B.C. couple has plenty of money, but even the wealthy need a coherent financial plan
British Columbia-based entrepreneur and angel investor Jack* is 57 years old, married and has three adult daughters. He sold his interest in a professional services firm for $20 million, netting $16 million after tax. The family’s investments include $1.3 million in registered retirement savings plans (RRSPs), $220,000 in tax-free savings accounts (TFSAs) and £1.15 million in bonds. The couple plan to use the Proceeds to pay the remainder of their mortgage. The bonds will mature when the mortgage is up for renewal in two years. Jack has also invested $2.8 million in three limited partnerships. “We want to spendLess than we earn on our investments and not take on any personal debt,” he said.