Achieving goals ahead of schedule: June 2014 Net Worth Update (+1.31%)

achieving goals strategy

JUNE NET WORTH AT A GLANCE   It’s been a busy year so far and we are finally ahead of where we want to be in terms of achieving goals with our finances. After the ups and downs of previous months dealing with unexpected costs and circumstances we weren’t sure where we would be financially. Since running the numbers we now feel confident we can stay on track. As of December 2013 I started to log how we were doing in relation to meeting our goal of hitting the million dollar net worth mark and it stood at 6 years meaning that December 2019 would be our million dollar target date. The monthly changes moved the time frame around a little depending on how we did financially that month but nothing really jumped us ahead or behind.   Achieving goals   I have noticed in the last four months that a trend appeared where we have increased our average net worth yearly average causing our forecast of hitting the million dollar mark to happen 6 months earlier than predicted. That means we are achieving our goals faster than we expected which is great news. I would contribute this increase to […]

Making extra cash with a part-time job: May 2014 Net worth update (+1.15%)

make extra cash

LIFE CHOICES AREN’T ALWAYS SIMPLE   It’s been one of those months for me where I’ve worked non-stop and although I’m making extra cash it’s been a month of exploring options. The good thing about our net worth update this month is that we no longer have a mortgage which is a great feeling on its own. We are also faced with something that we’ve dreamed about for many years and that’s the freedom to do what we want with the extra cash that we have. My parents purchased homes with extra money they had and now those homes are fully paid and rented so a nice portion of the rental income funds their retirement and maintaining the homes. It’s nice to see that my parents are secure financially in their retirement years and are able to travel throughout the year to destinations we could only dream of. They earn more money retired than they did working, go figure that out although they still work part-time together while they are not vacationing although they don’t consider house-sitting as work. I guess it gives them something to do which is great for them. I’m not sure if we’ll be following in […]

Saying goodbye to the mortgage payment: April 2014 Net worth update (+0.31%)

Net worth for April 2014 payment plan

BELIEVE IN YOUR DREAMS   Yes, after much talk about us getting rid of our mortgage payment once and for all, the time has arrived. This month’s Net Worth update is a little special for us as it marks the final mortgage exit we’ve been waiting for. No, we didn’t have the winning lottery numbers but what we did have was a desire to become debt free before we were 40 years old and have finally achieved this goal. My blogger friend Laurie at The Frugal Farmer said something this morning about paying off debt and making it personal which reminded me why we chose the path we did to pay off our mortgage. It was our plan but a personal plan even though we did have opinions coming from every direction about what to do with our money. You don’t have to do exactly what we did but what you need to do is plan. We made our own plan but one that worked for us and all I can do is share our journey with all of you. Just because a plan works for somebody else doesn’t mean it will work for you, and I think this mindset is […]

Our mortgage amortization schedule is going in the bin: March 2014 Net Worth Update (+0.75%)

amortization schedule dust pan

 NO SWIFFER NEEDED JUST A FIRE PIT   Yes, that’s right no more checking the amortization schedule on our mortgage to see how far we have come and costs involved with our mortgage. The time is very near where we start the fire and light up those mortgage papers to say good-bye and good riddance. Although the last few months of our budget have been filled with unexpected expenses we are still on target to say goodbye to our mortgage, for good. Next months Net Worth update should be titled, Mortgage free at last…. or something to that effect lol. It’s been a long 5 years in this house but it was worth the sacrifices of using the budget (which is free if you want to download it) to save the money for all the necessities we’ve needed so we can be mortgage free before 40 years of age. Although we’ve had the money for close to a year to pay the mortgage the exchange rate for the UK is at an all-time high since I moved to Canada back a few years ago now. I’m pulling the money I have over there while I can. The last thing I […]

Finances are like moon phases: February 2014 Net Worth update (+1.25%)

net worth update February 2014

WATCHING INVESTMENTS GROW   Like moon phases, our finances including Net Worth is constantly changing and this month is no different. There will always be ebb and flow in everyone’s finances, sometimes purely by the choices we’ve made. In the CBB household we didn’t have an awful lot left over as spare cash from last month as we had city taxes and pet costs leave the bank. However, there was positive news on the finance front in the form of yet another increase in the exchange rate due to the falling dollar. This increase has led to our UK funds exceeding the total of what is left to pay on the mortgage and with quite a chunk of money left over.   Moon phases   We are definitely moving into our Waxing Gibbous phase where our finances and what we have set up are starting to fall into place. The Full Moon phase will be when our mortgage is paid off and we can move on knowing that fact that we will be carrying zero debt. In the very near future we have to decide what we will be doing with the spare cash that is left over once the […]

What is a high net worth?: January 2014 Net Worth Update

high net worth money grows

BELIEVE IN YOUR OWN WORTH   If you believe you have a high net worth that means you have likely achieved many of the goals you have set out for yourself financially. That’s great. Nothing happens over night unless you win the lottery or something extraordinary happens in your life financially. For most people we put a little bit of money in the buck and hope that it continues to grow into our retirement years so we  have something to look forward to.   High net worth   What is a high net worth? It’s all relative to what your income might be, your savings ability, your debt load, your investments, your age etc. Sometimes we hear that our net worth is high but really it may be high to someone else but not to us because our goals are set and we are aiming to achieve them. When I think high net worth I think being able to live comfortably for the rest of my life being able to do the things that I want to during retirement. I’m working hard now to make sure that the money is there so we don’t have to worry. Not everyone will […]

December 2013 Net Worth Update (+1.01%): Yearly outcome on target

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NOTHING IS FOR CERTAIN NOT EVEN FINANCES   We weren’t too sure if we were going to be on target to reach our yearly 2013 net worth goals but after running the numbers we were pleasantly surprised that we made it through as planned.   Should you celebrate success if the money is not in the bank? What I mean by that it is should you celebrate when you are merely seeing numbers on paper or on your computer screen not cash in the bank? After all it could change depending on how you have your money invested and/or what it is invested in. Have you met your targets? Sure, go ahead and celebrate you’ve reached a milestone and there is no reason why you shouldn’t be proud of the accomplishments you’ve made over the course of the year. Nothing is for certain but what you do know is that you’ve worked hard to make sure your numbers are on target and continue to meet or exceed the goals you set forth at the beginning of the year. It’s not an easy road to walk but with optimism and perseverance anything is possible. I think when we understand that our […]

November 2013 Net Worth update: (+1.35%) The end of year clock is ticking

Net-worth-November-2013-cbb

TIME IS IT REALLY ON YOUR SIDE?   Many of us tend to put things aside thinking we will get to it later on and for most later on never happens. The same goes with a budget and our finances because we might not want to face what we will uncover once we start digging through the paperwork. Facing up to reality is the hardest part of getting started when budgeting and getting your finances in order but that is the way we all had to start. Finding out where you stand and how much you are worth is just a stepping stone for what lurks ahead. Time is never on your side when it comes to finance because every day that we put off what we should have done the day before is lost and we can never get back. We are now in the home stretch for 2014 starting the month of December in hopes that by the end of the month we can look back over the 2013 and congratulate ourselves for accomplishing many of our goals and then set new goals for 2014. I read something on instagram the other day and said something like “Get […]