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Financial fitness, Part 1. This robo-adviser is your personal trainer

August 20, 2018

Financial fitness, Part 1. This robo-adviser is your personal trainer

Life & Money

In the first article in a series on financial fitness, WealthBar offers a challenge to you, to get your personal finances in shape! We’re here to help you get there.

We could all work out more. (OK, Chris Hemsworthyou’re excused.) But would you be willing to actually put in the sweat and tears if it meant you could retire years earlier? Sorry… you can’t make that happen by pumping iron! It might just help you live longer, though. In which case, you’ve got even more years of retirement to pay for.

A different kind of workout regimen is called for: shake that money maker! Metaphorically, I mean. Sort of. OK, let’s get your finances in shape.

Are you financially fit, or financially flabby?

The first time you step into a gym with a personal trainer, they don’t put you right to work on the chin-up bar. First, it’s all about taking stock of what you have, before you can talk about goals.

No need to step on the scale and… we did it for you! We looked at how much money our clients have to invest. Next, we compared that with Canadians’ investable assets. It sure looks like our clients get better results.

WealthBar clients are more financially fit than your average Canadian

Investable assets
AgeWealthBar clientCanadiansWealthBar clients are X% richer
Under 35$50,000$35,90039.28%
35-44$135,000$103,20030.81%
45-54$314,600$212,20048.26%
55-64$437,375$317,60037.71%
65+$618,317$271,100128.07%

(How did we get these numbers? WealthBar numbers were derived using the average total investable assets as reported through client account applications. For Canadians’ investable assets, we took our numbers from Statistics Canada.)

Want that healthy nest egg? Get financially fit while you’re still a spring chicken

Financial fitness, Part 1. This robo-adviser is your personal trainer

Source: Omni Report: Seniors and Money

You’ve got to have money to make money. Investing is hard to do when there’s no money left over. Unfortunately, debt is a fact of life for many of us. And you might find this surprising — but only a slight majority of Canadians are debt-free by the time they hit retirement. Many of those looking to take flight with their nest egg will need to dig themselves out of a hole, first.

Peer pressure! How is your financial fitness compared to the average Canadian?

What do you see when you look in the mirror of other Canadians’ financial fitness goals? Do you see a way to trim the fat in your budget and cut down on debt? It might seem really hard right now… but that’s always how it looks on your first day back at the gym. No pain, no gain. We’re gonna get you in shape!

Eager to let your money do some of the hard work of pumping up your retirement nest egg? Check out our next article where we deliver some practical tips for you to get started.

A few minutes today could save you thousands tomorrow.
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3 Comments
  1. Jim Schafer

    Without the home included in places like Toronto and Vancouver I seriously doubt the average person at 65 is worth 2 million.

    • Bhaskar Bhattacharya

      I doubt that without their home, even an average couple (as opposed to an individual) has $2M at 65.

  2. Cheryl

    One way to stay financially fit is to not have kids.

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