5 Reasons Why You Should Build Wealth From The Inside Out : August Net Worth Update (+0.95%)

  BUILDING WEALTH FROM NOTHING IS NOT IMPOSSIBLE AND WORTH THE CHALLENGE   You can’t be financially successful unless you’ve created a personal manual and mastered it which is why it’s very important to build wealth from the inside out. What does all this mean? It means you need to have a purpose before you can fulfill your financial dreams and the only way to achieve this starts with-in by writing a story. To build wealth you must do 3 things; Plan it, Master it, Live it.   Build wealth without fear of failure   1. Investigate step by step the reasons why you want to be financially free. Once you have a clear view of your path or even an inkling of where you want to be it will help you take the first step. For example when Mrs. CBB and I decided to use a budget we talked about why we wanted to use one and wrote down some key points to make sure we were on the same page in the manual we were creating to build wealth. 2. Create a strategy and a sketch It’s great that you have ideas but you need action steps to […]

Would you put your wealth plan on hold for the kids? : November 2014 Net Worth Update (+1.91%)

WHAT’S YOUR FINANCIAL STRATEGY?   A wealth plan to me is exactly what it sounds like or just a fancy way of saying retirement savings but not everyone views retirement savings equally. When CBB fan Mary pointed out an online article about a retired Maritimes couple who were digging themselves out of $145,000 worth of debt I knew I wanted to read this debt story. The couple who are both retired civil servants earned a  combined income of $90,000 and over the years paid off their $45,000 mortgage. Now, I’m the first to say that you don’t have to live the extravagant life to blow through your money. Why? Because even the small amounts of money we spend all add up. It’s very easy to go broke spending little bits here and there as opposed to losing it all by making larger purchases. You never win no matter what way your swipe the credit card. The couple had $75,000 in credit card debt which snowballed into 16 maxed out credit cards and a refinance on their mortgage for $70,000. So where did all the money go? I’m not sure if they really know but what they do know is where […]