The Joneses

DOUG  By Guest Blogger Doug Rowat

.

Admit it, your neighbour’s flashy new SUV pisses you off.

You’re not jealous to the extent that you wish a tree falls on it, but it still aggravates you.

This has been one of the most significant revelations of my financial-advisor career: the extent to which people evaluate their financial situation against that of their peers. One of my most frequently asked client questions is, without a doubt, “how am I doing relative to your other clients?” In a sense, we’re always, figuratively and literally, comparing our SUVs.

Now, almost every personal finance website gives similar advice: don’t compare, refrain from jealousy, set your own goals, be your best self, etc.

While this advice is nurturing and politically correct, it certainly isn’t pushing anyone to take their finances to the next level. Comparing yourself to others can be useful and motivating. Mario Lemieux didn’t have pictures of fourth-round draft picks on his wall, he had pictures of Guy Lafleur. Using the success of others as aspirational fuel is helpful. Even occasionally becoming angry at the achievements of others has merit. Again, Mario Lemieux went on to overtake Wayne Gretzky as the world’s best hockey player shortly after Gretzky was named (unjustifiably?) MVP of the 1987 Canada Cup. Lemieux didn’t like that one bit and their feud continued quietly for more than a decade—a decade where Lemieux clearly became the better player.

What these personal finance websites do correctly observe, however, is that the true financial state of your neighbour is impossible to know. And looking only at someone’s apparent financial success is pointless. Was your neighbour’s SUV, for example, bought on expensive credit? Did a rich relative help them out? Did they simply overextend just to impress?

It’s important to measure yourself against TRUE, not imagined, wealth. In other words, compare yourself to benchmarks that are transparent and accurate. The financial goalposts that you’re chasing should be based on empirically gathered data, not uncertain conclusions drawn from catching a glimpse of your neighbour’s new Q7.

Statistics Canada last year published its Indebtedness and Wealth Among Canadian Households report and this report might be as good as we’re going to get in terms of determining how well we’re actually doing versus others in this country.

It turns out that the median net worth in Canada is around $300,000 and it’s been growing by about 4% annually since 1999:

Median family net worth: Canada and selected cities

Source: Statistics Canada, Turner Investments

Keep in mind that net worth is only one indicator of financial health. You might have a net worth well above the median, but if you have high debt levels that require perfect job security in order to service that debt, then your financial situation might actually be quite precarious. However, net worth does set some rough goalposts.

If you want to dig further into the numbers based on age ranges and family types, you can do so here.

So, how do you stack up? If you don’t like the picture that the report paints for you, don’t wait for the figurative tree to fall on Canada’s SUV—go out and change your own financial situation. Start by educating yourself—and regularly reading this blog’s a good start.

Earn yourself that new SUV (or whatever it is that’s important to you). And if it turns out to be nicer than your neighbour’s? Well, so be it.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.

 

135 comments ↓

#1 G on 02.22.20 at 11:12 am

For the persons that might be interested. And it doesn’t seem to be everyone.
His Iran Dr. contacts asked him to ‘please tell the world’, @~8-1/2min mark. and his assessment/comment near the end @~9:42 is worth hearing/thinking about. IMO.
COVID-19 Saturday 22 Feb 11min
Dr. John Campbell (I’ve linked to him in past posts.)

#2 Ponzius Pilatus on 02.22.20 at 11:20 am

My neighbor’s name is Smith.
And he drives a Kia.
So, I’m all good.

#3 Paul Bryden on 02.22.20 at 11:21 am

Please remove the period at the end of the link, as it appears to be part of the link, resulting in ‘error’ with a copy/paste search:
https://www150.statcan.gc.ca/n1/daily-quotidien/171207/t001b-eng.htm.
No need to post this comment…

#4 Toronto_CA on 02.22.20 at 11:22 am

Strip out falsely inflated RE amounts from the net worth and the picture is probably shockingly different. Very, very few of the 99%ers out there have liquid financial assets worth a damn; everything is in the house and they get by and keep up with their peers by taking out HELOCs, rolling credit cards, etc.

No one I talk to can speak intelligently about rebalancing, what ETFs to put into their TFSA, know what their group DC/RRSP at work plan has for options, know what a MER is, nevermind what the MER of their retirement accounts averages out to…etc. They just know that they can borrow against the equity in their house and that owning real estate with debt is a great thing cause houses always go up up up.

I hate this about Canada.

#5 Wkg on 02.22.20 at 11:33 am

Interesting article
I’ll admit that when I see someone driving a 100k vehicle, I wonder what their situation is. Personally, I drive a 16 year old Toyota that has 325k on it.

I love the vehicle, I don’t care if someone gives me a door dent or if ther is a scratch on it. It is cheap to run, reliable, and if it ever requires a major mechanical fix, I will haul it to a scrap yard. Also when relatives see what you drive. They would never dream of asking for a loan. When I think of all the energy and resources that go into a new, expensive vehicle, I feel sick to my stomach.
Wealth is when no longer need a pay check, and can provide for your family for the rest of your life. If you achieve this, your network will be much higher than average

#6 Leslie on 02.22.20 at 11:40 am

Hopefully this doesnt fall apart…

#7 COVFEFE-19 on 02.22.20 at 11:41 am

I prefer to look at the Bank of Canada’s numbers on credit. Credit is used to finance (and thus value) pretty much anything that generates cash flow, and a bunch of stuff that doesn’t. The ratio of total outstanding credit to asset values usually changes very slowly.

So if I own whatever % of total Canadian (or world) wealth, and outstanding Canadian credit (i.e. debt) grows by say 4.5% in a year, and the nominal value of my assets grows by 4.5%, I probably own about the same percentage of Canada this year as I did last year.

CPI or PPI might(?) be appropriate inflation rates for poor people, but I think credit growth is a much more appropriate rate for rich people.

#8 earthboundmisfit on 02.22.20 at 11:47 am

Toronto_CA “I hate this about Canada”

Hate is such a dreadful word. While I agree that there are things in Canada that I am displeased with (eg. a vain and vacuous empty headed PM, the FPTP electoral system, the LPC in general) there is nowhere else in the world I would rather be hanging my skates. The lack of financial literacy is a failure of our educational system. Thank goodness for the work of people like Dan Bartolotti, Rob Carrick, Fred Vettesse, Moshe Milevski and Alexandra MacQeen, as well as all the personal finance bloggers, and (MSU) the chiseled abs, hirsute author of this blog, who are doing their damndest to rectify that failing.

#9 JSS on 02.22.20 at 11:57 am

Thanks for the great article.
Is it safe to assume that the net worth numbers are skewed due to increasing real estate values namely in Toronto, Vancouver, and a recent pick up in Winnipeg.
Net worth by investable assets cannot be read out of the data from stats can. For example, Edmonton and Montreal might have low net worth due to lower housing prices but might have more savings in say cash, stocks or rental property. Who knows right?

#10 joblo on 02.22.20 at 12:04 pm

And Lemieux never had a Semenko.

#11 G on 02.22.20 at 12:11 pm

Hi #4 Paul Bryden , if your comment was for #1, I haven’t added a link today. You need to look him up on YouTube yourself if interested.

#12 Dogman01 on 02.22.20 at 12:16 pm

Don’t compare yourself with other people; compare yourself with who you were yesterday. -Jordan Peterson

30 years ago and through all human history, you could strive to be the best at something (or very good ) in your community. The Best mechanic or an expert as regarded by your peers. This allowed an achievable goal and the self-esteem that comes with that. “I am competent”.

Now in the this globally connected world your first exposure and subsequent comparison may well be with the 0.01% of the best.
I warn my spouse of this when she is inspired by home renovation shows…”was our actual renovation experience anything like that?” , “Was our actual costs anywhere near what this show seems to imply?”

In this globally connected media infused world, comparison is more likely a path to misery vs a positive aspiration for most of us mortals existing somewhere thick on the bell curve.

#13 Doug Rowat on 02.22.20 at 12:32 pm

#10 JSS on 02.22.20 at 11:57 am

Thanks for the great article.
Is it safe to assume that the net worth numbers are skewed due to increasing real estate values…

—-

Most definitely. Net worth, as a single indicator, does a poor job of reflecting concentration risk.

—Doug

#14 Dogman01 on 02.22.20 at 12:35 pm

Years ago I read the “Millionaire Next Door”, lots of interesting observations regarding attitudes towards money which then determine wealth accumulation.

It was unique, in that it profiled the sub set of self-made, near zero starting wealth and then made it to wealthy.

Interesting that he indicated that immigrants to the US make up a very high percentage of self-made millionaires in their lifetime. – Apparently Russian Immigrants are statistically very effective at starting at zero and getting wealthy.

He has a number of interesting statistics about self-made millionaires, for example they have a propensity to own used luxury vehicles. Most via small business not employment.

#15 Shawn Allen on 02.22.20 at 12:36 pm

Warren Buffett’s latest letter is out this morning

https://www.berkshirehathaway.com/letters/2019ltr.pdf

********************************
Talk about financial literacy. This letter always teaches great financial literacy lessons. 12 pages here packed with wisdom.

He even kindly addressed how to react to yesterday’s Condo investment advertising great returns. Advising once again that you simply – Never ask the Barber if you need a haircut.

Readers may also want to notice the crisp and entertaining writing style. Several of the regulars who comment here should take note of the short paragraphs and ample white space. No one wants to read a dense block of text or dense sentences for that matter.

#16 Don Guillermo on 02.22.20 at 12:47 pm

#6 Wkg on 02.22.20 at 11:33 am

” When I think of all the energy and resources that go into a new, expensive vehicle, I feel sick to my stomach”

******************************************
Instead of being sick with envy and trying to disguise it as been an environmentalist maybe you should be thankful to wealthy people who are willing to spend more money on quality products that aren’t continuously discarded.
**************************************
“over 70 percent of all 911s ever made are still estimated to be on the road”

https://www.carscoops.com/2017/05/porsche-has-made-million-911s-and-over/

#17 Yukon Elvis on 02.22.20 at 12:48 pm

#11 joblo on 02.22.20 at 12:04 pm
And Lemieux never had a Semenko.
……………………………

He never had a team around him either until the later years when they won 2 Stanley Cups.

#18 Yukon Elvis on 02.22.20 at 12:52 pm

Again, Mario Lemieux went on to overtake Wayne Gretzky as the world’s best hockey player shortly after Gretzky was named (unjustifiably?) MVP of the 1987 Canada Cup.
…………………………………….

You know your hockey. Not many people noticed that through all the Hollywood Gretzky hype.

#19 Alessio on 02.22.20 at 12:54 pm

Would be good to have footnotes. Example is the wealth net worth net of any debt? Does it include real estate assets or just liquid assets? $300,000 seems low. I consider my family middle class (parents, siblings) and our net worth is avg $2MM per family residence. We are 5 family residences.

#20 Raging Ranter on 02.22.20 at 12:57 pm

We’ve all heard how most lottery winners go bankrupt within X number of years. Less well known is that bankruptcies increase up and down the street in the years after a modest lottery win.

https://www.independent.co.uk/life-style/gadgets-and-tech/news/lottery-winners-neighbours-bankrupt-study-a8375711.html

The study above focused on winnings of less than $150K, because big winners usually move away to nicer neighbourhoods, thus removing their impact on their less fortunate peers.

Now, lottery winnings, even of that small amount, are relatively rare. But a $150K inheritance? That’s run-of-the-mill these days. Hell, even a $150K gift from living parents/grandparents is not uncommon. If lotto winnings have that effect, then inheritances and family gifts must be having an enormous effect. People receiving BoMD subsidies rarely speak of them, nor should they; it’s nobody else’s business. But the silly fools trying to keep up with them because they don’t understand where the money came from are slitting their own throats.

#21 Sold Out on 02.22.20 at 1:04 pm

#6 Wkg on 02.22.20 at 11:33 am
Interesting article
I’ll admit that when I see someone driving a 100k vehicle, I wonder what their situation is. Personally, I drive a 16 year old Toyota that has 325k on it.

I love the vehicle, I don’t care if someone gives me a door dent or if ther is a scratch on it. It is cheap to run, reliable, and if it ever requires a major mechanical fix, I will haul it to a scrap yard. Also when relatives see what you drive. They would never dream of asking for a loan. When I think of all the energy and resources that go into a new, expensive vehicle, I feel sick to my stomach.
Wealth is when no longer need a pay check, and can provide for your family for the rest of your life. If you achieve this, your network will be much higher than average.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

While I had a mortgage, I drove a 20+ yo beater Mazda p/u. Not to work, that’s what the bike was for. It was so ugly, neighbours asked us not to park on the street, it dragged down the property values.

What evs, I never paid for material deliveries, trips to the dump, and had the option of using it as a battering ram if required. Once I paid off the mortgage and retired, I treated myself to an 11 yo, low mileage Outback. Power steering AND heated seats! That’s all the luxury I require.

I can’t understand borrowing money for a car. It’s my definition of insanity. The world is full of cheap transportation options, but some people have to do it the hard way.

What’s the average car payment? $400 – $500? That’s your TFSA contribution.

Beware lifestyle inflation! Unless you really want to work until you die.

#22 crowdedelevatorfartz on 02.22.20 at 1:11 pm

Well, I guess I’m better off than most.
I’m driving a 5 year old Tacoma.
I dont care what my neighbors pay for their Range Rover leases.
Zero debt and over $1,000,000 invested….. and I still rent because housing in the Lower Brain land is too expensive even for me to consider buying.

#23 G on 02.22.20 at 1:23 pm

Some might be interested, it is quit a comparison.
My fingers are crossed that Western Hand washing will be enough??
serpentza on YouTube posted a 31min eye opener Fri
The China they DON’T want you to SEE!
(Warning Dogs are talk about, so you might not want to look at all.) And his wife a China Doctor did another YouTube last week on staying safe and proper hand washing. You’ll need to look it up yourself.

#24 Dave Schwartz on 02.22.20 at 1:27 pm

imagine if investor interest rates like GIC’s, government bonds, investment grade bonds, dividend yields on good quality stocks were in the normal range 5% to 5.5% at current stated low inflation numbers, 2.4%.

Look back in history and with inflation rates in 2.4% to 2.8%, mortgage rates would be 6.5% at the very least. the real pain will come when interest rates can’t be kept down or the power at be want higher interest rates no matter at any collateral damage to the economy, finances of everyone.

#25 DON on 02.22.20 at 1:51 pm

Timely post Doug. A much needed topic.

As peer pressure can lead to bad choices.

My neighbour and I are around the same age. 3 years ago he wants to buy a house…single income, kids, secure job. The Banks said NO…but he had a strong pulse??

I didn’t ask him why…I kinda knew. Anyway, the Ford dealership said yes. So he went with the Sports edition 50-60k payments (no lease) Then something happened and they turned it in and rolled to a lease…went to an SUV…for a year (two incomes) and then a year later into a brand new truck on lease I think. Now back to one income (it appears). Throughout all that time Canadian tire products everywhere…and he asked me about the credit card debt…Canadian Tire specifically. I saw the debt by looking around the yard and garage he rents for cheaper than he can buy.

I think I started it all when I bought Trampoline, but I never tried to keep up.

#26 DON on 02.22.20 at 1:54 pm

@ShawnAllen

RE: Smoking Man’s choice of language recently.

SM hope you are ok. Let us know. Cheers.

#27 DON on 02.22.20 at 2:01 pm

@CROWDEDELEVATOR

Let me know when you go to sell the Tacoma if you do.

#28 NoName on 02.22.20 at 2:02 pm

Checked a stat tables and it looks like that I am well behind my age group by good margin, maybe after all “we” (excluding my family) are richer than we think.

Funny enough I was renewing mrtg other day and [email protected] sad to us, I see poor people all the time, but they don’t know that are poor. Now I know what she meant.

Now iam wondering should I by more life insurance to make my numbers look better…

#29 1255 on 02.22.20 at 2:13 pm

No, no, no – you should never compare your finances to others’.

Find out what makes you happy and set a goal to achieve it. Who cares what SUV your neighbour drives? Ridiculous.

I’m sure you’ll find out that you are searching for time and peace of mind. But remember to enjoy the NOW in your journey.

#30 Smith on 02.22.20 at 2:14 pm

@3
Hey screw you man, Blake Griffin says my optima is the bees knees.

#31 theoryAndPractice on 02.22.20 at 2:17 pm

#13 In debt we trust on 02.22.20 at 12:13 pm

https://www150.statcan.gc.ca/n1/daily-quotidien/171207/t002b-eng.htm

========
If these numbers are not inflation adjusted, in real-terms there is not much difference between 1999 and 2016 regarding to net worth[asset-less-debt] last column….

#32 just saying... on 02.22.20 at 2:23 pm

…., “how am I doing relative to your other clients?” In a sense, we’re always, figuratively and literally, comparing our SUVs.

===

Could this be just relative performance of their portfolios rather than information about who has what..

#33 Stan Brooks on 02.22.20 at 2:34 pm


https://www.investopedia.com/ask/answers/060716/why-singapore-considered-tax-haven.asp

Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no capital gain or inheritance tax. Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring a few exceptions.

https://www.guidemesingapore.com/business-guides/taxation-and-accounting/introduction-to-taxation/singapore-tax-system-and-tax-rates

Income Tax Rate
Tax rate on corporate profits for up to 300,000 SGD Effective tax rate at 8.5%
Tax rate on corporate profits above 300,000 SGD 17%
Tax rate on capital gains accrued by the company 0%
Tax rate on dividend distribution to shareholders 0%
Tax rate on foreign-sourced income not brought into Singapore 0%
Tax rate on foreign-sourced income brought into Singapore 0 – 17% subject to conditions

Here we have socks boy and the french villa guy.

Suck it up and move on. Don’t let the door hit you on your way out.

Cheers stuuuuuuuupid sheeple,

#34 Mikey on 02.22.20 at 2:35 pm

Man what is it with people driving beaters and being proud and having 7 figures? You know there are some of us out there that have 7 figuree and have nice cars too right? We just don’t est out snd we wear the same clothes for a decade. Or maybe we don’t take 10k vacations every year. Buy the right used luxury car and it will hold value.

After all you can sleep in a car but you can’t drive a house

#35 Dr V on 02.22.20 at 2:38 pm

13 In debt – how do you reach this conclusion?

Table shows total $5536 of RE assets, with $1416B of mortgages or 26.5% of asset value

Table shows $5837 of pensions, savings, investments and business equity – slightly more than RE.

Over 90% of us have financial assets. over 70% have pensions or retirement savings. Less people than either
own houses.

This does not sound like “basically zippo assets outside the house”.

Please explain.

#36 FreeBird on 02.22.20 at 2:53 pm

Median income as at 2017

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901

#37 ever after on 02.22.20 at 3:06 pm

the world is dying because … of buying new cars …

i am a multi millionaire and just got rid of my 20 year old car .. because i can bike everywhere and its much better for my aging heart and other bits … i embrace the inconvenience of not having a car … we will all have to be inconvenienced soon . mother nature will show us our follies ..

#38 unbalanced on 02.22.20 at 3:29 pm

People asking about SM. Like, who really cares

#39 FreeBird on 02.22.20 at 3:30 pm

It was part of the Survey of Financial Security (SFS) which seems to have adjusted for inflation.

https://www150.statcan.gc.ca/n1/pub/11-626-x/11-626-x2019003-eng.htm

Under ‘Higher mortgage liabilities as a share…’

“The Survey of Financial Security publishes detailed estimates of family balance sheets in 2016 constant dollars to support inflation-adjusted comparisons over time.”

Not sure if this helps. Statscan doesn’t make it easy to find like incl in notes on report.
This section doesn’t refer specifically to the chart in the post but looks like it was also part of SFS.

#40 espressobob on 02.22.20 at 3:31 pm

There are far better and productive things in life than a fat portfolio. Sure, financial reality is what it is. Most would be better off with professional management.

The best endeavours in life require more effort than money.

Just saying.

#41 FreeBird on 02.22.20 at 3:34 pm

#33 theoryAndPractice on 02.22.20 at 2:17
If these numbers are not inflation adjusted, in real-terms there is not much difference between 1999 and 2016 regarding to net worth[asset-less-debt] last column…
————————
The inflation info was for this. Thought it was worth looking up.

#42 Capt. Serious on 02.22.20 at 3:40 pm

Checks tables. Nods head. Doing just fine in comparison to the masses. Back to work. Back to play.

#43 mark on 02.22.20 at 3:56 pm

Refund please.

#44 CD on 02.22.20 at 3:59 pm

Doug,

While I enjoy reading all your blog posts, this is one of my favourites to date. I couldn’t agree more with the points you’ve made. I personally love working in an industry where the wealth and success of those around me catalysts me to work towards one day achieving that same level of financial and career-driven success (hopefully one day not too far!). Sometimes a little friendly competition is good, as long as you don’t allow it to become all-consuming.

“Admit it, your neighbour’s flashy new SUV pisses you off. You’re not jealous to the extent that you wish a tree falls on it, but it still aggravates you.”

“While this advice is nurturing and politically correct, it certainly isn’t pushing anyone to take their finances to the next level.”

“In your funny yellow shoes.”

“Earn yourself that new SUV (or whatever it is that’s important to you). And if it turns out to be nicer than your neighbour’s? Well, so be it.”

#45 I'm Alright Jack on 02.22.20 at 4:05 pm

Couldn’t care less what my neighbours drive – they’re all @ssholes. We have a newer Outback (for me, and trips), whereas my wife drives a 2006 Impreza with a little rust as a town car (and she’s a manager). We could own any car we want, but new vehicles are a horrendous waste of money.

We have always paid cash for vehicles and run them ’till they’re basically dead. And we have net worth of about 2.5 MM, all from just saving, investing and paying off the mortgage in a few years.

#46 Ed on 02.22.20 at 4:24 pm

The Great One made Lemieux & Hawerchuk look and play better like he did for anyone that played on his line.

He deserved the MVP not even close….stick to pushing pencils?

#47 Shawn Allen on 02.22.20 at 4:25 pm

Dr V as 37 asked:

This does not sound like “basically zippo assets outside the house”.

Please explain.

**********************************
Well, when it comes to interpreting financial statistics and also in interpreting the records of sports greats, the answer is not to be found in the statistics.

Instead, the answer is whatever someone wants it to be and they just claim the statistics support their view.

And if they want to be ambitious they will simply torture the numbers until they confess the desired answer.

As a notorious example, Trump has taken this to a high art. It helps that if officials don’t support his desired view, he simply says “You’re Fired”. Those who remain soon learn to give the “correct” answer the first time.

And yes, “everyone” knows that almost no one has any assets outside of the house and almost everyone is in debt and if the statistics don’t support that (even after torturing) then of course the statistics are fake and manipulated and rigged and all that.

#48 Alberta Ed on 02.22.20 at 4:29 pm

Financial and physical health are equally important; both require regular attention, good professional advice (and a bit of luck helps, too).

#49 Dave on 02.22.20 at 4:35 pm

Many people pretend they are rich and show off. Reality is that they are in heavy debt.

Many others have done illegal things and corrupt things to steal wealth from others. Present themselves as self made millionaires

#50 crowdedelevatorfartz on 02.22.20 at 4:47 pm

@#29 Don
“Let me know when you go to sell the Tacoma if you do.”
+++

The last Toyota 4WD pick up ( 22R, carborated engine , standard tranny) I owned for 20 years and sold it because I wasnt driving it enough. ( it was a garage queen in another province and things were starting to deteriorate, hoses, belts, battery, alternator, I didnt have the time to work on it and sold my cottage on the east coast, but that’s another story).
It only had 210k on it after 20 years ( drove it up to the Yukon , all across Canada, etc etc, but i rode my bicycle to work every day, so I only really drove it on weekends ….thus low mileage) and I see it still driving around in the small town I sold it in when I visit the east coast.
Its almost 35 years old now and still ticking away.
Those 22R engines were bullet proof.

The truck I have now is mint, only 61k after 5 years.
I’ll probably drive this one for at least 10 to 15 more years and , depending on where I retire, Turn it into a yard vehicle.

#51 crowdedelevatorfartz on 02.22.20 at 4:50 pm

@#40 unbalanced
“People asking about SM. Like, who really cares”
++++

You should change your name to “prick”….it would suit you.

Hopefully Smokey is ok ….just lurking.

#52 tbone on 02.22.20 at 5:11 pm

I never drove beaters, always had a nice car .
Never did it to impress anyone, and didn’t care if anyone was competing .
Funny thing now is , I tend to walk more for the exercise
while the audi sits in the garage.

#53 theoryAndPractice on 02.22.20 at 5:20 pm

#41 FreeBird on 02.22.20 at 3:30 pm
#43 FreeBird on 02.22.20 at 3:34 pm

Thank you !

#54 TurnerNation on 02.22.20 at 5:47 pm

Where are the Customers’ blogs? ;-)

#55 Grunt on 02.22.20 at 5:48 pm

I don’t consider myself a sexist pig.. maybe some kind of freak. I can be jealous of another man more successful than me But never ever a woman no matter how successful .

#56 Yukon Elvis on 02.22.20 at 5:50 pm

#48 Ed on 02.22.20 at 4:24 pm
The Great One made Lemieux & Hawerchuk look and play better like he did for anyone that played on his line.

He deserved the MVP not even close….stick to pushing pencils?
……………………………

A minute and change left to play, three centres on the ice for Canada, Lemieux, Howerchuck and Gretzky. Howerchuck loses the draw, Mario takes the puck from a Rooskie, sends it up to The Weiner who skates up the ice and passes it back Super Mario who roofs it. Gold medal Canada! Lemieux was robbed, he should have been MVP. Stick to pushing yer walker?

#57 TurnerNation on 02.22.20 at 5:55 pm

All these deca millionaires driving 15 year old Toyota Corollas, bronze colour natch; rolling up 500,000 km on the odo .

Have some fun. Summer car: lots of used Ferraris under 100k. Set aside $5-10k each year for maint, repairs:
The total cost for ownership of leasing a new car (parking, insurance, payments, gas) is at least $5k a year anyway…you can do it

https://tinyurl.com/waa43or

–Winter car? An AWD Lambo of course

https://www.cbc.ca/news/canada/edmonton/lamborghini-sports-car-luxury-edmonton-1.4975727

Why an Edmontonian drives his Lamborghini in the middle of winter
Watch: Oren Zamir take his Lamborghini for a spin on a cold January day.

#58 Brett in Calgary on 02.22.20 at 6:03 pm

#5 Toronto_CA

========
me too.

#59 Brett in Calgary on 02.22.20 at 6:07 pm

Real estate seriously inflates “net worth” in Canada. There are just so few people that invest in anything besides real estate or a GIC. For example, my own siblings (who think I am crazy) don’t even have RESPs for their 5 kids. As Garth says, even if investment happened (i.e. cash) RESPs still return 20%. Short-sighted and a perfect example of Canadian financial literacy. Post-recession these 2016 net worth numbers will probably more closely resemble their 1999 counterparts.

#60 Remembrancer on 02.22.20 at 6:33 pm

Great post, along with misplaced SUV envy, watch out for the tragedy of not realizing you actually are the Joneses already…

#61 Doug Rowat on 02.22.20 at 6:36 pm

#48 Ed on 02.22.20 at 4:24 pm

The Great One made Lemieux & Hawerchuk look and play better like he did for anyone that played on his line.

He deserved the MVP not even close….stick to pushing pencils?

Lemieux had 11 goals in 9 games, 4 of them game winners, including, of course, the final series winner. You may not be wrong, but it most certainly was close.

–Doug

#62 Flop... on 02.22.20 at 6:44 pm

#36 Mikey on 02.22.20 at 2:35 pm

After all you can sleep in a car but you can’t drive a house.

///////////////////////////////

Mikey, have you ever heard of them things called recreational vehicles…

M45BC

#63 Doug in London on 02.22.20 at 6:45 pm

If any of my neighbours have a new SUV, it never has pissed me off and never will. If anything I think they’re suckers, especially if they really don’t need an SUV and a much cheaper car will meet their needs just fine. I continue to drive my 2002 Honda because I can’t justify the capital expense for something newer for the few kilometres I drive. I would rather have that money earning dividends and interest. Why do I drive so few kilometres? Today was a gorgeous day, so I was out riding my bike and the old Honda with 180,000 Km on the clock stayed home. Envious of a new SUV? Bah, humbug!

#64 Shawn Allen on 02.22.20 at 6:46 pm

On living on debt and looking rich

Yes, why not fake it ’till you make it?

My friend 15 years ago said: Don’t spend less, make more. And he did, actually.

#65 Nonplused on 02.22.20 at 6:49 pm

Great post today Doug. More inspirational and better life advice than the usual “balanced portfolio” stuff. Before one has to worry about balancing their portfolio they need to have one. Most people do not. But they have an SUV. Often German.

I’ve never been very impressed by other people’s stuff, especially if I suspect it’s been financed.

My wife’s car is a 2006 Explorer, and yes it costs some money to keep it running, but it is in surprisingly good shape. But I have a 14 year old boy chomping at the bit to get his licence, so I need to keep it. Putting a 16 year old kid on the insurance of a new vehicle is astronomically expensive. The insurance companies are well aware of who puts the most cars in the ditch and it’s 16 year olds. So the less they are liable for in terms of collision the happier they are. You still pay through the nose for PLPD but insuring your new driver on an old clunker can be half what it would cost on a new car.

My wife, fortunately, isn’t very impressed by stuff either. As Garth likes to repeat whom you marry is probably the most important economic decision you will ever make. If there is “love” involved I suppose that is all the better but if it involves a new BMW every 2 years you should probably rent. Love I mean.

Of all the vehicles I have never understood it would be the Porsche Cayenne that stands out in my mind. SUV’s are supposed to be “utility vehicles”, so in other words you can drive on gravel or off road, haul stuff home from Home Depot, or take a bunch of messy kids to soccer. Or maybe tow a trailer. They aren’t supposed to be race cars. Does anybody need an SUV that can go 235 km/h?

#66 Shawn Allen on 02.22.20 at 6:57 pm

Financial and Physical Fitness at retirement age

#50 Alberta Ed on 02.22.20 at 4:29 pm

Financial and physical health are equally important; both require regular attention, good professional advice (and a bit of luck helps, too).

*********************************
Discipline and focus are also common keys to both.

As Garth, with his chiseled abs, might agree – as easy as it is to be way ahead of the pack financially at around retirement age, it is perhaps even easier to be in the top 10% health wise. Just look around. Not a ton of overly fit looking people at age 60 or so.

Don’t forget mental health.

A retired friend with a good pension and savings who was however divorced and single said in retirement you needed three things.

Your health. Something to do with your time. Some money. And the importance he said was in that order.

#67 unbalanced on 02.22.20 at 7:10 pm

To the crowded gas bag. Takes one to know one.

#68 Flop... on 02.22.20 at 7:10 pm

Since I’m back causing chaos on Canada’s best car blog, I might as well pass on a battery tip that I used recently.

If you are having trouble starting your car, grab some baking soda and a little bit of hot water.

Go out to the car mix the two together and pour over the battery terminals.

Grab an old toothbrush and after the chemical reaction, scrub away.

Within a minute, after rinsing, you have a brand new looking battery.

The connection is now clean and your car will start a lot easier.

You are supposed to wear safety goggles and gloves.

I’m Tasmanian and in general don’t follow instructions.

I wore sunglasses and went gentle on the scrubbing and the toothbrush handle made sure I can continue my unsuccessful career as a hand model…

M45BC

#69 Drinking on 02.22.20 at 7:29 pm

#47 I’m Alright Jack

Best post of the night!
Right behind you in my 2004 Cavalier with only 90k on it; runs on water, no fancy anything, gets me from point A to B. could not ask for more.

Over rated Gretz (whiner) surrounded by cement head, Messier, Coffee, and that Finish guy, you know the one. My hats off to Ovi, just scored 700 in today’s hockey world; that is an achievement.

#70 Flop... on 02.22.20 at 7:31 pm

Flopped Fartz – TM on 02.22.20 at 7:19 pm
#71 Flop… on 02.22.20 at 7:10 pm

Since I’m back causing chaos on Canada’s best car blog, I might as well pass on a battery tip that I used recently.

..

Your addiction to the blog is only topped by fartz……

///////////////////////

The last year or so have been pretty sad to watch what happened to this blog’s comment section.

Is there no goodwill on this blog anymore?

I’ve posted less than ten times all year and thought of a solid tip that might help someone out, and your contribution is to remind me where to shove the toothbrush after cleaning…

M45BC

#71 DON on 02.22.20 at 7:32 pm

#70 unbalanced on 02.22.20 at 7:10 pm

To the crowded gas bag. Takes one to know one.
*****************

We could just call you Unhinged!

#72 DON on 02.22.20 at 7:38 pm

#52 crowdedelevatorfartz on 02.22.20 at 4:47 pm

@#29 Don
“Let me know when you go to sell the Tacoma if you do.”
+++
The truck I have now is mint, only 61k after 5 years.
I’ll probably drive this one for at least 10 to 15 more years and , depending on where I retire, Turn it into a yard vehicle.
**********

Drive it into the ground, especially with only 61 K.

#73 Nonplused on 02.22.20 at 7:51 pm

#27 DON on 02.22.20 at 1:51 pm

“I think I started it all when I bought Trampoline, but I never tried to keep up.”

Trampolines are a great example of all the useless stuff we buy, never use, and then have trouble giving away. Above ground swimming pools are another good example. And those play sets with the slide and swings you get at Costco.

Still I have to admit I am a CT junkie. I have tools I have never used. They put them on sale for 50-60% off and I buy them. I have 3 whole drawers full of sockets and I commonly use about 6 of them. But they came as a set and were 60% off.

Or for example I have 2 of these 75 watt inverters you plug into a cigarette lighter style 12 volt socket. 70% off! I didn’t know I needed one but I bought 2! Turns out these were useful for running Nintendo products and laptops when driving or camping.

Anyway I think more than 3/4’s of the sockets I have will never see a nut by the time I die. But they were so cheap! And I have a stack of grinding disks as well. My son will inherit most of those. There was a time when I used grinding disks but now I only use them to sharpen my lawn mower once a year. Multiple drill bits also a life time supply. Life time supply of different spinny things for the Dremal. I haven’t used my chainsaw in over 7 years since I got a demolition saw but I have a spare chain for it. But it was on sale!!! They had all these “Rock” frying pans on sale 60% off! So now the Teflon pans are sitting in a cupboard waiting for the next garage sale. The new ones are much better but still. I can’t help myself. If Canadian Tire put a welder on sale for 60% off I would by it even though I don’t know how to weld or have anything that needs welding. I recently bought a new tent because it was 40% off! And I have an RV! Kids liked it though. The misses and I snore too much so the kids were happy to be outdoors. Do I need 2 volt-meters? Yes I do. The new one was on sale and is digital. It just never stops. If CT needs to get rid of stock, I am their go-to person. All they need to do is put it on sale.

There are so many things I have around that are like this. Fishing lures that are still in their packaging 10 years later, shirts I have never worn, toys the kids have never played with, a pool table (on sale, display unit) that hardly gets played, stereos with CD and cassette players that we don’t have any CD’s or cassettes to play in it anymore or what CD’s we do have are in a box because they have all been ripped, it goes on and on. It was a good stereo too, sounds really good, but we don’t have a use for it because everyone listens to iTunes with their noise-cancelling headphones now.

Some of it is of course technology. When I was a kid, I had a fancy race car set that my dad nailed down to a piece of plywood with little 2×4 supports because the connectors kept breaking. We put a lot of miles on those electric cars. My favorite one was the yellow 57 Chevy. But when my son got an electric race car track for Christmas he spent less time racing me then it took me to put the track together, and then went back to Mario Cart. We ended up donating the set to the school toy drive. Hopefully some kid out there who didn’t have Nintendo is enjoying it but I suspect it went in the trash. Lego is of course having the same problem because of Minecraft.

#74 Long-Time Lurker on 02.22.20 at 7:59 pm

For those of you not paying attention to the international news, Covid-19 outbreaks have occurred in South Korea, Italy, and Iran.

Pandora’s Box has been opened.

Given the Canadian authorities’ (on every level) lackadaisical attitude to the pandemic, an outbreak wouldn’t be a surprising thing to happen in Canada.

I’m in half-way hunkered-down mode: ready and cautious. I didn’t even bother to trade the gold surge.

I hope you’re doing well, Smokey!

#75 Nonplused on 02.22.20 at 8:04 pm

#64 Doug Rowat on 02.22.20 at 6:36 pm
#48 Ed on 02.22.20 at 4:24 pm

The Great One made Lemieux & Hawerchuk look and play better like he did for anyone that played on his line.

He deserved the MVP not even close….stick to pushing pencils?

Lemieux had 11 goals in 9 games, 4 of them game winners, including, of course, the final series winner. You may not be wrong, but it most certainly was close.

–Doug

——————

Professional hockey, like all professional sports, is entertainment, nothing more. Debating whether Wayne Gretzky was the greatest hockey player is about as useful as debating whether Hulk Hogan was the best ever wrestler. Nobody should give a damn, it was and is all a show.

But to weigh in on it, Gretzky was the best ever hockey player. He sold expansion in the US, dramatically increasing the size of the league and the revenues available. Gordie Howe? Best in his time. Mario Lemieux? Best in his time. But in terms of growth and revenue nobody has beat what Gretzky did for the NHL. That is why he is, and probably will always remain, the best hockey player there ever was. He brought in the cash.

#76 Dr V on 02.22.20 at 8:07 pm

49 Shawn – I wasn’t asking you :). Freebird 41 has a good link.

#77 Shawn Allen on 02.22.20 at 8:07 pm

Oh Canada

Our Home on Native’s Land… apparently

#78 Shawn Allen on 02.22.20 at 8:10 pm

Who did the most for NHL Hockey?

Gretzky? Lemieux?

I’d say it was hands down the CBC. Fat lot of thanks they have gotten lately.

#79 Bezengy on 02.22.20 at 8:14 pm

Gretzky is making a real nice whisky. How’s Super Mario doing?

#80 Katherine on 02.22.20 at 8:20 pm

#60 Shawn Allen
Your health. Something to do with your time. Some money. And the importance he said was in that order.

I’m also retired with an excellent pension and could care less about a fancy car. Not sure who gets credit for the following words of wisdom, but I totally believe!

Happiness is having someone to love, something to do and something to look forward to.

I guess a nice portfolio helps with all three.

#81 maxx on 02.22.20 at 8:20 pm

Never had time to worry about the Joneses. Too busy quietly saving and finding new ways to stretch a buck ’till it and retailers screamed.

I know too many people now worried sick about retirement, who could very frequently be relied upon to have the “latest and greatest” gadget, car or bling.

I love owning my life’s time. I love planning adventures for that time and doing whatever, whenever. No more scarfing down coffee to get to the grist mill on time.

Owning your time is healthful, a life extender.

Money cannot buy you more time but it will buy you time outside of 9-5, the gig slog and service/crap-job economy. That’s worth saving for. And then some.

Excellent post. A real eye opener.

#82 crowdedelevatorfartz on 02.22.20 at 8:26 pm

@#78 Love U Long Time
“Pandora’s Box has been opened.”
++++

Yeah, I’m thinking this may play out like the 1918 flu.
Spring flu went away during the warm Summer months ….then came back with a vengeance in the Fall….

We’ll see if the “unbalanced” few become “unhinged”….

#83 crowdedelevatorfartz on 02.22.20 at 8:34 pm

@#72 Flopped Fartz
“Your addiction to the blog is only topped by fartz…”
+++++

Cheaper than porn i suppose…..speaking of which….Apocalypse2020 has been pretty quiet of late……did that patch kit for the inflatable doll arrive 2020? All good?

#84 Drinking on 02.22.20 at 8:39 pm

#84 Katherine

Great post!

#85 Yukon Elvis on 02.22.20 at 8:42 pm

#83 Bezengy on 02.22.20 at 8:14 pm
Gretzky is making a real nice whisky. How’s Super Mario doing?
……………………………

He owns the Pittsburgh Penguins now. Not bad for a kid from Quebec who could barely speak English when he got to the NHL. Eh?

#86 Yukon Elvis on 02.22.20 at 8:55 pm

But to weigh in on it, Gretzky was the best ever hockey player. He sold expansion in the US, dramatically increasing the size of the league and the revenues available. Gordie Howe? Best in his time. Mario Lemieux? Best in his time. But in terms of
growth and revenue nobody has beat what Gretzky did for the NHL. That is why he is, and probably will always remain, the best hockey player there ever was. He brought in the cash.
………………………..

#79 Nonplused on 02.22.20 at 8:04 pm
Numba fouwa, Bobby Orr……..A defence-man. Two time Art Ross trophy NHL scoring leader. Playing as a defence-man. From Parry Sound Ontario.

#87 Nonplused on 02.22.20 at 9:01 pm

PS Doug,

Let’s change your search criteria a bit.

Instead of looking at critical goals, let’s look at at championships. If you have played hockey or indeed any team sport before you would know that the guy who gets the most touchdowns is not the quarterback, but the quarterback makes the most money. Kickers typically outscore the quarterback.

So who has the most championships? Gretzky or Lemieux? Who has hoisted the cup the most times? Gretzky or Lemieux? Lemieux was certainly a great player, but better than Crosby? Lemieux and Crosby might both be better players than Gretzky ever was, but there is this concept of being in the right place at the right time. And Gretzky was smart.

So instead of looking at a few goals, let’s look at who has the most championship titles. I did a google search and it turns out Henri Richard is the best hockey player of all time. Never heard of him. Apparently he won 11 Stanley Cups and Gretzky only won 4. Only. Lemieux only has 2 on the ice. Greatest player: some dude named Henri.

#88 akashic record on 02.22.20 at 9:03 pm

Sanders landslide win in Nevada… The Russians did it again… Trump:Bernie win:win :D
New impeachment comedy season guaranteed … long on popcorn

#89 Left GTA on 02.22.20 at 9:13 pm

This was a good read tonight! Hubby and I never kept up with the Jones. 20 years later we are now in great financial shape. Much thanks to Garth of course. After the 2008 market correction we didn’t know what to do with our investments we started out following the couch potato portfolio and then I came across Garth’s blogs a few years later… so glad I did! It is so unbelievable thou how many people are so caught up in buying houses and renovating and new cars and not having a clue about investing. It floors me when I try to talk about it with my coworkers. It goes kinda like this… oh I don’t do the tfsa anymore because I only lost money. Me “oh what did you hold in it” Them it was in my tfsa. yes but that is just an account. What investment did it hold. Them i told u a tfsa. So glad I found this blog.

#90 Drinking on 02.22.20 at 9:21 pm

#79 Nonplused

I get what you are saying but as a Flames fan watching the most exciting hockey ever played in the 80’s; I was lucky enough to watch Gretz and the greats at that time. He was surrounded by the best! He along with Lemieux were floaters, running circles around the blue line. Constantly whining to the refs! Watch the videos; were they talented hell yes, pissed us off in Cowtown; but hell I guess they did what you mentioned; is hockey affordable to most (big fat no); is it as exciting as it was in the past (hell no)? It really has become a marketing game which is unfortunate!

#91 DON on 02.22.20 at 9:28 pm

@Nonplused.

The trampoline was initially bought to contain devils and still gets a lot of use. But those pools always break.

I promised myself to only buy new tools that I need to do a job and replacements if need be.

Invest the rest. What type of chainsaw is it?

#92 Out Of Work CEO, Will Travel on 02.22.20 at 9:50 pm

Living debt free supports good mental and physical and spiritual health and if the Lord shows up in your day count it all good. The Bible says to “increase” your wealth so it’s a good thing using compounding for your health and wealth. greaterfool.ca is a blessing.

#93 Christina on 02.22.20 at 9:58 pm

In reply to #36 regarding richies driving old beaters…

I think people spend their hard-earned cash on what matters to them. We aren’t in that group of 7-figure earners, but my husband and I have an old beater of a car that we adore and are very happy with. It’s 16 years old now, but like someone else mentioned – we don’t panic if we get another small ding on the door. We have a soft spot for the old girl, as she’s allowed us to live a simpler life (no car payment, lower insurance) and do the type of work we love. We may not have a stylish ride, and that is absolutely OK with us.

Now, on the other hand – we occasionally LOVE to go out with friends for a really fine meal. We enjoy every bite and sip, and consider this money well spent on a beautiful evening. Those nights make up some of our fondest memories.

I guess it’s all in the eye of the beholder. And it makes us humans interesting – we spend our money in one way, on things that matter to us. And you spend it another way, on the things that make you happy.

I think the variety in our outlooks and decisions make us kind of interesting.

P.S. Hey Fartzy! How’s life?

P.S.2 – Amazing post, Doug. Thank you for your contributions here. I always enjoy them thoroughly.

#94 Christina on 02.22.20 at 10:01 pm

And yes, I did refer to our car as a ‘her.’
Sorry if that’s weird and/or annoying.
Haha!!

#95 Dean on 02.22.20 at 10:04 pm

People buying things they don’t need with money they don’t have to impress people they don’t know.

#96 Katherine on 02.22.20 at 10:05 pm

Glad you liked my post Drinking

Think I need to keep drinking after my leaf loss tonight uggghhh

#97 WUL on 02.22.20 at 10:08 pm

Doug,

It is plain that you are a keen and serious student of the game of shinny. Your remarks about Mario and Gretz spawned mention of Hawerchuk and Ovi by the Dawgs here. All good pucksters.

You are too young to remember Brian Trottier of Val Marie, Sask. with the Isles. Had I been a GM ’79 – ’87 with a choice, I’d have taken him over Janet Gretzky’s husband.

Trottier worked the dirty areas, dished to Bossy and the Isles’ fans raised their hands in the air. Gooaaal!!

A. Matthews should spend more time in the video room watching Brian vids.

Respectfully,

WUL

#98 Reality is stark on 02.22.20 at 10:20 pm

Leaf performance tonight reminds me of our socialist political leadership.
Can’t shoot straight.
Don’t want to play hard for fear of hurting the feelings of your competition.
Give up when your back is against the wall.
Give in to bullies.
Expect the victories to be handed to you with little effort.

#99 Doug in London on 02.22.20 at 10:27 pm

@Drinking, post #73:
Let me guess, that Chevy Cavalier has been converted to an electric car, and you recharge it with energy from a utility with abundant hydro power, like Hydro Quebec. So it really does run on water.

#100 WUL on 02.22.20 at 10:30 pm

#71 Flop… on 02.22.20 at 7:10 pm
Since I’m back causing chaos on Canada’s best car blog, I might as well pass on a battery tip that I used recently.

If you are having trouble starting your car, grab some baking soda and a little bit of hot water.

ether…ether… ether

FLOP,

With Tasmanians having no experience with – 40 degree temps, I’m not surprised that they dig out baking soda and a brush on a cold Monday morning to get the wheels started to get to the coal face on time.

Try a shot of ether in the carb. Kebang!! Works with the weakest battery evah. Fuel injection ruined that home grown remedy.

WUL

#101 Drinking on 02.22.20 at 10:35 pm

#100 Katherine

Not sure what is happening with your Leafs, lot’s of talent but too much ego like my Flames. I do not care which team brings the the cup back to Canada, I just want it back home where it belongs. :)

#102 Mr. Poo poo head on 02.22.20 at 10:51 pm

Stop including non-fungible real estate sums, usually pulled out if the arse of a real estate agent whose two week course does not give any qualification on your ‘net worth statement’s. It’s a bank lender scam to puff up your ‘nw’ so they can load you up with debt. I love the ones I’ve seen that triple the value of a used Kia for extra juice. In a down cycle your real estate can fall 50% as it has in the past. Then what happens to you net debt ratio? Don’t be a sucker. If it ain’t cash, it ain’t net worth. Ytry getting a margin account on your real estate estimate. Bingo, reality check. You ain’t worth shit jack, that’s what what they’ll tell you.

#103 TurnerNation on 02.22.20 at 10:55 pm

With further sober thought we need the oft-deleted “crossbordershopper” slapping some sense into us.
The American Way: (re)investing and starting businesses.

The Kanadian way is clipping coupons, shelving divies.
“Honey the dividends are here again, what should we do?”
“Absolutely nothing dear. Let me darn your socks then it’s off to KFC for Twonie Tuesdays.”

They emerge from their stale and outdated Boomer manse and hop into a full depreciated sedan sporting steel wheels. (What is this a ‘Stones tour?).

#104 Leo Trollstoy on 02.22.20 at 11:28 pm

Where’s the data for median net worth of the 1% for each age category?

Median net worth of Canadians is a low bar

#105 Dragonslayer on 02.22.20 at 11:45 pm

Surprised that the Toronto Maple Leaf guy on this blog is silent tonight. Pretty epic when you get beat by a Zamboni driver AND the Canes lost one of their top defencemen early in the game too.

#106 Prairieboy43 on 02.23.20 at 12:03 am

Best hockey player of all time. Gordie Howe. He could do it all.

#107 kommykim on 02.23.20 at 12:18 am

Buying a new SUV (Or any overpriced vehicle) is a sure fire way of lowering your net worth.

#108 Cowtown Cowboy on 02.23.20 at 12:39 am

I ran into Gretzky Sr. at an airport and told him that I thought the 87 Canada Cup goal was like a passing of the torch….he seemed quite tickled but that and wanted to use it….

#109 MF on 02.23.20 at 12:52 am

Looks like the majority of “net worth” is in real estate. Yawn. Fake equity brought about by fake, manipulated interest rates and debt.

What a joke.

PS looks like I’m actually doing well, and my parents absolutely incredible.

MF

#110 Nonplused on 02.23.20 at 1:40 am

#95 DON

“What type of chainsaw is it?”

A Stihl of course. I wouldn’t want just anything sitting on the shelf collecting dust.

#111 Nonplused on 02.23.20 at 1:50 am

#90 Yukon Elvis

Yes Bobby Orr too. Point is you can’t do a ranking of best players or some guy named Henri we never heard of would be #1. People succeed by being the best, for the place and time they find themselves in.

I could argue that maybe Paul Newman is the best hockey player ever based on the retainers he gets from Slapshot. Or maybe it’s the Hansen brothers because they are still skating together 40 years later and raising money for charity. (My son got to skate with the Hansons when he was 5. They “borrowed” a hockey camp for the charity event on the other ice. Let me tell you the adult helpers were some disappointed when we were told they only wanted the kids. My son was so mad when he came off the ice, “dad did you see that guy trip our player when he had a breakaway!!!” I was like, “Well, those are actually movie stars playing their role.” “Oh”, said my son. “Can I see that movie?” “No”)

#112 SoggyShorts on 02.23.20 at 3:39 am

Doug:

“One of my most frequently asked client questions is, without a doubt, “how am I doing relative to your other clients?””

*********
Is there much of a spread? I mean assuming your clients listen to you, don’t they have very similar if not exactly the same % returns?
Garth has said that the time to switch from a 60/40 is never, so presumably that’s what most have, no?

#113 crowdedelevatorfartz on 02.23.20 at 7:42 am

@#100 Katherine
“…I’ll keep drinking after the Leafs loss tonight….”
++++++

You must drink a lot……

#114 crowdedelevatorfartz on 02.23.20 at 7:50 am

Hmmmm Dec retail sales results in
Canadian retail sales worst in 10 years…..(since the 2010 Owe-limp-icks)….

https://www.theglobeandmail.com/business/article-retail-sales-in-canada-have-their-worst-year-in-a-decade/

Nice way to start the new year

#115 Ontario's Left Coast on 02.23.20 at 7:54 am

If there’s one thing I’ve learned, it’s that the people who possess real wealth aren’t the ones shoving their McMansions and $100K SUVs in your face. In my case, I have everything I want and need but there’s something satisfying about living within your means and letting all the poser craziness go on around you.

#116 crowdedelevatorfartz on 02.23.20 at 8:01 am

…..and another interesting read

https://business.financialpost.com/news/economy/red-flags-on-canadian-economy-abound-but-it-might-be-too-soon-to-sound-the-alarm

Trudeau may go down in Canadian history as the largest accumulator of National Debt….ever….. well done Little Potato…welllll done.

#117 Doug Rowat on 02.23.20 at 8:10 am

#116 SoggyShorts on 02.23.20 at 3:39 am

Doug:

“One of my most frequently asked client questions is, without a doubt, “how am I doing relative to your other clients?””
*********
Is there much of a spread? I mean assuming your clients listen to you, don’t they have very similar if not exactly the same % returns?
Garth has said that the time to switch from a 60/40 is never, so presumably that’s what most have, no?

They’re always referring to their overall financial situation. While we can build for them similar portfolios, we can’t build for them similar lives.

–Doug

#118 Doug Rowat on 02.23.20 at 8:15 am

#100 Katherine on 02.22.20 at 10:05 pm

Think I need to keep drinking after my leaf loss tonight uggghhh

An embarrassment. But Canada has a new favourite acronym: EBUG!

–Doug

#119 Time to survey blog dogs on 02.23.20 at 8:15 am

Networth?
Year and make of car?
Age?

#120 crowdedelevatorfartz on 02.23.20 at 8:18 am

I guess even free avacado toast for a year wasnt enough to boost flagging condo sales in the lower brainland

https://theprovince.com/business/real-estate/developers-slashed-condo-presale-launches-in-2019-as-investor-buyers-pulled-back/wcm/8fb7657f-fc8c-4ca9-82fd-23d29ee42123

#121 MF on 02.23.20 at 9:04 am

#106 Mr. Poo poo head on 02.22.20 at 10:51 pm

^He said it better than I could.

And yes, Gretzky was the best of all time.

MF

#122 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 02.23.20 at 9:15 am

MAKE BELIEVES CRUSHED BY ZAMBONI DRIVER!!

https://torontosun.com/sports/hockey/nhl/toronto-maple-leafs/what-a-night-for-david-ayres

Forget Mario and Wayne, Doug, this guy rocks!!

Poor Toronturds, so mediocre and pathetic, they couldn’t beat a team of ice sweepers or janitors.

#123 crowdedelevatorfartz on 02.23.20 at 9:23 am

@#123 CRA Survey

Been there done that ;)

P.S. For all you Canucks freezing in the rest of sunny Canada…..

POURING rain in the lower brainland this am……

#124 crowdedelevatorfartz on 02.23.20 at 9:55 am

Yo #74 Floppy Fartz.

Have i posted enough for you today or do you want more?

#125 macduff on 02.23.20 at 9:57 am

I bought a slightly used Mercedes 5 years at 40% of the retail price. Nearing retirement with a very healthy portfolio.
I’m bemused at how many people lease luxury cars like this. $1000/month for 3 years, and then drop off the keys. These cars then sell for less than 50% of original cost; this suggests that the original retail price is inflated only because most people lease (70% of all Mercedes’ are leased. Financial literacy at its best!

#126 LP on 02.23.20 at 10:30 am

#78 Long-Time Lurker on 02.22.20 at 7:59 pm

If Canada is so lackadaisical as you say why have we not had an outbreak like some other countries?

#127 the Jaguar on 02.23.20 at 10:45 am

Unless I missed something that chart doesn’t tell us how much of the person’s “net worth” is comprised of liquidity versus real estate. If you happened to live in a market where real estate values spiked it would certainly move the needle on net worth, but your liquidity might be skinny, and you might also have significant debt, maybe even stupid credit card debt. Not saying the net worth number isn’t ‘for real’, but it doesn’t always tell the full story on life long savings habits and investment smarts. A deeper dive on the liability side usually tells the story, and the type of assets held give off lots of clues as well…………

#128 G on 02.23.20 at 11:04 am

Hi #78 Long-Time Lurker,
DW News has a 7min news story today, if interested.
https://www.youtube.com/watch?v=QePvLSBFZPU
@~5:15 they mention the incubation period could be longer than 14 days. They talk about an example case reported.
Be safe. Pick up a few things just in case you’re locked down, food & T-P… You can still eat it later if nothing happens, hopefully.

#129 Yukon Elvis on 02.23.20 at 11:15 am

#101 WUL

You are too young to remember Brian Trottier of Val Marie, Sask. with the Isles. Had I been a GM ’79 – ’87 with a choice, I’d have taken him over Janet Gretzky’s husband.

Trottier worked the dirty areas, dished to Bossy and the Isles’ fans raised their hands in the air. Gooaaal!!
………………………

Right you are about Trottier. He was willing to do the hard stuff. Meanwhile, Gretzky’s mother would not let Wayne do the vacuuming cuz he would not go into the corners.

#130 BlorgDorg on 02.23.20 at 11:50 am

Senior families have a median net worth almost double non-senior families (762K vs 407K) ?!

I think you just handed the Mills all the ammunition they need for their generational war.

#131 heck of a story on 02.23.20 at 11:52 am

A good point of reference is your income in your first full year of work.

A sibling of mine was arranging to replace about 2,400 sq ft of slate flooring in his 7,000 sq ft home with an exotic hardwood about 10 years ago. (note, not a poor guy)

He was quoted, all in, for removal and replacement approx $ 75,000 (Cdn dollars – remember – that is after tax dollars at a marginal rate of 50 % at the time)

I told him he was nuts and to remember that he made that much pre tax in his first year of his career. I also asked if he didn’t know of someone (he was in the development biz at the time) who could do it cheaper.

He went very quiet and said he would look into it.

A year later, I visited his home and the beautiful solid wood floors had been installed – at a cost of Cdn $ 25,000 by a contractor that he knew well.

He just needed to stop and think about relative values and that comparison jarred him into the correct action.

You really need to think about the relative value of what you are spending

#132 tkid on 02.23.20 at 12:28 pm

Recommended reading for the week: https://www.gutenberg.org/files/376/376.txt

“A Journal of the Plague Year” by Daniel Defoe. It’s from 1665, but reads like it’s from today’s headlines.

(The book is long out of copyright, and is archived for free on the Gutenberg website)

#133 Tony on 02.23.20 at 3:44 pm

A lot of my relatives are rich. My father’s aunt would have been worth close to a billion dollars today.

#134 Fortune500 on 02.23.20 at 11:38 pm

Any younger Blog dawgs on here should be sure to look at the link provided and find your age range. These ‘overall’ median and average statistics that are thrown around in Canadian news outlets can be quite disheartening when you are just starting your journey.

#135 1255 on 02.24.20 at 1:28 pm

If your neighbour’s new SUV pisses you off then there is something wrong with you mentally. Seriously. You should see a psychiatrist or go into some type of therapy because you may have issues with insecurity. Take a deep look inside. Maybe you were told you would never amount to anything, maybe you were teased as a child. Look, you don’t measure success with SUVs or dollars.

If you like comparing why stop at your neighbour, why not compare yourself to Bezos. Why even compare in the first place – there’s always someone with a better SUV.

And instead of being pissed off, you should be happy for them. Celebrate it – congratulate them. Is that so hard? Life is too short.