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 […]

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 […]

CBB Year-End Financial Report 2015 (+22.6%) : November (+2.06%) December (+1.51%) 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 […]

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

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 […]

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

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%)

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 […]

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

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 […]

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

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 […]