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Net worth – you’ve no doubt heard the term. But what exactly does it mean? How do you measure it and why should you know yours?
This month, let’s explore what net worth is and how you can use it to assess and prioritize your financial goals.
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What is net worth and why does it matter?
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Net worth, at its simplest, is what you own minus what you owe. It’s a snapshot of your overall financial health that can help you see where you’re at, how far you’ve come and determine how to get where you want to be.
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How do I calculate my net worth?
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To find your net worth, simply take the sum of all your assets (cash, investments and property) and subtract your liabilities (your mortgage, credit card debt, loans, etc). To make it even easier, try this online calculator:
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What do I do with my results?
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Once you’ve calculated your net worth, use it as a baseline to track your financial progress over time. If it’s growing, you’re building wealth. If it’s shrinking or negative, it’s a signal to reassess your spending, debt, or saving habits.
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How often should I check my net worth?
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Typically, an annual check of your net worth is enough to ensure you’re trending in the right direction. Major life events, like a new house, promotion, or major debt repayment might call for an update sooner.
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How can I improve my net worth?
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Growing your income, paying down high-interest debt and increasing savings are the most obvious ways to increase net worth. But keeping lifestyle creep in check and choosing investments with consistent returns and low fees is important, too.
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Net worth isn’t everything
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Remember, net worth is just one indicator of overall financial health, and it will fluctuate over your lifetime. Some things, like student debt or a new mortgage, may negatively impact your net worth in the short-term, but actually benefit you in the long run.
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Don't take a vacation from saving!
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Keep your savings growing strong all year long. Contribute what you want, how you want, when you want.* It’s easy with SPP.
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CONTRIBUTE ONLINE VIA CREDIT CARD
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Make an immediate contribution to your account with your VISA or MasterCard. It’s easy!
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Transfer funds from unlocked registered savings so all your investments can benefit from SPP.
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PRE-AUTHORIZED CONTRIBUTIONS
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Never miss a payment with automatic contributions. It’s the best way to set yourself up for retirement success.
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Explore all of the ways you can contribute to SPP and select the one that’s right for you.
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*Must have available RRSP room. Funds locked-in until age 55.
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8% historical rate of return**
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Funds locked-in until age 55
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No commission or hidden costs
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**Past performance does not guarantee future results.
†Management Expense Ratio (MER) targeted at less than 1%.
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Updates from your SPP team
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Jeannette Mesalucha, Retirement Officer
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We would like to welcome Jeannette Mesalucha as the Retirement Officer in our Pension Service department. She is originally from the Philippines and has been living in Canada since 2018 with her husband and child.
Jeannette has a strong background in customer service. She brings with her valuable experience in the banking industry, which has equipped her with the skills to make a meaningful contribution to SPP as a Retirement Officer. She’s passionate about helping others and takes pride in offering a genuine, people-first approach to all SPP members and staff.
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Kim Grainger, Manager of Pension Services
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Kim has been part of SPP for over 12 years, starting in Member Service and most recently serving as Senior Pension Benefits Officer. Known for her sharp attention to detail and dedication to great service, she's now bringing her expertise to our management team, where she'll oversee the management and administration of our Pension Services.
We're thrilled to have her in this new role and know she'll ensure we continue to deliver top-notch services and make a positive impact for our members and the Plan.
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Adedayo Ayanwale, Senior Financial Investment Officer
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We’re excited to welcome Adedayo (Dayo) to the SPP team as our new Senior Financial Investment Officer. With over a decade of experience in financial reporting, analysis and compliance, he brings a strong track record of delivering results. His experience in various finance roles, enhancing financial reporting and ensuring regulatory adherence, is a fantastic fit for SPP.
Adedayo holds advanced degrees in Finance, Business, and Economics, and he’s passionate about using his expertise to support strong, smart investment decisions.
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