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Achieving financial freedom is a goal many Canadian millennials aspire to, but navigating the path requires careful planning and informed decisions. That’s why we’re here to help. So without further ado, let’s get into five steps Canadian millennials can take to achieve that financial freedom.
Build a foundation
The first step to financial freedom is to create an emergency fund. Aim to save three to six months’ worth of living expenses. According to the Financial Consumer Agency of Canada, having an emergency fund can help avoid high-interest debt during unforeseen circumstances like job loss or medical emergencies.
From there, prioritize paying off high-interest debt, such as credit cards, which often have interest rates exceeding 19%. The Canadian Financial Capability Survey (2019) indicated that 29% of Canadians carry a balance on their credit cards each month, highlighting the need to tackle…
