How to Build Long-Term Wealth Without the Noise with Webull Canada

As one of the OG personal finance content creators (I think I’ve earned that title after well over a decade in this space), I’ve got to say I’m genuinely worried for anyone just getting started with DIY investing in Canada right now. Not because we’ve been in a bull market for almost 4 years and are likely due for a correction. Not because of the ever-increasing cost of living, which makes it difficult for many Canadians to have anything left over to invest. Although both those things are cause for concern.

The Problem: Modern Investing is Too Noisy

No, I’m worried about the fact that the investing world has never been as noisy as it is right now. What I mean by that is compared to when I first started investing back in 2010, a time when there was a smaller cohort of financial authors, bloggers and journalists talking about investing, nowadays, there are thousands of online influencers with zero financial background or credentials who are promoting meme stocks and pump and dump schemes, muddying the waters for everyone. In short, 16 years ago, it was a lot easier to know what to do and who to trust with your investments. Today, not so much.

On the other side of the coin, the one thing I’m happy to see is how much more accessible investing has become. In my 20s, I remember if you wanted to invest in a portfolio of index funds, you had to go to the bank, speak to an advisor, convince them that you didn’t want to buy their high-fee actively-managed mutual funds, and fill out a bunch of paperwork.

Thankfully, there is way less friction today, and more platforms exist like Webull Canada that make it super simple to open and fund an account, and start investing in minutes. With that said, not all self-directed investing platforms are the same. Many still charge $10 or more per trade, whereas brokerages like Webull Canada offer $0 commissions on U.S. and Canadian stocks and ETFs, so you can keep more of your money and build your wealth more quickly. Not only that, they are currently offering up to $250 cashback for eligible traders if you sign up for an account before June 30, 2026.

The Solution: 5 Steps to Build Wealth on Your Own Terms

So how can you cut through the noise and take advantage of the positive changes that now exist for beginner investors? That’s simple. Follow these 5 proven steps for how to build wealth in Canada for the long-term, then put your blinders on and earplugs in to stay focused.

1. Make an Investment Plan

Too often, I see new investors put the cart before the horse and start buying random stocks and ETFs before having a solid investment plan. This isn’t investing. It’s gambling. Investing requires a strategy and knowledge of who you are as an investor and what types of investments make sense for you and your goals.

Take an Investor Questionnaire

The good news is, it’s incredibly simple to make a plan. To start, take an online investor questionnaire to see what your risk tolerance is. This should help you decide how much volatility you’re comfortable seeing inside your portfolio.

Outline Your Goals & Timelines

Then, outline your goals and determine their timelines. Are you investing for retirement in 30 years? Are you investing for a new home in 5 years? The answers to these questions will not only help you determine what asset allocations are most suitable for your portfolios, but also which tax-advantaged account types (RRSP, TFSA) you should utilize.

Choose an Investment Strategy

And lastly, choose an investment strategy that aligns with your values and beliefs. I’ve personally been following the passive investing strategy since I got started because my belief is that it’s very difficult to beat the market, so better to try to match market returns and buy-and-hold for the long term. But there are many other investing strategies out there you may want to explore that fit within your own investing philosophy.

For example, value investing involves looking for undervalued stocks with future growth potential. Momentum investing involves buying assets that are trending upward, so you can buy on the incline and then sell when it starts to decline, capturing the profit. Dividend investing involves investing in dividend-paying stocks with the hope that at a certain point, you’ll have grown your portfolio big enough that you can live off the dividends.

No matter what strategy you choose, Webull Canada has all the tools you need to research stocks and ETFs, set up alerts, and make a plan you can easily activate.

2. Diversify Your Portfolio

Another mistake I see a lot of new investors make is having portfolios too concentrated in a certain asset class, region, or industry. I know it can be easy to fantasize about investing everything you have in the next Apple or Nvidia and becoming a millionaire in just a few years, but unless you have a crystal ball, it’s almost impossible to differentiate the winners from losers at the jump. So instead of putting all your eggs in one basket, put your eggs in lots of different baskets. This way, you’ll have a better shot of choosing some winners (even if there are some losers, too). As one of my favourite investing quotes goes: “Don’t look for the needle in the haystack — just buy the haystack,” John C. Bogle.

That’s another reason why I was drawn to passive investing. It made it very easy for me to have a diversified portfolio because all I had to do was pick 4-6 Canadian, U.S., international and emerging market index ETFs, and I got exposure to thousands of companies from around the world for a very low cost. I stopped trying to find the needles; I bought the haystacks instead.

3. Practice Trading First

Once you’ve got a plan for your portfolio, it can be tempting to start trading right away. But what’s the rush? It’s better to be prepared than to rush into something new you’re not familiar with. I still remember the day I became a DIY investor after years of having my portfolio managed for me. The first time I placed a limit buy order, my heart was pounding. I wish I had practiced with a simulation to alleviate my anxiety and build my confidence first.

And that’s exactly what I suggest you do before investing any of your real money. Practice trading fake money before the real thing with Webull’s Paper Trading account. You can get used to placing trades, reading stock charts, and even making mistakes, with zero risk. If you’d like a look inside one of their Paper Trading accounts, make sure to check out my YouTube video.

4. Keep Your Investment Costs Low

One of the best pieces of advice I got when I started investing was to pay attention to the silent wealth killer — fees. That was one of the reasons that got me onto index funds, since they typically have lower fees than actively managed funds.

Along the same lines, it’s also why finding a self-directed investing platform that offers zero commissions, like Webull Canada, is just as important. By cutting out those commission costs, you can save yourself hundreds, if not thousands of dollars, in fees over a lifetime of investing. That’s money that can stay invested and grow and get you to your goals sooner.

5. Stay Consistent for the Long Haul

And lastly, the road to wealth is long, so don’t get distracted by the many get-rich-schemes that continue to circulate online in many different forms. Remember the story of the tortoise and the hare? The tortoise wins the race by staying consistent with its slow and steady approach, whereas the hare loses because of its overconfidence and lack of work ethic.

Building long-term wealth is hard work. It takes decades. But if you stay invested for the long haul, you will be rewarded and win the race. I don’t just say that as a financial planner who knows the data and case studies to prove this to be true. I know this personally, as someone who started investing with just a few hundred dollars at 24, but now has a multi-6-figure portfolio at 40 and is closer to my finish line than ever before.

Final Thoughts

Although there are a lot of voices trying to pull you in lots of different directions online when it comes to what and how you should invest, don’t forget that it’s your money and not everyone knows what they are talking about or has your best interests at heart. You need to take charge of your financial future, which means you need to make a personalized plan for yourself, diversify, practice, keep your costs low, and stay consistent.

The best thing I ever did was start investing in my 20s when I thought I was too broke and inexperienced to start. The second-best thing I did was stick with it.

So what are you waiting for? Sign up with Webull Canada today, test the waters with their Paper Trading account, and start building your wealth on your own terms. And right now, Webull is offering up to $250 cashback for eligible traders, giving you a boost to start investing and make your money work harder. Learn more at Webull.ca.