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 […]

Why you shouldn’t feel guilty about saving money : July Net Worth Update 2015 (+2.29%)

MONTHLY NET WORTH UPDATE

MONEY ISN’T EVERYTHING   It has always been hard for us to say no to our friends and family when the money wasn’t in the budget to do certain things. Saving money certainly does come with its ups and downs. Whether it would be taking a weekend getaway with family or spending more at Christmas on gifts we always stood our ground. There have been times we felt guilty that we didn’t participate in certain activities but money doesn’t grow on trees. Sometimes I believe that feeling guilty about money started when I was a young boy. When I earned my allowance I wanted to spend it when I could in moderation. Anytime I did want to spend money my mother or father would guilt me into saving it,”One day you will understand son”. As a child you feel guilt but in reality my parents were only teaching me money lessons. I think over the years now that money has become a guilty pleasure of ours. We’ve since learned to embrace our finances because if saving money is on the menu that means dessert is just around the corner (goals). You can eat your dessert first (debt) but it may […]

How financial management led this man to pay off $20,000 of debt : June Net Worth Update 2015 (+0.22%)

MONTHLY NET WORTH UPDATE

YOU ALWAYS HAVE A CHOICE   When it comes to financial management of your money there is no excuse about not knowing why you are in debt, besides the obvious. Calculating personal net worth is a controversial topic in the personal finance world only because everyone calculates their worth a little different. Some people may add liquid assets such as “stuff” they have acquired over the years as well vehicles and their primary residence. Others may not.   Financial management starts now   Whether you hire someone to manage your finances or you do all the leg work and management yourself you know that this task never ends. Money will always be a mission on the monthly “To-Do List” no matter how rich or poor you are. It’s been years now that my wife and I have been calculating our estimated personal net worth but we never quite gave much thought to the motivational aspects of knowing “What am I worth?”. What I mean is how taking charge of our finances have influenced our mindset. Financial management of our assets and liabilities didn’t come into play until we bought our first house together after we were married BUT we could […]

Senior shares trick to save money for retirement in three words : April Net Worth Update 2015 (+1.14%)

MONTHLY NET WORTH UPDATE

EMOTIONAL CONNECTION TO MONEY   We all want to know money saving secrets and this past week I learned something from a witty senior that will help you save money, although it may not come as a huge surprise to you. Do you feel stress coming on when you have to dip into your savings? We do at times because we aren’t getting any younger and know that life as a senior citizen can be difficult especially if you don’t have the funds to back up the lifestyle you need or want to live. There are people who are happy living from the Canada Pension Plan which is by the way max $1065.00 (2015) a month at age 65 but will it really be enough? Jim Yih at Retire Happy says, “Don’t count on the maximum” either when he talks about how much CPP will pay us in retirement. You would think with $120,000 savings that we have in the bank that it would be easy to spend money but it’s not especially after you know it may decrease your overall net worth and set you back a bit from attaining your retirement goals. This is why we budget and […]

Why personal net worth numbers interest people : March 2015 Net Worth Update (+1.48%)

MONTHLY NET WORTH UPDATE

THE COST OF HAVING NET WORTH   Your personal net worth may be more important to other people than it is to yourself depending on who you are. In the CBB house we have tracked our net worth for a couple of years now and it’s more of an indication of our financial health. It helps us to answer questions that we have regarding the way we save and spend our money. Are we improving our personal wealth using the tools and knowledge that we have or do we need to follow a different path?  This is what runs through our minds when we pull the data every month to share it with all of you. So far, we’re happy about how far we’ve come although growing our savings and retirement fund will require dedication to our budgeting system and how we apply it to daily living.   Personal Net Worth Fuels the Fire   If your passion is personal finance knowing your numbers is critical to your success. Without knowing what your personal net worth is it’s hard to make financial decisions that may increase that number. You have to spend money or invest money to “make money” and […]