Our Net Worth

June 2013 net worth update: Everything is not lost (+0.09%)

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There’s not much we can do about how this months net worth turned out except to say we are thankful that we have saved money in our projected expenses account for any unexpected expenses. Believe it or not, but I do sit down with a coffee and use a pencil and paper to work out our net worth each month, before I take to the computer. Call me old-fashioned but I enjoy seeing numbers on paper.

With our investments taking a bit of a nose dive in June as well as paying for the new landscaping and our dogs surgery there’s not much of an increase in our net worth for June I’m afraid. Everything is not lost, but with our net worth taking the biggest hit all year this past month it really has shown us that we are creating a path that is working for us, now we need to get ahead of it.

Reaching goals

We have surpassed the $500,000 mark which is not a high net worth compared to some people but for us it’s a sign that we are moving in the right direction. Sometimes I have people searching for the average net worth of Canadians or average net worth of a young couple and land on my blog. The thing with that is the numbers may be skewed based on many variables which can end up feeding our emotions. We can feel that we are not good enough, don’t earn enough and this could cause damage to relationships. I hope that people forget about comparing financial numbers and just work on their own because in the end it’s not going to matter what the average person has, all that will matter is what you have.

Paying off mortgage

I’m still waiting on the paperwork to release my funds back home so we can pay off the mortgage. There’s just under $80,0000 left to pay and we’ll be happy to see it go. A friend was asking us the other day if you had the money should you pay off your mortgage. I didn’t say anything about us as we don’t talk about our finances but I did tell him that it depends on his goals. I think this is one of those questions that are personal and only you can answer based on the direction you wish to take in life.

Some people are fascinated with investing and are great at making that dividend income growth every year like my friend Mark at My Own Advisor  but some might not have a desire to do that. I guess that’s what keeps the financial advisors in business. I’d like to do both personally, pay off the mortgage and invest but it takes time to learn how to invest, so I’m taking the steps to do so while paying down the mortgage.

I believe there are benefits to paying off your mortgage, mainly freedom from owing anyone any money. So, when will I pay off my mortgage? Your guess is as good as mine but what I’ve learned about the process we are going through is that setting a goal doesn’t always mean it will happen when you want it to happen.

We teetered on the edge of spending too much money in June but that was the price we were willing to pay to renovate our home and get things done around here. Our home has without a doubt gone up in value but we are keeping the figure  low so we don’t get hit hard if house prices do fall in Ontario. So far our real estate agent has assured us that in our area, house prices are still slowly going up in price.

Sounds great until you want to sell and move up to buy a bigger house or more land. I guess it’s all relative when you look at it, especially if you are selling and moving up but if you are downsizing you might not get what you bargained for. What we try very hard not to do is spend more than we are earning which can get tricky if we aren’t tracking our expenses. I’ve kept my eye open by scouring the MLS to see what house prices are going for in and around our area. I’ll probably write a post about what we are looking for in our next home so stay tuned for that.

Women spend more money

Even though on occasion I spend too much money, I’m just like everyone else and working on keeping that under control. Some of my male friends say that women spend too much money but if we take a closer look I think they may be shocked. I think many couples would be shocked if they really did break down their budget to see where it all goes. I don’t think I’ve met anyone who is perfect so life is a continuous battle of the forces when it comes to life and finances. In order to save money we need to make money and spend less than we earn, at least that’s the premise that we try to live by.

Now I need to finish off the yard work as soon as the rain stops pouring down in Ontario. It’s been raining so much I have yet to complete some tasks. I was planning on regrading the yard and adding new sod in September or October when it’s not so hot but now I wish I would have done it earlier.  With all the rain we’ve had lately I could have had the yard regraded and laid down the new sod with free watering. Ah well, I’m going to keep my fingers crossed for the next few months so that I can get it done and move on to the kitchen and bathroom renovations.

How was your month for net worth?

Understanding net worth

What Does Individual Net Worth Mean?

Net Worth is a snap shot of your financial health sort of like a picture or debt to net assets. In simple terms it’s a total of the value of your assets minus your liabilities.

Determining net worth

How To Determine Net Worth?

Net Worth = Assets – Liabilities 

Figuring out net worth is fairly easy as long as you know your personal numbers or monthly finances. Net Worth is simply adding up all your assets (what you own) then taking away your liabilities (what you owe) which will give you a net worth number. Understanding your net worth will help you determine if you are on track to meeting or beating your personal financial goals. It doesn’t get any easier than that.

Do you know how to calculate your own Net Worth?

Now you can stop asking yourself , how do you find out your net worth because it’s easy to determine. Why not go ahead and calculate your own using our Free Money saving Tool Net worth Calculator (Canadian Budget Binder 2012)

Our short-term goals 2013

  • To pay off our mortgage with-in the 5 yr term ending in April 2014- Just waiting for paperwork
  • Focus on TFSA and other investing- will look at this once the mortgage is paid in full
  • To Save money for smaller renovations- trying little by little
  • Continue to meal plan, create new homemade meals- I’m always whipping up something new in the kitchen (check out all my recipes on the blog)
  • To  sow and grow more vegetables/herbs in the garden to save money- garden is in full-swing
  • To take vacation somewhere in Ontario this summer- working on this one
  • To take this blog to self-hosted and get a redesign (happening 2013!)- any day now
  • Learn more about Passive Income- working on this one
  • To Read a new Personal Finance Book- working on this, slowly
  • Learn more about SEO and Blogging- I’m always learning something new but it’s all beneficial and has helped Canadian Budget Binder grow the way that it has. My eyes and ears are open.

Our long-term goals 2013

  • Continuing to educate ourselves on personal finance and investments
  • Continue to network with other like-minded individuals
  • To finish renovating our home
  • To continue with educational training to further careers.
  • To save money for big renovations
  • Start thinking about saving for a second-hand vehicle in the next 5-7 years
  • Save up for a European Adventure in the next couple of years
  • Potentially save for a second home to rent out or build/move to our dream home

Our financial numbers

When budgeting anything is possible, we are proof of that although we still have a long way to go in our journey. These are our numbers and our goals, not a means of comparison towards your own goals. We don’t care how much money others make or if their net worth is lower or higher as it’s not a competition. I hope our experiences perhaps will help guide you along your financial path working towards debt freedom.

Different paths

Not everyone has the same path in life. Some of  you may have had to start over like I did or go to school a second time. Others may have got divorced, lost money in the stock market or other investments, lost a job, fell ill and so on but you can’t let that stop you, I didn’t. Some of you may have been given trust funds, paid-for homes, paid educations or perks in life that give you a financial kick-start and that’s OK too. Remember what I said, “It’s not about how much money you make, it’s how you save it”.

Focus on you and don’t let the evil eye of money jealousy or keeping up with the Joneses cloud your vision. No one cares about your money as much as you do so don’t waste your energy trying. The only reason people accumulate wealth is because they know how to save or invest it wisely even if they did inherit money or win the lottery.

The smallest improvements should mean big strides in working towards reaching your goals. Sometimes we have to fail in order to learn and we’ve all been there. Money can be an evil force for some people especially those who are negative towards their own situation. I urge you to be optimistic and little by little with determination you too should see improvements, that is if you want that to happen.

Our net worth 




Net worth updates 2012-2013

That’s all for the net worth update for the month of June, but I’m hoping we will  have a better July to report back at the end of the month. Sometimes we will have down months and that’s fine as long as we keep our heads above water, then everything is not lost.


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    1. Thanks. It’s getting there but we are far off what we need for retirement. Sometimes it’s hard to see those big numbers that we desire but giving up only means we give up on ourselves. Cheers mate

  1. Our net worth has been steadily increasing. I’m still looking forward to paying off my student loans though… THEN things will get interesting! Even so, my own net worth increases by a few thousand each month.

  2. Your net worth updates are my favourite of the month because I see how far I have to go but it is not depressing and it gives me inspiration. As a single person I will never see the numbers you do but I will be very happy if I can get to $250,000. Sometimes I think that my only way to drastically raise my net worth is to get a husband but that didn’t work so well the first time.

    You state that many people find your blog when Googling average net worth of Canadians. I wonder where you fall on that scale? I would imagine that people who own homes in Toronto and Vancouver sit much higher than people in St. John or St. John’s.

    1. It really depends on so many variables so whether they think we are average depends on their situation. Where we live now it’s very pricey to live so I don’t really know where we fall. I am happy either way which is more important. Once we are free from the mortgage that will change everything. I’m so happy to hear you like my net worth updates as the budget and net worth take me a long time to put together. I wasn’t sure if I should keep posting them or not but so far the response has been positive. I hope I can inspire… that is what the point of my blog is. 🙂 Do you track your net worth every month?

      1. I do track it but it is a negative number so I am not too sure if anyone finds it interesting. I hope to move from the negative to the positive in the early fall.

  3. Great post Mr CBB! I love the attitude and your approach to finance. If things don’t go exactly as projected, adjust and move forward. Getting hung up in what went wrong just gets me spinning my wheels.

    1. I just want the fans to know that I’m real and not some person trying to come off like we have it all. We are just regular people with regular lives. I think it makes it easier to connect with my fans that way too.

  4. It looks like you are moving the right direction.

    Thanks for posting your net worth numbers. It motivates me to put my numbers in a spread sheet too so that I can keep a running total as you do.

  5. Excellent work, over $500k in net worth! Not sure what ours is…but I could easily figure it out. It’s probably a modest amount but I don’t include cars in our total even though it’s appropriate to include depreciating assets…

    Yeah, I do write a bunch about investing, indexing and yes, dividends, but paying off the mortgage is also a priority.

    I actually took a different approach. I started investing early, somewhat, and now I’m focusing on the mortgage. We’ll have it done in 8.5 years.

    In 8.5 years, hopefully the dividend income will triple what it is today and I’ll be thinking about part-time work to ease into an early retirement at age 55. So much can change during that timeframe but it’s a goal of mine and hopefully we’ll make it.

    All you can do is to try and have some goals and some solid plans to achieve them. Everything else comes down to effort and a bit of luck 🙂

    Keep up the effort and good luck to you!

    1. Thanks for the motivation Mark. You are a role model for me because you are on a realistic path towards your goals. You are still young like me so I think as long as we keep up with our goals that we will make it to where we want to be.

  6. In spite of everything that had to be paid for last month you are still ahead of the game, and your numbers are going up…. Yes it would have been nice to have the grading down before all the rain… that was my target a few years ago when we added topsoil to the back yard. The boys and I busted out tails getting all the soil into the yard and the seed down ahead of the rain that was forecast…..we just made!!! Only problem was that the heavy rain washed the seed around so it was no longer evenly spread out. Oh well…..we just re-seeded and kept going. The grass grew well once it got going!!! I seeded with some perennial rye grass seed and some white clover, both came up a lot faster than the usual Kentucky Bluegrass. The clover was showing in 3 days and the rye grass a couple of days later….
    How is Poochie doing these days by the way?????

    1. Our neighbour put the rye down and it looks good. The dog is doing fine but he’s been quiet and not eating unless we jazz up his food which we don’t want to keep doing. It’s been frustrating for us. I’m just happy we saved the money to pay for the surgery. The hard part is doing the renovations so our net worth will be up and down and we’re ok with that, it’s only numbers.

  7. It’s interesting because I had someone compare their net worth with mine on my post today and said they were no where near what mine was, and yet I look at your net worth (and I think you’re still in your 20’s right?) and think wow you are making ME feel depressed because I’m nowhere near where you are and I’m 42!! But no amount of depression and sadness is going to make my situation different..I can only use that as motivation to try harder. One bad month in the grand scheme of things isn’t bad. You’re smart enough and disciplined enough where that’s definitely not going to be the norm! Good job on everything!

    1. Did I mention how much I really like you .. haha.. I’m not in my 20’s but I feel like it that’s for sure. I’m in my 30’s but I’ve worked hard all my life with no head starts at all. I read other net worths from other bloggers but I don’t care about the numbers I care how they got there. Thanks again for compliment 😉

  8. “our net worth taking the biggest hit all year this past month it really has shown us that we are creating a path that is working for us, now we need to get ahead of it.” Great lesson, Mr. CBB. You can’t anticipate everything so having the funds to cover those unexpected expenses (like your dog’s surgery) is a huge relief. It also shows what a delicate balance there is to being ahead and suddenly falling behind, which thankfully didn’t happen to you. I love how you point to focus on your own numbers instead of others. It is so easy to compare ourselves and feel like we fall short. We need to instead learn from others and apply it to our situation – it’s the only one we can control.

    1. Thanks. I just hope that others realize the point of the blog post is to share that what I write about here at CBB in my blog posts is what has gotten us to this point. We are learning every day, we fall, we get right back up again. Thanks Shannon

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