Wealth
Building Wealth—Mindset Meets Strategy
Let’s start with a truth that’s often overlooked: wealth isn’t just about what you earn—it’s about what you keep, how you grow it, and how you think about it.
In The Psychology of Money, Morgan Housel reminds us that real wealth is what you don’t see. It’s not the car in the driveway or the designer clothes—it’s the quiet accumulation of savings, investments, and financial security. Wealth is built through patience, discipline, and behavior, not flashy decisions or market timing.
One of Housel’s most powerful lessons is that compounding is magic—but only if you give it time. The people who build lasting wealth aren’t necessarily the smartest or the boldest—they’re the ones who stay consistent, avoid emotional decisions, and let time do the heavy lifting.
Now let’s bring in Beat the Bank, which shifts the focus from mindset to mechanics. Larry Bates exposes how high fees and poor advice from traditional banks and mutual fund companies quietly erode your wealth over time. His message is clear: you don’t need to be a financial expert to build wealth—you just need to avoid the traps.
Bates introduces the concept of the “T-Rex Score”, which shows how much of your investment returns are eaten up by fees. The lower the fees, the more of your money stays in your pocket—and compounds. He advocates for low-cost index investing, using tools like TFSAs, RRSPs, and non-registered accounts, and platforms like Questrade or Wealthsimple to keep costs down and control in your hands.
So what’s the takeaway?
Mindset matters: Be patient, stay humble, and don’t chase trends.
Behavior beats brilliance: Save consistently, avoid lifestyle inflation, and let compounding work.
Fees kill returns: Use low-cost investment vehicles and understand where your money is going.
Use the right tools: In Canada, that means leveraging TFSAs for tax-free growth, RRSPs for retirement savings, and non-registered accounts for flexibility.
Wealth isn’t built overnight. It’s built quietly, steadily, and intentionally. And when you combine the emotional intelligence of The Psychology of Money with the practical strategies of Beat the Bank, you’re not just investing—you’re building a life of financial freedom.
