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

reasons-why-you-should-build-wealth-from-the-inside-out

  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%)

HOW TO BECOME SO FINANCIALLY SECURE YOU FORGET IT'S PAYDAY(1)

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%)

Your personal financial report is more than just numbers

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%)

RETIRING EARLY

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%)

Net Worth Update March 2016 CBB

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%)

February 2016 Net Worth Update Positive Net Worth

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%)

MONTHLY NET WORTH UPDATE

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 […]

CBB Year-End Financial Report 2015 (+22.6%) : November (+2.06%) December (+1.51%) Net Worth Update

MONTHLY NET WORTH UPDATE

THE NUMBERS ARE FINALLY IN   We anticipate our year-end financial report like little kids because we want to see if our predictions were accurate for the year. At the beginning of 2015 we predicted we would be sitting on $700,000 of net worth by the end of 2015. Although we track our finances all year and can make changes as we go it’s always nice to find out if our hard work has paid off. As we treat our finances like we are running a business it is only fitting that we spend some time talking about our year-end financial report for 2015. No we aren’t the Donald Trump’s of Canadian budgeting but we certainly take our finances seriously. What is in our year-end financial report? Numbers, that’s what. Our year-end financial report will tell us just how well we were able to save money, reduce debt and how our investments did for us over the course of the year. Not every year will be the way we dreamed it would be but if we are headed in the right direction towards our financial goals we know we will get to where we want to go eventually. Even though […]

Worry about your financial future now not when you retire : October Net Worth Update 2015 (+2.50%)

MONTHLY NET WORTH UPDATE

RETIRE HAVING THE MONEY YOU NEED FOR THE LIFESTYLE YOU WANT   Some people dream about when they get to retire where others forget about their financial future the moment they get their first pay-cheque. If you really don’t care about money and saving for your future you likely won’t be shocked if it doesn’t go as planned for you. I know times are tough but learning to save a dollar here and a dollar there is better than nothing at all. Canadians are worried about their debt and retirement and rightfully so, it’s a tough world out there. Even though I started buying houses when I was young I always kept telling myself that my financial future depended on what I did. I’m glad I listened to myself.   Your financial future depends on you   The time is now to start worrying about where you will be financially when you retire not when you retire. You shouldn’t have the burden of debt on your shoulders when you are a senior but many do and it’s tough. Not everyone has that golden opportunity to retire early but even if you have to continue working at least knowing there is […]

Are you happy with your current financial success? : September Net Worth Update 2015 (+0.67%)

MONTHLY NET WORTH UPDATE

PICTURE YOUR FINANCIAL FREEDOM   When I was younger I asked myself one important question, “How can I be successful in life?” I’m not just talking about financial success but I mean deep down happiness with all that I’ve achieved and how far I’m willing to take myself to grab what I want from life. Most people who are forward-thinkers like myself start planning their future early to build their financial success although it’s never an easy success unless you get lucky. I bought my first house at 21 years old so I was thinking about my financial success from a very young age. My parents owned a couple of successful businesses and invested in real estate so I was brought up in a world where customer service, networking and hard work were a part of my daily life. It was no easy path by any means although my parents did very well for themselves financially so I wanted to do the same. These days you’ll catch them vacationing most weeks of the year and enjoying their retired life without financial worry. My wife on the other hand was frugal when we met and financial success to her meant having […]

Savings Tips About Retirement from Grandma Opens Our Eyes : August Net Worth Update 2015 (+1.44%)

MONTHLY NET WORTH UPDATE

THERE WILL ALWAYS BE AN END   The last place the wife and I expected to discuss savings tips for retirement was in a retirement home with her grandmother by our side. The kicker is sometimes you don’t even have to say a word to understand what someone is trying to say or feeling. While visiting my wife’s grandmother after almost 13 years in a retirement home we learned that saving for retirement doesn’t necessarily mean you’ll be living the high-life. Our emotions and actions speak louder than words and in this case it was clear that grandmother’s past words were surfacing in my wife’s mind. Her grandmother has Alzheimer’s disease and although she does have days where she talks there are days she says nothing at all. She’s been heard saying she’s waiting to visit the marble stone. In other words, she’s waiting to die. Although it’s heartbreaking to hear she’s lived a long, long amazing life,nearing 100 now. She never went with-out but with that came hard work and plenty of financial planning. My wife and I said that we are either going to die before we make it into a retirement home or we will spend our […]