­­­Welcome to this edition of the Millennial Money Canada Newsletter, where we dive into how millennials are building wealth and what they do once they get there. We’re covering the three most common ways millennials reach their first million and the five habits that help them maintain and grow their wealth. If you’re serious about financial freedom, this is for you!

3 Ways Millennials Reach Their First Million

1. Starting a Business

One of the most common paths to wealth is entrepreneurship. Many wealthy millennials started businesses in their 20s, often partnering with someone who had complementary skills.

Starting a business requires sacrifices—long hours, skipping vacations, and forgoing the typical 20s social life—but it pays off. Unlike employees, business owners are not capped by a salary, and their earnings grow exponentially when they find a winning formula.

A key insight: Those who succeed in business often focus on reinvesting profits, growing their customer base, and optimizing efficiency. They view failures as stepping stones rather than setbacks.

2. Strategic Real Estate Investments

Another wealth-building strategy is real estate, particularly in major Canadian cities like Toronto and Vancouver. Many millennials bought their first property in the early 2010s when prices were lower.

Over time, as home values soared, they built significant net worth through equity growth. While this method worked well in the past, today’s market presents new challenges. Buying wisely and not over-leveraging remains key to long-term success.

3. Stock Compensation & Equity Ownership

Tech employees who receive Restricted Stock Units (RSUs) or equity in their companies have also built significant wealth. Those who have held onto stocks in companies like Shopify, Google, or Amazon over the past decade have seen substantial returns.

This wealth-building method requires patience, strategic tax planning, and a solid financial plan to avoid over-concentration in one stock.

5 Habits That Help Millennials Keep Their Wealth

1. Diversification & Risk Management

After reaching a million-dollar net worth, the focus shifts from growth to protection. Wealthy millennials prioritize diversification across different asset classes to reduce risk.

This includes a mix of:

• Market investments (stocks, ETFs, index funds)
• Private investments (real estate, business equity)
• Cash reserves for emergencies and opportunities

They also work with financial planners to ensure tax efficiency and proper asset allocation.

2. Seeking Professional Advice

Successful millennials don’t try to do it all alone. They hire financial planners, accountants, and tax professionals to optimize their financial strategies.

Common areas of focus include:

• Reducing tax liabilities through smart structuring
• Managing RSUs and stock options efficiently
• Business owners setting up holding companies for tax optimization

One of the biggest mistakes we see? Delaying professional advice until they’ve already made costly financial decisions.

3. Mastering Emotional Control with Money

Market downturns, economic uncertainty, and unexpected expenses happen. Wealthy millennials understand the importance of emotional control when managing money. They avoid panic-selling investments, chasing short-term gains, or making impulsive purchases.

Instead, they develop disciplined financial habits:

• Automating savings and investments
• Reviewing financial plans regularly
• Ignoring short-term market noise and staying invested for the long run

4. Prioritizing Health & Longevity

A common trend among financially successful millennials is their focus on physical and mental well-being. They understand that wealth is meaningless without good health.

They invest in:

• Regular exercise (gym, running, CrossFit, yoga, etc.)
• Proper nutrition and meal planning
• Work-life balance to avoid burnout

Why? Because a healthy body and mind lead to better decision-making, higher productivity, and ultimately, a more fulfilling life.

5. Moving From Success to Significance

Once they’ve built financial stability, many shift their focus to impact and legacy.

They ask:

• How can I use my wealth to help my family and community?
• What causes matter most to me?
• How can I align my work with my values?

This might involve philanthropy, mentoring others, or transitioning into purpose-driven careers.

The Bottom Line

Wealth-building isn’t about luck—it’s about consistent smart decisions, discipline, and long-term thinking. Whether you’re just starting out or already well on your way, adopting these habits can help you create lasting financial success.

See you in the next edition!

Guillaume Girard, CFA CFP | Sam Lichtman, CFP
Millen Wealth Advisors

P.S. Want to go deeper? Book a consultation with us to create your personalized wealth-building strategy.

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Disclaimer: Mutual funds are offered exclusively through Portfolio Strategies Corporation. Mutual fund investments are not guaranteed, as their values change frequently, and past performance may not be repeated. This message is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any mutual funds. Please consider your risk tolerance and financial situation before investing, as mutual funds carry various risks depending on the nature of the fund. You should read the applicable fund facts or prospectus document carefully before investing. For personalized advice tailored to your circumstances, please contact us directly. Data and research from Dimensional Fund Advisors using Index Funds. Actual portfolio returns may vary.