Our Net Worth

Making extra cash with a part-time job: May 2014 Net worth update (+1.15%)

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It’s been one of those months for me where I’ve worked non-stop and although I’m making extra cash it’s been a month of exploring options.

The good thing about our net worth update this month is that we no longer have a mortgage which is a great feeling on its own.

We are also faced with something that we’ve dreamed about for many years and that’s the freedom to do what we want with the extra cash that we have.

My parents purchased homes with extra money they had and now those homes are fully paid and rented so a nice portion of the rental income funds their retirement and maintaining the homes.

It’s nice to see that my parents are secure financially in their retirement years and are able to travel throughout the year to destinations we could only dream of.

They earn more money retired than they did working, go figure that out although they still work part-time together while they are not vacationing although they don’t consider house-sitting as work. I guess it gives them something to do which is great for them.

I’m not sure if we’ll be following in their footsteps but we will certainly work on our own financial plan that will bring us to a place where we are comfortable with our choices.


Making extra cash


I know what you are thinking, “Why are you working two jobs, slow down”. Yes I’m working a second job because it’s my dream job and my foot in the door to retiring in a role that many people in my field wish they could get.

My part-time job compliments my full-time job but further advances me in my career where I am now training others to be a professional like I am. Unfortunately the hours are not regular and are presented to me in blocks of lots of hours all in one go and then nothing at all for a while.

I know I’m vague but I like to keep more than who I am a secret but also what I do for a living. I often say when someone asks… I save lives and keep people safe. No, I’m not Superman, far from it. I’m just a guy with a passion who doesn’t want to let anything get in the way of his personal success. Haven’t you ever felt that way when you want something so bad?

Although we are making extra cash it’s not about the money as much as it is securing a future with this organization. I’m not sure when and how long it will take me but I’m putting as much effort in as I can and I hope that giving it all that I’ve got my time will come where I get off of contract and into a full-time role.

Would you do anything it took just to get your foot in the door of your dream job?


May net worth at a glance


We took a minor hit with the exchange rate this month as most of our UK money went into finishing off the mortgage last month. The exchange rate had dropped from 1.85 to 1.81 which isn’t much of a drop but enough to make a small difference on the remaining money we have in the UK.

The money we are keeping in the UK will fund our future trips back home and to send money to the kids for birthdays and various other holidays.

Our retirement investments grew in May although not in a spectacular fashion and combined with not paying anymore mortgage interest managed to round out our month at a half decent increase in net worth. We’re hoping to see a bigger increase moving forward although it really does depend on where we end up investing the money.

This month definitely had a more relaxed feel purely because we have abolished the mortgage and started concentrating on renovations that have suddenly become more affordable due to the increased cash flow we now have. This will take a nice chunk of change but certainly increase the value of our house even further.

The rest of the month has been pretty uneventful which is good in one respect as it means less volatility in the up and down department.

Our current net worth for 2014 stands at $585,141.40. You can read more of the details below by viewing our net worth update chart with our actual figures for the month of May as well as my pretty chart sharing the 12 preceding months of net worth at the bottom of the post.


Our net worth


We are always looking for ways how to increase our savings and by tracking our net worth these numbers below show us how well we are doing in terms of meeting our target numbers or what areas we should put a bit more focus in.

You can check out our May 2014 Budget update to see where the money went in our budget to give you a bit more information.


May 2014 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.

We credit the growth of our net worth due to patience, perseverance, using a monthly budget and not giving up. Your numbers may go up and down but don’t let the numbers scare you rather understand why and move on.

If you would like to use our budget I offer a FREE downloadable budget which I created and that you can use at home just like we do. I don’t charge for it because I want you to save money not spend more!

Enjoy and let me know what you think… plus there are tonnes of other free printable lists offered at Canadian Budget Binder to help you achieve some of those financial goals and build your net worth. Now… what you need to do is determine just how much net worth you actually have and go from there….


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 the question, how do you find out your net worth? Why? 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)




Below are our 2014 target goals some of which are the same from 2013 and many which are new for 2014. I don’t like to move on to new goals if I have other goals that are unfinished but I also like breathing room and play time if you know what I mean.

I hope by posting them each month it motivates me like it has this past year to get stuff done and reach our target goals with some form of ease although nothing in life is that simple.

I find it’s much easier to be held accountable when I share what we need to do with all of you. Yes, my wife refers to the list when she asks what I plan to do next. I’m not sure if that’s a good thing for me or not, lol.

Do you set goals for the year?


Our short-term goals 2014


Every month I update these mini-goals as I like to call them in our monthly budget update where you will see what’s new and exciting in our world financially. I’ll continue to update this list for those that enjoy reading this net worth post each month but like most of you know, a list is never done.


  • Mortgage is now paid in full
  • To renovate the upstairs bathroom- Vanity purchased and renovations started
  • Re-model the spare bedroom (i.e. decor, furniture)– I’m still working on this
  • Start working on putting in the new flooring in the living and dining room- Haven’t even started this yet
  • Install a central vacuum system- This has now been completed.
  • Purchase a new washer and dryer- I had to fix the knob the other day but no luck on finding a good deal.
  • Purchase all new kitchen appliances- So far all we have is a new stove and an extractor fan (range hood) but they are not installed.
  • Purchase a new freezer- I’m still on the hunt for this new appliance so we can move out the big bad boy.
  • Finish the landscaping in the front and back yards- Landscaping is almost complete just need to install ground lighting.
  • Invest more in our TFSA, RRSP etc. – Will be looking into this at some point soon.
  • Continue to meal plan, create new homemade meals- I’m always whipping up something new in the kitchen (check out all my new recipe index on the blog)
  • To grow more vegetables/herbs in the garden- We decided to scale back on this for 2014 summer.
  • Learn more about passive income
  • To read a new personal finance book- I’m struggling to read the one I have but I did read a new book about Elements Photoshop.
  • Learn more about Search Engine Optimization and blogging and how to manage my blog- The things I wish I knew before I started blogging blow my mind. I’ve been working on optimizing the blog which is taking forever and likely will as there is so much to go back and fix. I can’t complain though because the results so far have been worth it. I’m making this a better place for you and for me.


Our long-term goals 2014


I will do a yearly update on these goals so you know how we made out with them. You can also follow our monthly budget update to find out how we made out with some other short-term goals we’ve been working on.


  • Finish renovating the entire kitchen
  • Finish renovating the entire master and main bathroom
  • Save for a holiday to anywhere that is not where we live
  • Start planning basement renovations (bathroom, bedroom, family room, laundry room, office, storage area.
  • Look at new ways to invest our money i.e. rental units
  • Continuing to educate ourselves on personal finance and investments
  • Continue to network with other like-minded people
  • Continue in my new career in hopes of it becoming long-term permanent


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 to others target goals.

We don’t care how much money others make or if they have a high net worth or if it is lower than ours 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 and now have OSAP loans to pay back.

Others may have divorced, lost money in the stock market or other investments, suffered job loss, fell ill or was injured on the job etc. but you can’t let that stop you from achieving your financial goals.

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 have a negative attitude towards their own financial situation.

I urge you to be optimistic and little by little with determination you too should see improvements, if you want that to happen.


Net worth updates 2014


Below you can click the links to read past net worth updates to see if we were on target or if we struggled with some of our numbers. In the last year since May 2013 our net worth according to our figures has grown $82,186.

May 2014 $585,141.40- May 2013 $502,953.49= +$82,186.

You will notice two Jan 2014 figures and shows where we had our house valued leading to an increase in our assets. I purposely left both Jan 2014 figures in so you can see the increase visually.


Last 12 months net worth



That’s all for this month’s Net Worth update but please check in at the beginning of July to see how we made out in June and what has happened to our finances since.


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Photo Courtesy of: Freedigitalphotos.net/JamesBarker

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  1. Must be so liberating to be mortgage free. I’m interested in following your reno work and associated expenses. This is also what we plan to do once we are mortgage free in 4 years. Sometimes I think I just want to downsize and sell as it, but my husband (who is in real estate) says “No Way”. He thinks we’ll get lots more if we do the renos before we sell. However, having to live through all that mess will be difficult. I hope it doesn’t cost too much either. Do you have a total budget in mind? I was hoping we could put in hardwood upstairs, renovate 2 bathrooms (maybe 3), new kitchen cupboards and counter and full paint job upstairs and down for $70K.

  2. I have always had other jobs on top of my day job, at one point I was teaching French at night for less than half my hourly rate at my day job but I loved it and met lots of nice people so it was perfect. Without a mortgage you could even leave the main job and focus on the dream job, possibilities are endless!

  3. Congratulations on being mortgage free!!! What a wonderful place to be!!!! The two jobs clearly make getting other things done a bit of a trick but please be sure you are not doing too much..it can be hard on the health after a while……Being able to get the renovations done on the house with out having to count the pennies so much along the way will be nice too. The central vac sounds lovely but I would be replacing the flooring here first.
    Seeing the numbers climb slowly every month is rewarding to see. It definately means you are doing the right things!!! Have fun finding the next big challenge!!!
    I try to read a finance book or two when I can find them at the library but I do find it can be a hard read for me a lot of the time……Not always the easiest things to understand, especially for me!!!

  4. I’m reading “Let Me Teach You How to Be Rich” and “Millionaire Next Door.” So far, really good reads!

    But I have to say, congrats on finding a part time job in your dream field! I hope it turns in to full time employment soon!

    1. The Millionaire Next Door was an awesome book. I’ve never heard of the other book. Will you be doing a blog review on the books? I’m hoping it will as well…. so far so good. 🙂

  5. Personal Finance books… I’m currently reading ‘The Four-Hour Workweek” and just read “The Millionaire Next Door”. You have probably read both but the first one is a great resource for leaning about passive income.

    Also, I’m getting into self-improvement type books. And honestly, making money is easier because of them. That’s the beauty of money, it touches so many things that if you want money – you’ve gotta improve the rest of your life. Wanting money SHOULD make a person better.

    1. I haven’t read the Four Hour Work Week but I have read The Millionaire Next Door which was brilliant and really puts a spin on how people perceive others and money. Is the Four Hour Work Week from the library or is it an e-book?

    1. Thanks mate. I was meaning to email you today because I found your net worth tracker from another bloggers page even though I follow rockstarfinance.. great blog by the way.. brilliant way to give back. I like that. Thanks for thinking of me!! Mr.CBB 🙂

  6. So jealous of your central vacuum system! That will make your lives so much easier! Did you put it in yourself? Obviously, congrats on being mortgage-free too!

    1. Thanks.. it’s very quiet! Yes I put the machine in myself. It was fairly simple but took me a couple of days work to pipe it all in from the garage to the basement and sort out the outlets and hang it on the garage wall. Overall for the price and the installation it was an awesome deal. We did however already have the hookups in the house so that was already pre-done when the house was built. It’s just the previous owner didn’t have one installed. Thanks on the mortgage free…. Are you mortgage free? I assume you plan to retire by 40…. I would love to share your story in a Making a difference feature.. let me know if you are interested. Cheers mate.

  7. Mr CBB, enjoy your moment of “surplus cash”. It won’t last! If you are anything like most of us, the re-direction of funds to accomplish new goals that you have been dreaming of (home renos, vacations, car replacements, real estate, investments and retirement) will very shortly return that “budget conscious” feeling as you do the necessary budget re-vamping. I don’t mean to say that’s a bad thing… it’s not. It will be exciting to track with you how and when you are now able to achieve a whole new set of goals!

    Do take a moment though… throw around a little bit of cash and pamper your wife and yourself to celebrate a job well done! This is a milestone in life and you need to honor it accordingly. You will never again pay off the first mortgage you had as a married couple. Whatever would be the best way for you to honor yourselves and your hard work will come to you. Hubby and I got all dressed up and went out to dinner at a restaurant that was way outside our “snack bracket” when we were actively working our mortgage pay-off budget. The next day we started on a new goal but for that one night… it was magic… and it reminded us that we could do ANYTHING as long as we did it together! 🙂

    Congratulations to you both!

    1. Thanks Mary lol.. we are enjoying it a little bit but I know what you mean. Soon enough with the budget update all the money will have a home. We simply have so much more to pay for in terms of investments and renos and … other things yet to be announced. I’m hoping that it will all work out but we will go with the flow and make changes as we see fit.

      I’m hoping to get away for a few days soon since I’m working 14 days straight now… It’s lovely how you remember those special moments with your husband… it’s those moments we cherish as well.

      Thanks for your support Mary


  8. Congratulations Mr. CBB on paying off the mortgage. There’s only way to go and that’s up 🙂 I’m just happy that I have enough money to pay for the bathtub replacement that I recently had done.

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