How To Build Your Wealth Without Earning Big Bucks : April Net Worth Update (+1.96%)

YOU MUST BE EARNING BIG BUCKS IF YOU’RE DEBT FREE- Not exactly.   The misconception that you must be rich and earning big bucks if you’re debt free is SO WRONG. The first thought that comes to mind when a young person says they are debt free without a mortgage is that they must have inherited money from someone. Typically the parents are the first target of interest, but does that really matter? Not really. It helps but it’s not often parents have the spare cash to dish out but for those that get that kick-start if they aren’t money-wise they could lose it all. Buying a house depending on where you live in Canada is becoming out of reach for many people especially millennials looking to get into the real estate market. A recent house sale on our street went for nearly $700,000 at just under 1400sq feet. Have a look at how much we value our house at in our net worth chart below and you’ll see what I mean. Manulife Bank issued survey results on Tuesday that suggest 45 per cent of millennial home buyers received a gift of money or a loan from family. That compares […]

5 Important Budgeting Rules We Won’t Break : Our April 2017 Budget Update

Budgeting rules are not laws that will strip you of your financial independence. They are your guide to financial success.   Your budgeting rules may not help you get out of debt in 12 months but it will help you get out of debt according to your payment schedule. The more money you can pay on your debts the faster you will get rid of them. Earn more> Pay Debt> Save More> Repeat which also means for some people that a second or even third job is needed. I can’t tell you what you SHOULD do because I don’t know your numbers this is why it’s crucial to have in-depth look with your financial planner. Since Mrs. CBB and I do our monthly budget together we were talking about what we’ve accomplished and continue to do to make our budget work for us. Besides being on the same page financially we both follow budgeting rules that we feel have been crucial to our zero debt success. This month will mark three years of us having total debt freedom since paying off our mortgage. Often we wonder how we managed to pull that off before the age of 40 when so […]

How to become Financially Free in a How To World : March Net Worth Update (+1.46%)

HOW TO LOSE A GUY IN 10 DAYS…   Remember that movie? Even the relationship industry has poured their hearts out to those in need of motivation for years and making a mint from it. Why? The words How and To can be compared to gold because finding the answers to something you need or want is a relief, a big one. Becoming financially free was something I wanted from a young age even though I was still learning about what the heck it meant. All I knew is that if you needed something you had to have money to pay for it. I knew that you had to work to make money and that it wasn’t always easy to find a job unless you specialized in something that was needed. I ask myself, ‘How to’ do something when I don’t understand what I’m doing and Google it. I did lots of that when I was in University and I still do it today for just about anything I need clarification on. Is it all true what we read online? No, so before you rush out to make millions of dollars from licking envelopes be ready to embrace the good, […]

How To Lower Household Expenses Without Guilt : Our March 2017 Budget Update

THINK BEFORE YOU ACT ESPECIALLY WITH YOUR FINANCES.   Giving up something doesn’t have to mean giving it up for good. One comment I often hear when I offer budget help is that it’s so hard to reduce household expenses without feeling guilty. This guilt often leads to even more debt being created because of letting people down, including themselves. The provider(s) may feel they are not good enough to support their family which creates inner turmoil and struggles. No one wants to say you have to give something up, especially to a child. Anyone who has direct access to money or that is affected by the money will feel loss when something has to be chopped. A reader asked me how to deal with guilt while I was assisting them behind the scenes with their monthly budget. I know she will read this but now she’s in a better place and has her budget under control and her family is on board.   Guilty or not guilty   How do you deal with financial guilt? You don’t- You jump over it and move on. You need to keep things under control and by doing so you’ll gain support by […]

Why The Financial Super Can’t Solve Your Debt Problems : February Net Worth Update (+1.34%)

IT’S TIME TO CLEAN UP YOUR FINANCIAL HOUSE AND GET ON WITH LIVING.   If you have outstanding debt then you have debt problems however not all debt puts a consumer in crisis mode. If all you can afford is the minimum payment on your bills ask yourself if this is the life you want? If you answered yes then be on your way and do as you please. Just don’t be surprised if you get to point B (Bankruptcy) when everyone else is celebrating their debt problems with debt wins. You are the only person that can solve your debt problems but along the way you may just run into someone who is willing to lend a helping hand or even an ear for listening. I like to think of myself as The Financial Super to many of my readers. This person could also be family, friends, a boss, co-worker, stranger on a bench or even a crazy Brit personal finance blogger like me.   Don’t feel sorry feel strength   If you answered No, then great you’re the person I want to talk to today. No one likes to have debt problems that have spiraled out of control […]

How To Make Fast Money In Canada Using The 3 Z’s Of Finance : Our February 2017 Budget Update

WHEN YOUR BANK ACCOUNT NEEDS MONEY YOU NEED 3 SPEEDS OF EARNING POWER.   What would happen if your pay cheque was short $100 and you needed fast money to pay the bills? For many Canadians a small financial loss such as $100 is a huge hit to their monthly income. I know what it’s like to have an almost empty bank account in Canada. I’m the type of guy who likes to rely on myself so after Mrs. CBB and I got married I got down to business trying to figure out my earning potential. Starting from scratch in a new country is difficult just as it is for those who are already living here and have been for some time. It’s not about just who you know it’s also about the art of negotiating, communicating and networking. Living pay cheque to pay cheque is reality for many Canadians as prices soar in just about every budget category imaginable. Lately I’ve had some inquiries from readers who are either new to Canada, been here for some time or born here wanting to know how they can earn fast money. My first response would typically include me asking why they […]

Dangers Of Role-Playing The Rich Life Without Financial Peace : The Saturday Weekend Review #213

WHEN THE CURTAINS CLOSE WHO WILL BE THERE TO SAVE YOU?   I’ve learned that there is no in-between for people when it comes to financial success and what one would consider money failure. Many people either consider themselves rich or poor and that’s what they base financial success on rather than being comfortable in the middle. I’m not going to get into a spiel (shocking I know) about how to save money or get out of debt because I’m sure by now you should know how-stop spending money. Instead I want to focus on financial peace and what it means to you. Have you ever thought about what would bring you financial peace in your life instead of stress? If yes, how are you working towards attaining financial peace? If no, stop trying to figure it all out or pretending you’re someone you’re not for the sake of playing the lead role in a movie about your life that doesn’t exist. Related: How to say No, I’m on a budget. Unanswered questions most often become swept behind and forgotten until it’s too late. Why is it so hard for someone to say, ‘I’m broke‘ or “I just don’t have […]

5 Key Benefits of Debt Reduction To Help Motivate You : January 2017 Net Worth Update (+0.28%)

  FINDING WAYS TO BE HAPPY IS NOT ALWAYS AN EASY TASK ESPECIALLY WHEN YOU ARE IN THE DUMPS ABOUT YOUR MONEY SITUATION.   Building wealth from nothing is the path many of us will take but along the mystical route of debt reduction and increasing net worth motivation is a crucial tool for success. The only way to start building wealth is to explore debt reduction strategies for ways that will help with debt problems that may be causing you stress. I understand why someone might classify having debt under the good debt category and the bad debt category however managing debt means your debt to income ratio is all that matters. Related: Order your Canadian Credit Report Free If you are serious about getting help with debt don’t start making excuses as to why your personal debt is more important than the debt you incurred by getting an education. Debt is Debt and if you change your financial mindset to that of a successful business owner you’ll soon see how critical debt reduction is for all of your liabilities. I remember a time where I got to the point that I had no intentions of creating more debt […]