10 Money Mistakes Millionaires Don’t Make

Marci • August 11, 2017

So you want to be a millionaire.

Sigh, don’t we all. 

It might feel like a lofty goal but it turns out the underlying principles millionaires follow when it comes to their money are pretty basic. Some of them are downright boring. But they obviously work, so let’s have a look and see what we can learn.

Here’s the 10 money mistakes millionaires don’t make! (say that 5 times fast…)

1. Getting emotional over financial decisions.

Millionaires are cold hearted. The end.

Kidding! I’m kidding…

It’s not that millionaires don’t have emotions when it comes to their finances, they just know how to separate the two. How? By making a plan and automating their money.

Yup, super boring. They take the time to set up a plan for their money—by paying themselves first and automating their savings, investments , and bill payments—so they don’t have to spend time thinking about those things day to day. Having a plan is also what keeps them from freaking out and making irrational decisions  when a bear market hits. 

Millionaires know their time and energy is limited and better used elsewhere. 

2. Thinking of themselves as rich.

Wait a minute, if you’re rich isn’t this the point?

Most millionaires—at least the ones that stay millionaires—don’t walk around thinking they’re rich and can afford anything and everything. They know there are trade offs and are frugal in many areas of their lives. Just because they can afford the most expensive car or bottle of wine doesn’t mean they’ll buy it. 

They’re clear on their priorities. They spend in the areas that matter to them and cut costs in the areas that don’t.

3. Focusing on cost over value.

Speaking of frugality… this one’s important. Millionaires don’t get hung up on the cost of something, instead they focus on value. They think long term. 

They’d rather spend a little more upfront now to buy something they won’t have to replace in a few years time. They have a sense of when things are over or under priced and buy accordingly.

Millionaires still love getting a deal like everyone else. 

4. Thinking your salary is the only way to get rich.

Your salary isn’t the be all end all to building wealth. 

Millionaires have multiple income streams. They don’t expect to make their millions from one day job, they understand the importance of diversification and have set up multiple ways to make money. Both active, through a job or businesses, and passive, through  the stock market. 

They’re always on the lookout for opportunities and know a salary is just one piece of the puzzle. 

5. Not setting goals.

No eye rolling! Goal setting is incredibly powerful. If you’re dreaming of something that feels impossible or crazy that’s all the more reason to make it a goal. 

Be specific and write it down. Your goal might feel like a longshot but breaking it into measurable steps—a plan—roots it in reality. 

Putting a plan on it is the difference between a wish and a goal. 

6. Getting hung up on timing.

Millionaires know it’s about time, not timing. 

When it comes to investing they know focusing on timing is a waste of energy. They don’t try to time the market or pick stocks, they focus on long term strategies that ride out the ups and downs. 

They know it’s better to have time on your side and that’s why they start investing early. Once again, boring wins. 

7. Thinking wealth is a zero sum game.

You earning more doesn’t mean someone else has to earn less. 

Millionaires tend to have an abundance mindset, they see how finding a way to help more people helps them make more money, and that having more money in turn allows them to help more people. 

Look at famous millionaires you know… how did they make their money? By creating a product or service that was valuable to a lot of people. 

So it’s not about taking away from the pie, it’s about making the pie bigger. 

8. Only looking for ways to save money.

Millionaires can be frugal but they know getting ahead isn’t just about finding ways to cut costs, it’s about finding ways to earn more. 

This one also comes down to the difference between an abundance and scarcity mindset—if they want more money for something millionaires will look for a way to make more money to pay for it rather than solely seeing what other areas they can trim back on. 

Millionaires don’t view money as finite resource, they look for opportunities to make more. 

9. Hiding from their problems. 

When it comes to their money millionaires know how they make it and how they spend it. 

They aren’t ones to bury their heads in the sand. At least not the ones that want to  stay  millionaires. They want to know exactly what’s happening with their money, the good and the bad, because you can only solve problems if you know they exist.

Once you acknowledge something’s not working you can take steps to improve it—and this goes for a lot more than your money. 

10. Thinking it’s about luck.

Short of winning the lottery, millionaires know making and keeping money doesn’t come down to luck. 

Instead of looking at someone with a successful business and thinking,  “They’re just lucky… I could never do that!” they ask, “How did they do that? How can I do that?” They’re curious and want to know how things work so they can put it into practice themselves. 

Millionaires know their wealth isn’t accidental. Their financial success is built on a series of purposeful choices and habits—ones we can all learn something from.

 

 

This article was written by Kate Smalley of Nest Wealth, it was originally published here on July 28, 2017.

 

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Breaking Down the Real Costs of Homeownership

By Marci Deane • November 26, 2025
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.

Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Marci Deane • November 19, 2025
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.

Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect

By Marci Deane • November 12, 2025
Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect Thinking about co-signing a mortgage? On the surface, it might seem like a simple way to help someone you care about achieve homeownership. But before you sign on the dotted line, it’s important to understand exactly what co-signing means—for them and for you. You’re Fully Responsible When you co-sign, your name is on the mortgage—and that makes you just as responsible as the primary borrower. If payments are missed, the lender won’t only go after them; they’ll come after you too. Missed payments or default can damage your credit score and put your financial health at risk. That’s why trust is key. If you’re going to co-sign, make sure you have a clear picture of the borrower’s ability to manage payments—and consider monitoring the account to protect yourself. You’re Committed Until They Can Stand Alone Co-signing isn’t temporary by default. Even once the initial mortgage term ends, you won’t automatically be removed. The borrower has to re-qualify on their own, and only then can your name be taken off. If they don’t qualify, you stay on the mortgage for another term. Before agreeing, talk openly about expectations: How long might you be on the mortgage? What’s the plan for eventually removing you? Having these conversations upfront prevents surprises later. It Affects Your Own Borrowing Power When lenders calculate your debt service ratios, the co-signed mortgage counts as your debt—even if you never make a payment on it. This could reduce how much you’re able to borrow in the future, whether it’s for your own home, an investment property, or even refinancing. If you see another mortgage in your future, you’ll want to consider how co-signing could limit your options. The Upside: Helping Someone Get Ahead On the positive side, co-signing can be life-changing for the borrower. You could be helping a family member or friend buy their first home, start building equity, or take an important step forward financially. If handled with clear expectations and trust, it can be a meaningful way to support someone you care about. The Bottom Line Co-signing a mortgage comes with both risks and rewards. It’s not a decision to take lightly, but with careful planning, transparency, and professional advice, it can be done responsibly. If you’re considering co-signing—or want to explore safer alternatives—let’s connect. I’d be happy to walk you through what to expect and help you decide if it’s the right move for you.