A million in net worth isn't the same as what most people think of as a millionaire. The time they are a changin'.
What is your net worth?
- Thread starter nottyboi
- Start date
Especially if you include the family house! A decent condo in many buildings is over a million.
Investible Assets is basically your investment assets less your liabilities excluding your family home. Unless you decide to sell you home and use the funds for investing, you cannot include it because it doesn't generate investment income. An investment property, however, would be different.
Interesting thread. I've been concentrating on this recently myself. I'll have a modest defined pension along with cpp as a base. I plan to retire debt freeTwill be there by age 60) with 7 extra years working time.
I've taken over my rrsp plan the last few months. Appear to be on track with my trading to making about 3 percent per month on a combination of previous rrsp contributions and a another acct on my tfsa(this I think is going to be the good one). All in all I hope to have about 750000 in assets by retirement time. If I can get the tfsa acct up to say 400000 by that point and into some decent income trusts I hope to achieve a yearly income of about 80000 after taxes with everything.
I don't have big dreams. Really just want to make sure the money doesn't run out.
I've taken over my rrsp plan the last few months. Appear to be on track with my trading to making about 3 percent per month on a combination of previous rrsp contributions and a another acct on my tfsa(this I think is going to be the good one). All in all I hope to have about 750000 in assets by retirement time. If I can get the tfsa acct up to say 400000 by that point and into some decent income trusts I hope to achieve a yearly income of about 80000 after taxes with everything.
I don't have big dreams. Really just want to make sure the money doesn't run out.
LOL yes exactly, but the OP specifically included it, and that makes it pretty meaningless since most home owners have at least close to a million in their house.
Yup, if your liabilities exceed your assets then you have negative net worth.. not that rare.
"Most" homeowners don't even own a million dollar house! Let alone have anywhere near that in equity!
Oh, ok. I guess you are right. Average home in Toronto is only..... what $800,000. So an average home owner is close.
http://www.torontolife.com/daily/in...12/09/19/detached-homes-average-price-800000/
I guess I should have said "many"
My bad.
why are you basing your info on toronto and claiming it is the entire country or even all of ontario ? you can get a very large house in the outskirts or even northern ontario for half or less than half of that. i was looking at buying a house in strickland ontario. 5 bedrooms, 100 acres, large barn 60,000$.Oh, ok. I guess you are right. Average home in Toronto is only..... what $800,000. So an average home owner is close.
http://www.torontolife.com/daily/in...12/09/19/detached-homes-average-price-800000/
I guess I should have said "many"
My bad.
Well I sort of actually base off the cuff comments on neighbourhoods where friends live in Toronto.
Being more general..... I guess because the vast majority of Canadians seem to live in big cities? And in Ontario the GTA wins? For every house in Strickland I sort of assume there is many many more in Toronto?
Probably shows I an urban prejudiced?
toronto is incredibly over priced for the homes it has. you can get the equivalent to a home in toronto in just about every other major ontario city for half the price.
dahhhhhh who cares? OP did not ask that did he?
And I was just pointing out that the housing distorts the entire survey. So basically you are just into contradicting me for the fun of it? lol
