Bill’s Blog | Aug 31, 2026
I have sat across a table with hundreds of clients and hundreds of prospects over my career. The topic of building wealth and protecting it inevitably comes up. I have learned a lot from these discussions and from my own journey of building wealth over many decades. Building wealth is a lifelong process, and you will need this mindset if you want to build enduring wealth (generational). Truthfully, very few people in Canada build sizable wealth for several reasons, and I will share some of these insights in this blog today. More importantly, I will develop a simple pathway for you to follow if you desire to build wealth over your lifetime.
Hindrances to Building Wealth:
- Building wealth takes the proper mindset and discipline. 9 out of 10 people will say, yes, I want to build wealth or become rich. However, less than 10% will achieve it.
- Building wealth takes more than desire. Three stages to building wealth. 1) The discipline of saving; 2) Choosing the right career path to create a good income; 3) Finally, investing in a variety of asset classes. If you are unwilling to save and spend less than you earn each month, you will never achieve financial freedom or build wealth.
- Choosing the right career that you love doing long-term, whether starting and building a business, becoming a professional, or choosing a trade or other meaningful career that pays well, is critical. Many people want to neglect the first two steps and magically expect to grow sizable investments.
- Remember building wealth is not a lotto ticket, but a lifelong journey with both ups and downs. Everyone will make mistakes by not assessing risks properly and experience losses. Why? Pain is one of our best teachers, and when we become cocky or refuse to do proper due diligence, the financial beating behind the barn will eventually come!
- Without proper knowledge, it will be impossible to build sustainable wealth. Truthfully, building wealth is a team sport. It will require mentors and professionals: accountants, tax specialists, legal guidance and structure, financial and investment experts and a lot of homework.
- Lastly, if wealth becomes all-important to you, it will become your road to despair, brokenness and hurting a lot of people. Wealth can take wings and fly away, so if your identity is in wealth, you are building your life on a faulty foundation, in my opinion.
The Path to Building Wealth that Endures:
- Having a healthy perspective on wealth. Having wealth does not make you special or more important than anyone else. Remember, 90% of people around you (family, friends, colleagues, neighbours) will never achieve sizable wealth, so stay humble, be generous with your wealth and be kind to others.
- Be willing to keep learning over the entire journey. Why? Life constantly changes. What worked 5 years ago may no longer apply. We learn so we can make necessary adjustments, as our world is not linear. Has anyone heard about AI? Our world is changing fast! Hundreds of millions of people will be displaced as AI replaces humans in hundreds of careers in the near future. It has already started. Have you had a robot serve you yet?
- Be willing to adapt before you need to. A wise wealth builder understands this and makes the necessary changes to avoid large losses.
- Knowledge keeps you ahead of the game. You do not need to be a PHD in finance or investing, but you do need to be a diligent student of one or two asset classes before you invest a dollar!
- It is impossible to become an expert in all asset classes or areas of knowledge, so get help when you need it. But be very careful who you choose as your mentors. Find people who walk the talk with 20 or 30 years or more of experience. Find people who are honest and skillful in their trade. Not all mentors are created equal. AI can be great for gaining knowledge on many topics, but it does not care if you fail or experience large losses. People who care and have expertise will always matter in wealth building.
- If you do not understand DEBT, you will surely be ensnared by it. I have watched many people slowly strangle themselves by taking on too much debt. Most debt doesn’t create financial freedom; it creates financial enslavement. All it takes is a spike in interest rates or a major financial/economic shift, and many people find themselves in financial trouble.
- It will cost you to become wealthy! If you build a team of experts to help you grow and protect your wealth, you will need to pay them…pay them well. Either you will invest in your own personal growth from savings (courses, degrees, seminars, etc.) or pay someone else. This is wisdom.
- Financial disciplines are critical to your success: 1) Create a budget and review it regularly. If you do not know where your money is going, you will fail to build wealth. 2) Have multiple savings accounts with different purposes. (Emergency account, TFSA, Dream or Goal account, Investment account, Physical Gold and Silver, Cash or cash equivalents) 3) Only invest in what you are willing to research, understand the risks and deploy cash/savings you are willing to lose. 4) Choose your wealth team carefully. 5) When you can invest (after building up sizable savings), don’t bet the entire farm on it, but only invest a small amount of capital and give it time to ensure it was a solid choice. Meaning, possibly several years. 6) Are you a DIY person or do you need help from others? The majority of people will need others to help them, especially when you have a full career, family and other interests. 7) Be generous along the journey with your wealth and time and help others. This helps us avoid being ensnared by the love of money…yes, it’s a real thing!
- Develop a simple wealth plan and slowly build upon it over decades.
- Don’t fall in love with any asset class or even a business. There is a time to buy and a time to sell.
I hope this helped you understand how difficult it is to build wealth (but very possible). Equally rewarding if you build it wisely. Remember, wealth doesn’t make you more important than anyone else; it just opens many doors of options in life. Building personal wealth is being responsible with the gifts and talents that God has given you. So, make a difference with your life and wealth and enjoy the journey. Learn from the mistakes and possibly mentor a young person. Now that is a wealthy life! If you found the Blog interesting and helpful, consider taking my FREE online course “The Wealth Foundation Series” at Online Wealth Workshop – Fivefold Financial Link at the bottom of the page. It takes 2 to 2.5 hours to complete and is great for any age (teens and above). Enjoy!
All the best for the remainder of 2026…September, here we come,
Bill Westmacott, Life Insurance Broker (BC), Wealth and Solutions provider.