This past Sunday, I took my little guy to his first Detroit Red Wings game. This was a big moment for both of us.
I’ve been a die-hard Wings fan for as long as I can remember, and for a long time, I’ve fantasized about watching Wings games with my kids.
The whole experience was fantastic.
Little Caesars Arena is such an amazing venue, and because it was a Sunday afternoon, they had a bunch of fun activities for the kids as well.
And to top it off… the Wings won!
As far as my 6-year-old is concerned, the Wings won their last home game of the season… they are winners!
In reality, it looks as if we are going to miss the playoffs again this year… very disappointing!
But that’s okay.. I have big hopes for next year… it will be the year the Wings turn it around…and the timing will work out for us, because I think my little guy just became a lifelong Wings fan like his dad…
Now, let’s shift gears and talk about something that’s been on my mind lately: the growing divide between those who own assets and those who don’t in Canada.
This disparity has been amplified over the past decade, as our economic system increasingly favors asset owners while leaving non-asset owners struggling to keep pace.
For those fortunate enough to own assets, the past few years may not have been as challenging. They’ve benefited from the compounding effects of appreciation and passive income, watching their wealth grow even in the face of economic uncertainty.
But for Canadians without assets, the story is quite different. They’re finding it harder than ever to acquire assets, particularly housing, as prices continue to soar.
As a result, they’re falling further behind, even if they have good incomes. The middle class is eroding, and the wealth gap is widening at an alarming rate.
Back in 2014, when I first started investing in real estate, I saw it merely as a retirement strategy – something that wouldn’t pay off for years.
Back the, real estate was not a “sexy” investment. The goal was simply to cover my expenses every month, and have the tenant pay off the house over a period of 20 years.
Any minimal appreciation to the property was a bonus.
At the time, I was also obsessed with trying to “escape the rat race” and starting my own business.
I often viewed real estate investments as a competing interest. The money I was using for down payments, I thought, could be better used to fund my entrepreneurial ventures.
Little did I know that those very investments would soon become the key to achieving my goal of self-employment.
It was pure luck, not some keen foresight, that positioned me to benefit from a system that would soon double down on rewarding asset owners.
When I bought my first property, I knew it was a responsible financial move… but I had no idea that soon our government would be printing massive amounts of money, intest rates would go down to historic lows, immigration to Canada would be supercharged.
All of these items have massively benefited real estate owners…
Even if you owned just your family home during this time… you saw net worth skyrocket over the last ten years or so..
And the opposite is true for those didn’t own any real estate…
Now, I’m not here to preach or rally the troops. I’m just telling it how I see it. The game is rigged, and it’s not fair. But that doesn’t mean you should give up.
Instead, we need to understand the rules of the game and do our best to play the hand we’re dealt.
If you’re not already investing in assets, I encourage you to start exploring your options. It’s not going to be easy, and it may feel like the deck is stacked against you.
But the earlier you start, the better your chances of building long-term wealth and financial security.
And if you’re already an asset owner, don’t take your position for granted. Use your privilege to help others and to advocate for a more equitable system.
Because at the end of the day, we’re all in this together.
The growing divide between asset owners and non-asset owners in Canada is a harsh reality, but it’s not an insurmountable one.
By understanding the game and making smart moves, we can all work towards a brighter financial future.
As always, my team and I are here to help. If you have questions about investing, real estate, or building your own path to financial freedom, don’t hesitate to reach out.
We may not be able to change the game overnight, but together, we can learn to play it better.
Your Friend,
Vince
P.S. If you’re ready to take the next step in your investment journey, let’s chat! Reply to this email or give me a call, and we’ll set up a time to discuss your goals and how we can help you achieve them.
