Personal Investor: What is your household net worth?
The latest household net worth survey from Environics gives us a sneak peak in our neighbours’ homes. It pegs the average Canadian household net worth at $770,000 – up 12 per cent from last year.
For some it’s a chance to gloat. For others it’s a chance to determine the dollar value of everything we have accumulated, and set goals to grow our net worth.
Net worth is basically the measure of everything we own, minus everything we owe. In other words, assets minus liabilities. There are three powerful levers to help you reach your goals: debt reduction, savings and investment growth.
Here are some basic household assets:
Here are some basic household liabilities: