Do you have a blurred understanding of what your true net worth or net wealth really is?
After digging into articles and resources across the web, it is clear that many Canadians have a misguided or incomplete understanding of what their true net worth or net wealth really is.
If you’ve been following the basic formula of assets minus liabilities to calculate your net worth, then it is highly likely that the resulting value is inaccurate and ultimately useless for your financial wealth management strategy.
For those who have ever completed a net worth statement for themselves or for other investment or leveraging purposes, knowing your traditional net worth can be very misleading as you make plans for your financial future and wealth preservation strategy. By shifting the focus from merely accumulating more assets and less liabilities over time, we will share some other considerations that can help you navigate the “secret costs” including taxes and liquidation expenses to provide you with more clarity around your real net worth and how you can protect it now and in the future.
What you’ll learn:
- Gain clarity on accurately calculating your net worth, including often overlooked factors like taxes and liquidation expenses.
- Learn strategies for effective asset management and the importance of diversification to safeguard your net worth and overall net wealth.
- Understand the crucial role of tax implications and asset distribution planning in preserving and passing on your wealth to future generations.
By enhancing your understanding of what your real net worth is, you will avoid the common overestimation of your true financial and wealth management picture and ensure that you aren’t left scraping for cash flow in your later years.
Resources:
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Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.
Canadian Wealth Secrets