Couple’s happy retirement on hold until son moves out

happy retirement couple

HANDS OFF THE RETIREMENT POT   Enjoying a happy retirement for many couples means that they are able to use the money they saved to live out their retirement dreams and fund everyday expenses. For some young adults living at home can be embarrassing and for others it’s a great way to save up cash, pay down debt and to start life on their own. What happens though when the money you save for retirement is being spent on your kids because they move back home and/or always in need of cash?   Moving back home with the parents   Parenting is a hot topic no matter what age your children are but none the less it’s still a hardship many parents face when they don’t have the answers. Sometimes the solution is easily solved and other times it’s a sensitive matter especially when it has to deal with finances and life in general. I’m pretty sure some parents out there wish that their kids are only sticking around for a short period to save up money to move out on their own. There are kids though that have no intentions but to live off their parents hard-earned money because […]

Retirement investments revisited: July 2014 Net Worth Update (+1.40%)

retirement investments

STAYING ON TOP OF OUR FINANCES   This month we finally sat with our financial advisor to chat about topping up our retirement investments like we’ve been planning on doing once the mortgage was paid in full. Now that we have told all of you that we are expecting our first child very soon our budget and net worth will change but we will worry about that when the time comes. Our finances are not just about us anymore so although we are planning our retirement investments we need to start thinking about Baby CBB. We will be setting up an RESP for baby as soon as we can so we don’t fall behind on any important educational investing. Most of this month’s net worth increase came from our net income because we worked some overtime and combined with last month almost net close to $20,000. The news of us having a baby has really changed our financial mindset but one thing is for sure we will be putting our money to work for us best we can. No, we don’t invest on our own and I know for some of you that is a big no, no but not […]

Why the fixer-upper house might not be for you: PF Weekly Grab a brew #83

grab-a-brew-online-review

EXPENSES BEHIND THE WALLS   It’s true that our dreams can get crushed when we don’t have the cash to do what we thought we would especially when you buy a fixer-upper house. Of all the people I’ve ever met they said they didn’t feel that renting was helping them to build a financial future for their retirement years. Although this is a wide-open topic that will bring in all sorts of controversy it’s certainly a personal decision that we must make on our own. Acquaintances of ours in their early thirties are looking to buy an older home that is their dream home but the catch is they want a fixer-upper. They do plan to have kids as well in the near future. He asked me my thoughts about older fixer-upper homes since many homes in the UK are very old. I was honest with him but ultimately it was my opinion and they need to make their own. I don’t want to be responsible for one of the biggest purchases of their lives. They are currently renting and have never owned a home before so owning a home is like the golden ticket for them or anyone really. […]

Why hiring help seemed smart even for our budget

hiring help around house

ASKING FOR HELP IS NEVER A BAD THING   I know you are thinking that it can’t be possible that Mr.CBB would shell out money to hire help around the house but it’s true. Would you have spent the money we have to get jobs done or do you think we are crazy? Read on….. Not everyone has family around who they can lean on for help when it’s needed nor do you want to bug your neighbours for help in the summer. Sure I help my neighbours do the odd jobs but I would never ask them to help me with jobs that are easy enough for me to do on my own. Maybe that’s just me. I’m the first one to cringe but don’t complain out loud when our neighbours let their house fall apart because they fail to put any money into maintaining the home. Maybe communication would work better because you never know what someone is undergoing in their life and they could use some help. That’s also being a caring neighbour although some might view that as being nosey. You never win! I think just about every neighbourhood has one of every type of neighbour […]

Store saving money tricks to cash in on: PF Weekly Grab a Brew #82

grab-a-brew-online-review

WALLET SAVING STRATEGIES   We’re always looking for store saving money tricks to cash in on so we can save money in our budget. Paying down debt and saving for retirement seems much easier when you can find tricks to save money to invest in other ventures that will get you further ahead. Investing in your future seems easier when you have that spare cash kicking around. It’s undeniable that many Canadians want to save money because these days we aren’t making enough cash to keep up with costs associated with the retail gods. Any way a consumer can hang on to their money they will try it. Unless you aren’t aware the Scanning Code of Practice is one of those great store saving tricks that isn’t widely talked about in the stores but visible in most big box stores on the doors and at the cash register. Picking up rain checks is another great way to get continued savings. If you notice a sale product is out of stock ask for a rain check. Call or visit the store with-in a day or two and the shelves are typically re-stocked but you still have that rain check that will […]

Work more to work less with a compressed work week

compressed work week

DEPENDS ON THE PERSON…   Many of you might agree working a compressed work week would make your life easier but for others it’s not a perk they care too much about. Factor in the possibility that you might have to retire later in life because you aren’t working the amount of hours you are used to and it might deter you further. If you can picture yourself living the retired life how old are you when that happens? Getting up and going to work for everyone around the globe is a part of life as is earning an honest living. We all have employers with different missions and values and even some who look after their staff with such care that they worry about how their days outside of work will impact their productivity when they come back to work. Sounds too good to be true but some employers want their staff to come back to work refreshed and able to give them 110% rather than 50%. I know that what happens behind closed doors no one may ever know but if your employer takes extra steps to ensure they make your working days easier they may see a […]

Young adult teaches us about being house poor in 15 minutes

House poor

DON’T GET CAUGHT SINKING YOUR SHIP   Being house poor doesn’t necessarily mean that you simply have no money but it can mean that you have too much house you can’t afford. House poor can also mean you have too much stuff, no money and/or piles of consumer debt that you are struggling financially to make ends meet. The term “poor” means so many things to everyone that the only way to describe it from a financial perspective would be lack of money. Some people may not consider themselves poor until starvation kicks in and they have to go to the food bank or when they reach the point of bankruptcy. Others may take on a different view but no matter what poor means to you it’s not a place that people “dream” of.   House poor is not easy living   You might consider yourself house poor when you can’t pay your mortgage which could be for a variety of reasons. There are also plenty of poor people living in the ritzy part of town who are struggling to take control of their financial situation. I think there are many misconceptions of the word poor and the only person […]

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 […]