If you want to change the world, start off by making your bed. —Admiral William H. McRaven
In 2014, Admiral William McRaven delivered a commencement speech that quickly went viral, amassing over 10 million views. In it, he shared 10 principles he learned during his gruelling Navy SEAL training—lessons that helped him navigate not only his military career, but also the challenges of life. One of the most memorable takeaways: “Start off by making your bed.” The idea was simple but powerful—if you do the little things right, you’ll be better prepared to tackle the big things. His speech later inspired the #1 New York Times Bestseller, “Make Your Bed,” a book that provides simple wisdom, practical advice and words of encouragement.¹
About 600,000 students are expected to walk across the stage in graduation ceremonies at Canadian colleges and universities this summer, along with another 350,000 high school graduates.2 Chances are, you know one of them. Congratulations, graduates— and welcome to the real world!
Here is some timeless financial advice for new grads—and perhaps a refresher for not-so-new ones, too:
Building Wealth Has Less to Do With Income—And More to Do With Savings
Wealth is simply the accumulated difference between what you earn and what you spend. You don’t need a high income to build wealth—but without a high savings rate, you don’t stand a chance. (Keep this in mind the next time you order a takeout meal—this used to be considered an indulgence, but recent data suggests it’s now “a culture!”)3
Takeaway: If saving feels hard, start with a budget. Tracking your income and expenses can reveal whether you’re on the path to overspending—and may motivate you to become a better saver.
Wealth Is Relative to What You Need
People require vastly different financial amounts to get by each month. A dollar of savings to one person is worth something completely different to another, depending on their lifestyle, location and priorities.
Takeaway: Quit comparing yourself to others—especially those on social media (which often aren’t real reflections of life)—it can not only steal your joy, but also your paycheque!
Time Is on Your Side
As a new graduate, you have one of the greatest assets available to you: time. Combined with the power of compounding, it can lead to significant long-term wealth. Compare two investors who decide to invest for 20 years. At a compounded annual return of five percent, if a 25-year-old invests $500/month for 20 years (or $120,000), this will grow to around $550,000 by age 65. A 45-year-old would need to invest around $1,350/month over 20 years (or $324,000) to achieve a similar retirement outcome by age 65, or 2.7 times the principal amount. Starting early has benefits! Retirement may seem far-off, but it will creep up faster than you think.
Takeaway: Start investing early. Leverage tax-advantaged tools. Even small contributions to a TFSA or RRSP can build up meaningful retirement savings over time. Other tools, such as the FHSA, can be valuable to save and invest for a future home.
Debt Can Be Paralyzing
We live in a time when spending is just “one click” away. But fi you can’t pay for it, don’t buy it. When you are not burdened by debt payments, you are more likely to be nimble. That said, not all debt is bad. The phrase: “It takes money to make money” has some merit. Good debt— such as that used to fund an education or purchase real estate—can help you grow your net worth, as long as you’re not overleveraged.
Takeaway: If you have student loans, make debt repayment a priority. If you use a credit card, pay your bills on time. Most importantly, always live within your means.
The Fundamentals of Wealth Building Are Timeless
One of the most important lessons I’ve/we’ve learned throughout my/our time in the investment industry is that the basic principles of successful investing remain timeless. Wealth comes from choices, not chances: choosing to save wisely and pay yourself first, living within your means, eventually putting in place an investment plan that encourages value, quality and diversification—and having the patience to understand that your plan is working for you over the long term. It’s a big world out there, but it’s a good one. Best wishes to our new graduates. If you know one, feel free to pass this along! And remember: your financial journey starts now. Enjoy the ride!
1. https://ritholtz.com/2025/05/admiral-mcraven/;https://www.amazon.ca/Make-Your-Bed- Little-Things/dp/1455570249;
2. https://www150.statcan.gc.ca/n1/daily-quotidien/171103/t002c-eng.htm; https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710001201;
3. https://www.foodandwine.com/restaurant-takeout-trend-national-restaurant-associationreport-2025-11733929
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