[thumper]

What worked for us:

1) Pay off debt. Delay purchasing non-essentials to pay off your mortgage as soon as you can. Pay off any vehicle or other loan. A $1000 big-screen TV now, will equate to costing you $10,000+, if it means you don't use that $1,000 to put against your mortgage. Ask yourself, is this TV worth $10,000 ? Spend on experiences - especially with family & friends - not so much on 'things'.

2) Unless you're prepared to follow the markets daily, prepared to make tough financial decisions often, and probably lose sleep questioning your decisions through market variations, hire a professional. We had no skill or interest in international finance, and preferred to put our attention into family and our careers. Some people are good at it, and handling the stress, we're not.

3) Take your time, and pay lots of attention to finding a professional financial advisor. Use references. If you're involved in any non-profit organizations that have a board of directors that includes a finance committee - see if you can get a referral on what firm, and the individual they use as their financial advisor. Why ? - because boards of non-profits are often made up of successful, professional, well-connected people. Their finance committees are a subset of board members who are very knowledgable of the financial world, and are responsible for managing the assets of the organization - often including huge 'legacy fund' investments. If you can tap into that bank of knowledge in choosing your financial advisor, you're way ahead in the game. If you can get a referral from your contact in the not-for-profit, their investment firm may take you on as a client. Usually the same advisor doesn't manage small-potato individuals, but sometimes they will - to stay in the not-for-profit's good books.

4) While you're working, tell your advisor that you aren't afraid of risk. Be prepared for some set-backs, but let your advisor work for you. You should be able to sleep nights, and not have to follow the financial news every night. You're paying the pro to handle it. Over 10 - 20 years, your wins will outweigh your losses, and you'll see some solid growth. Your advisor will handle how to utilize your RRSP and TFSA accounts to your best advantage. If the same firm can do your tax returns for you - bonus!

5) As soon as you retire, switch your strategy away from higher risk and growth, to low-risk and dividend income. If you've reached a million $, you'll be making about $30,000 annually in dividends, (and your professional advisor will be making ~ $20,000 in fees & commissions). Add on your Canada Pension Plan and the Old Age security at 65, and any company pension plan you might have, -- you'll manage well - and leave a nice nest egg behind for your heirs. We set a maximum investment amount, that we need to generate the dividend income we need, and if the investment portfolio grows beyond that 'max', it's fun money that we spend on vacations, charities, home improvements, and fine fly rods (toys)! If the value drops below our 'max', we suck it up on frivolities, and wait for the portfolio net value to come back up.

We started in our late 20s, fiddled and farted around with some not-so professional advisors, lost a lot of sleep, finally found a good one and stuck with him. Lived fairly frugally, but not poorly. Made good use of the bounty of the annual fall hunt! Also took advantage of my employers contribution when I purchased company stock through payroll deduction, and their RRSP contribution program - good while it lasted! Just a high school education, but worked steady & hard, never on UI or other government assistance, - 65 now, living well and not too worried about our financial future, despite Trudeau's efforts.

Worked well for us - The best advice: Start now !
- good luck.