The Top Financial Mistakes Calgary Families Make — And How to Avoid Them
Calgary families often lose wealth by delaying investing, lacking a debt plan, holding excess cash, missing tax strategies, ignoring insurance/estate updates, or planning in silos.
Written by
Ryan Gubic
Published on
13
Apr 2026
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The Top Financial Mistakes Calgary Families Make — And How to Avoid Them
Even high-income earners and financially responsible families can fall into common money traps. These mistakes don’t happen because people are careless—they happen because modern financial lives are complex.
As part of our integrated Wealth Management Calgary approach, we help families avoid these pitfalls and strengthen their long-term financial outcomes.
Here are the most common financial mistakes Calgarians make—and what to do instead.
Mistake #1: Delaying Investing or Saving
The opportunity cost of waiting is massive. Delaying investment contributions—especially to TFSA or RRSP—can reduce long-term compounding dramatically.
Start early, contribute consistently, and increase savings as income grows.
Mistake #2: Carrying a Mortgage Without a Strategy
Many Calgary families don’t know whether they should:
- pay down their mortgage
- invest more
- hold more cash
- restructure debt
A strategic debt plan can accelerate wealth significantly.
Mistake #3: Holding Too Much Cash
Calgarians often keep tens or hundreds of thousands sitting idle in chequing or low-interest savings accounts.
Cash has a purpose—but long-term cash drag reduces wealth.
Mistake #4: Neglecting Tax Planning
Tax efficiency is one of the biggest differences between accumulating wealth and watching it erode.
Missed deductions, unoptimized RRSP contributions, and poor withdrawal sequencing can cost thousands each year.
Mistake #5: Not Having a Coordinated Plan
People often make decisions in isolation:
- buying real estate
- saving for education
- starting a business
- changing careers
- planning retirement
Without a unified strategy, decisions can conflict with one another.
Mistake #6: Failing to Review Insurance and Estate Planning
Many families are underinsured or have outdated wills, beneficiary designations, or powers of attorney.
Life evolves—your plan should too.
Mistake #7: Trying to Manage Everything Alone
High-income and business-owning families juggle:
- investments
- tax planning
- corporate strategy
- real estate
- retirement
- risk management
- estate planning
It’s too much for one person to manage effectively.
Final Thoughts
Avoiding financial mistakes isn’t about perfection—it’s about having clarity, strategy, and support. If you want help strengthening your financial foundation or creating a coordinated plan, I’m here to guide you.
Ryan Gubic is the founder of MRG Wealth Management Inc. operating as MRG Wealth (“MRG”) and is a Portfolio Manager with MRG investments of Aligned Capital Partners Inc. (“ACPI”). The opinions expressed are not necessarily those of MRG, ACPI, or Ryan Gubic. This material is provided for general information and the opinions expressed and information provided herein are subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on the information presented, seek professional financial advice based on your personal circumstances. ACPI is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Investment services are provided through MRG Investments, an approved trade name of ACPI. Only investment-related products and services are offered through MRG Investments of ACPI and covered by the CIPF. Financial planning and insurance services are provided through MRG. MRG is an independent company separate and distinct from MRG Investments of ACPI.
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