01: A Canadian’s average net worth is WHAT?

On the first episode of MI$$ FINDEPENDENT, Gloria is joined by her sister and they talk about why she started this podcast, why you should know your net worth and how to calculate it, as well as some statistics on average Canadian and American net worths. Net worth is a snapshot of your financial security at a given point in time and it’s a really good launching pad to help you plan for and keep track of your financial goals.

Homework:
Task 1: Find out your net worth if you don’t know already or if you haven’t calculated it in a while
Task 2: Share this with someone who you think would benefit

Real property valuation estimates:
Car - Kelly Blue Book: http://kbb.ca
Car - Canadian Black Book: https://www.canadianblackbook.com/
Real estate - Zolo: http://zolo.ca

Net worth statistics:
US Federal Reserve - Survey of Consumer Finance 2016 - https://www.federalreserve.gov/publications/files/scf17.pdf
Statistics Canada - Survey of Financial Security 2016 - Total and median net worth by age and family type - https://www150.statcan.gc.ca/n1/daily-quotidien/171207/t001b-eng.htm
Statistics Canada Survey of Financial Security - Interactive Table - https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110001601

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Disclaimer - Miss Findependent is sharing perspectives on personal finance for educational purposes. It may not apply directly to your individual situation. I'm not a licensed financial advisor and it's a good idea to consult with one before making any serious financial decisions. References to products, offers, and rates from third parties often change, please double check on the third party website to get the most up to date info.

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