Evelyn Jacks: Ready, Richer, and Energized for Prosperity
Posted: August 13, 2013
Posted in:Breaking News, Tax Planning, Current Issue, Real Wealth Management
Stephen Covey was right...it pays to sharpen the saw.
Despite spotty weather, Canadians seemed to have had a wonderful summer, by all accounts. To our collective delight, we also found out that our family households are getting richer: our average household net worth rose 5.8% over a year ago, according to WealthScapes 2013, a study released by Environics Analytics on July 26. It’s the kind of statistic that makes the well-rested soul want to spring back into action!
Canadian’s average household net worth was $400,151 on December 31, 2012, made up primarily of real estate and liquid assets less debt. The study revealed that the economic recovery is well underway in Canada and that in fact, stock portfolios are increasing again; so is the value of real estate. According to the study, debt has only ticked up modestly in the meantime.
This certainly serves as a “heads up” for anyone in the tax and financial services industries. If you have not yet considered wealth management as a service in your business, you should. Real Wealth Management™ involves the full financial picture...tax efficient investment, retirement, business, succession and estate planning. Canadians are going to need more of it, as they become richer and as they pass along their wealth from one generation to the next.
Fall is a tremendous time to re-energize and get back to school. I love to learn at this time of the year and my focus is going to be on the tremendous opportunity that we have in bringing tax and financial advisors together to become masters at wealth management. Their clients will so appreciate it, going forward and our opportunity is significant: collectively, well-managed wealth will contribute to a high standard of living for our entire country.
It’s Your Money. Your Life. It takes as much time to think big as it does to think small. This fall, think big—strategize on the bright future that is before us and act on it. We have an opportunity to work collaboratively to build on our momentum. Education is the key.