Money Is A Resource Not To Be Confused With A Power Tool : The Saturday Weekend Review #164

THE WEALTH OF PERSPECTIVE TELLS US THAT NOTHING IS AS IT SEEMS   If you love money and I mean REALLY love money don’t ever let it push you over the edge to submerge those you love with a life of unhealthy behaviours which includes embarrassing yourself. My wife and I hardly consider ourselves rich BUT some people may because we no longer have a mortgage, we are young and I earn an good income and love my career. We never use our blessings in a manner which demonstrates rudeness towards others rather we contribute to society in a giving way. Related: How we became mortgage free in 5 years This blog is an example of how we want to motivate others to become debt free while building our own relationship together. The budget never stopped for us when the debt was gone. Throughout the years we’ve used money to help us understand how it affects our relationship and how to continue growing as a couple. Money is one of the main reasons people divorce these days and we don’t want to become a statistic so we work on US. Money is just, well money. Related: Rebuilding Life and Finances […]

Twenty Year-Old Father Taught Me About Financial Responsibility In 30 minutes

I DON’T WANT TO BE BROKE LIKE MY PARENTS WERE WHEN I WAS YOUNG   Financial responsibility follows you for life and one young father shares his life plans with me and with two powerful words “He wants” becoming the driving force behind his journey in all aspects of life. Have you ever asked yourself, “What would you do differently if you could go back in time?” I have, and knowing what I know now there would be some changes to the way that I save money, earn money and invest it. My life was automated because I was so focused on school and working that even I may have paid more than I should have at times. Financial Responsibility was nothing my fellow University friends would think about while in school. It was no big deal to blow money down at the pub or to take a girl out on a lavish date with all the trimmings. Money was no object when it was given by the bank of mum and dad. When I was in my early twenties I bought my first house then sold it to buy a bigger house. I wanted in the real estate game […]

My Neighbour Made Me Richer Over One Beer : The Saturday Weekend Review #156

FINDING RICHES WHERE I NEVER EXPECTED I WOULD…   I’m Richer because my bank account says I’m rich. Don’t expect that to pop up but I can tell you that many of us need to back off the money train and take a look at our lives, from all angles.  How many slices are in your pie? You should know the answer by the time you finish reading this post. Our neighbour went away on vacation with his wife for 2 weeks but since we hadn’t seen them we weren’t aware that they were gone. No big deal as we don’t talk to them everyday nor do we need to know their every move. One day while I was out shoveling in the late evening I noticed that their garage door was wide open and no lights were on. The vehicles were nowhere to be found and instantly I knew something wasn’t right. Since we have the key to their house in case of emergency I went in and locked everything up. They had gone on vacation and left their garage door open as well the man door to anyone who was thirsty to clean them out of house and […]

Saving almost 50% of his Gross Income is no longer a dream

YES THAT’S BEFORE TAXES   In my February 2015 net worth update post I mentioned I was saving approximately 50% of my gross income – my goal for 2015 is 45%. The reason I set this goal is my expenses in life right now are likely the lowest they will ever be for the rest of my life (not married, no kids, modest house), so it’s important to focus on savings while the going is good. I suspect that my salary will increase at a modest rate for the next few decades; however, my expenses will increase at a higher rate. The key thing about my savings rate is a lot of it is a result of preemptive planning. Below I’ll tackle each piece of my expenses and discuss tips and ideas on how you can trim these down in your own budget.   Government deductions   The government seems to always have his hand in our pocket. This expense is without question my largest, which requires some careful planning to ensure I’m not needlessly paying too much. The main focus of any budget conscious taxpayer should be to legally minimize taxes in a cost-effective manner. As a chartered accountant […]

My Best Financial Tip

THE ONLY WAY UP IS TO LISTEN TO THOSE YOU WANT TO SURPASS   I could probably come up with many Financial Tips but there can only be one best tip from me. When I started writing this blog at the end of January 2012 I told you a bit about us and our journey towards debt freedom. Although we now have the money to pay our mortgage in full we have had our fair share of debts along the way. I’ve never proclaimed to be a financial guru rather just an average guy that wants to get from point A to point B with minimal fuss. I’ve learned that there are brick walls and once you get stuck in the maze it can be tough to find your way out. Don’t hang your head in despair, where there’s a will there’s a way. Sometimes the solutions may not be the optimal choice but we learn from our experiences and do our best to not let them happen again. I’ve met many people who take the time to set goals yet they are so unrealistic even I would fail at them. Today I’m blogging for financial literacy which is led by Glenn Cooke of […]