Tuesday, May 29, 2007

God Bless The Child That Has His Own

"Mama may have, Papa may have but god bless the child that has his own..."
Billie Holiday

More and more Canadians do have their own. They've built their wealth on a foundation of hard work, education and drive.

"According to the 2007 Carriage Trade Luxury Properties Poll (conducted byIpsos Reid), of high net worth Canadians, almost half (46%) cite hard work as
the main driver to attaining wealth, followed by the drive to succeed (27%)
and a higher education (18%). Only four per cent (4%) of respondents chalk
their success and their financial stability to being born into the right
family, while a mere one per cent (1%) attribute it to plain old luck."

It's not really news, I mean Rags To Riches stories are what North America is made of. Your background is irrelevant as only 3% of high net worth Canadians came from affluent families.

"Rags to riches stories are being played out in the kitchens of some of Canada's best neighbourhoods. The poll results revealed that the majority of the high net worth individuals surveyed started from modest beginnings. When asked, "What was your economic status growing up?" only three per cent (3%) of
respondents reported they were raised in wealthy/affluent households, while 79
per cent of respondents came from lower middle class and middle class
upbringings. Four per cent (4%) of wealthy homeowners have risen out of
poverty and now live in a home worth at least $500,000."

The best way to become wealthy is to act and think like wealthy people. So what do the wealthy think about real estate?

"Prosperous Canadians see real estate as an important element in their investment portfolios. Demand for well-appointed properties remains strong with a trend of affluent Canadians owning more than one home. In fact, one-quarter (25%) of wealthy homeowners own two properties, and six per cent (6%) own three residences while two per cent (2%) own more than five properties."