How We Used The Back Door To Get Ahead Financially : September Net Worth Update (+0.60%)

WE WANTED CHANGE AND WE HAD A CHOICE SO WE DECIDED TO TAKE A CHANCE.   The best use of the letter “C” that I’ve ever made to get ahead in life but it was far from easy. Wouldn’t it be nice to be debt free, financially independent and successful? You’re right it would be like removing a rock from over an ant only to see it still smiling with relief that someone figured out how to save it without crushing him to death. Just because you have a heavy weight sitting on your shoulders that keeps your mind over-thinking day and night doesn’t mean you are defeated and your life is over. It simply means you need to start thinking about taking risks while considering change in your life to get ahead of the money game. It sure would be nice walking through the front door after a lottery win, inheriting big money or graduating from school with a full-scholarship and career offer on the table. Oh, how that would be glorious and for some it is a reality but don’t get your hopes up on dreams unless you follow through to bring them to reality. Since I’ve moved […]

5 Reasons Why You Should Build Wealth From The Inside Out : August Net Worth Update (+0.95%)

  BUILDING WEALTH FROM NOTHING IS NOT IMPOSSIBLE AND WORTH THE CHALLENGE   You can’t be financially successful unless you’ve created a personal manual and mastered it which is why it’s very important to build wealth from the inside out. What does all this mean? It means you need to have a purpose before you can fulfill your financial dreams and the only way to achieve this starts with-in by writing a story. To build wealth you must do 3 things; Plan it, Master it, Live it.   Build wealth without fear of failure   1. Investigate step by step the reasons why you want to be financially free. Once you have a clear view of your path or even an inkling of where you want to be it will help you take the first step. For example when Mrs. CBB and I decided to use a budget we talked about why we wanted to use one and wrote down some key points to make sure we were on the same page in the manual we were creating to build wealth. 2. Create a strategy and a sketch It’s great that you have ideas but you need action steps to […]

How To Become Financially Secure So You Forget It’s Payday : June Net Worth Update (+0.74%)

FOCUS ON LIFE NOT JUST YOUR BANK ACCOUNT   I know people who count down the hours before payday when their bank account will be back in business. It’s not the best spot to be in financially because you are living payday to payday but the struggle is real for so many Canadians. It becomes a vicious circle until you find a way to put the brakes on a stress that is probably weighing you down. Becoming financially secure is a dream for just about everyone so we can forget the daily worries of car payments, mortgage, credit card bills and a host of other debts that cause stress-related issues, relationship issues and potentially depression. No one likes to feel that they are not in control of their lives especially where money is concerned. What does financially secure really mean? Well, I can tell you that it doesn’t mean that you have a job that pays you big bucks. That misconception is what gets people into financial trouble in the first place. This just happened, check it out.   It takes more than an income to stay away from debt   While chatting to a colleague at work briefly the […]

Your Personal Financial Report Is More Than Just Numbers : May Net Worth Update 2016 (+2.99%)

FINANCIAL INFORMATION CAN ONLY BE EXTRACTED BY THOSE WHO WANT TO UNDERSTAND HOW THEY ARE DOING WITH THEIR MONEY   If I asked you what your monthly financial report would tell me you might say that you don’t care about what your net worth is or how you should fix underlying problems that lead to money stress if you’re worried about the outcome. If you do care good for you because you’re creating chapters in your financial book and know how important it is to understand your numbers and to run a financial report. Perhaps you were the person I first described above but have since had a changed mindset and wonder what took you so long to jump on board. That’s good we need to continue asking ourselves questions so we dissect the root cause and stop putting a band-aid over the problem. Some people complain about how net worth is calculated and others moan about using a financial advisor to complete investment transactions and that’s fine. Don’t let anyone get under your skin or bully you into thinking there is a right and wrong way and if you don’t follow it you will be poor the rest of […]

Retiring Early Should Never Be Expected : April Net Worth Update (+0.97%)

RETIREMENT AGE IS JUST A NUMBER NOT THE FINISH LINE   Retirement Saving is not easy for many Canadians especially if they are living pay to pay and have a high debt load. Retiring early is a nice dream of flowers and freedom for many of us but the truth is that it should never be expected. How can you save for retirement if you’re living pay to pay, week after week, month after month, year after year. Well, there are ways but you must be willing to spank your finances back into action. This means taking control of the way you spend, save and view the way you should be living in comparison to what you can afford. A budget is what got us started.   Some of the best retirement plans just look good on paper   I remember when our financial advisor told us that we had average retirement savings for our age the wife and I just looked at each other stunned. He said he has clients our age with much more and others with hardly anything at all but that we had a good head-start in the race to retiring early if we wanted too. […]

What Should Your Retirement Savings Plan Look Like? : March Net Worth Update 2016 (+2.27%)

WE WON’T KNOW THE FUTURE UNTIL WE GET THERE BUT WE CAN PLAN TODAY FOR TOMORROW, EVEN IF IT’S NOT GUARANTEED.   Our financial advisor told us once that our retirement savings plan was looking good for our ages even though we knew we had a long way to go before we’d feel any thrill of what is yet to come. It’s hard to get excited about financial freedom when you don’t really know what you will need. Most of my colleagues don’t often talk about retirement likely because we want to work and use our expertise as this is what we wanted to do with our lives. I remember when I was working in dead-end jobs or jobs I hated retirement sounded good every morning, before and after coffee. Retirement may not be a hot topic at work but I’m sure behind the scenes money is being saved for when the time comes to say hello to a new way of life.  I’m only a newbie on the block so I suspect some of the long-standing employees are making in excess of 6 figures a year and have a decent retirement savings plan. Even though a large income may […]

How To Grow A Positive Net Worth While You’re Young : February 2016 Net Worth Update (+0.26%)

Debt Reduction and a Positive Net Worth is the New Cool.   Validating your financial numbers whether they include a negative or positive net worth doesn’t make you any better than your neighbour, friends and family. But, if you want in on the money action while you’re young there are some things I’ve learned on our quest towards debt freedom. I often have fans asking me, “How have you been able to save so much money before the age of 40?” The answer is simple, I hate debt and I love a positive net worth. We didn’t start out earning 6 figures to get where we are today but we both came into the relationship with the same mindset and savings in the bank. My wife is a stay-at-home mom now so earning one income is what fuels our family and positive net worth. It’s funny when I hear that people think we have lots of money because what one person believes is bounty another views as peanuts. Sometimes we are our own worst enemies but I can safely say that money won’t fall into your lap unless you win the lottery and the odds of that happening are slim. […]

How to make money today and save it for tomorrow without going bonkers : January 2016 Net Worth Update (+0.48%)

TREAT YOUR CASH LIKE A MONEY PLANT AND WATCH IT GROW BUT EVEN A PLANT CAN DIE…RISK!   Retirement should always be on your mind or at least at the back of your thoughts because if you want to enjoy the fruitful golden years you need to make money today and save it for tomorrow. Does that mean we should shy away from investing in our future if all of our retirement plans can get flushed over-night? No, I don’t think so but I do believe that Canadians need to be aware of what is going on out there and stay on top of their investments which includes their house. A whopping 26% of Canadians feel they are in a worse financial position than they have been over the past two years according to a recent Manulife poll. I’m not surprised with the way prices are go up, incomes not moving anywhere but down and consumer debt on the rise. Every month we review our investment portfolio online to check performance, some days are good other days are better. There will be days,, months and maybe even years that are crap but you can’t predict everything even if you are […]

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