
With good credit and minimal debt, you're likely to qualify for the lowest rates available. Just be sure to check your credit score before you begin.
5. The rich know to constantly pursue lifelong learning
In a constantly shifting economy, wealthier individuals know the key to preserving and growing wealth is to keep learning new skills and adapting to unexpected changes.
Signing up for professional courses, attending workshops and expanding your horizons, professional education or increasing your financial literacy, can give your career — and your savings — the boost it needs to step up and amplify wealth creation.
Wealth Tip: Invest in education and learning, both for career goals and for financial success.
That same principle applies directly to investing. The more you understand about how markets work, the more confidently you can grow your money.
If you need guidance along the way to make sure your investments are working for you, consider using a tool like Moby. As a stock market research platform, Moby can simplify the process with curated stock picks and investing advice.
Plus, Moby provides personalized financial insights based on your unique goals, real-time market updates and investment research formatted in easy-to-understand reports so you can make informed decisions about your portfolio without being an investing wiz.
Vishesh Raisinghani
Contributor
Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He is the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms His work has appeared in Money.ca, Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine, National Post, Financial Post and Piggybank. He frequently covers subjects ranging from retirement planning and stock market strategy to private credit and real estate, blending data-driven insights with practical advice for individuals and families.
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