Building wealth from scratch takes more than just Money
Who wants to become a millionaire these days? Not as many people as you think because they are working on becoming debt-free before anything else. You must understand that to reach your top-level of financial success you must carry a wealth mindset wherever you go and with whatever you do in life.
Sounds like lots of work BUT if your goals especially for the new year are to smash debt, build investments and increase your income you simply can’t spend without mindful habits of the rich.
Why the rich?
Last year I published a post about Rich being my new Happiness and I wrote that to remind myself and others that YOU define rich, not anyone else. I wasn’t shocked to see how popular that post became only because most people are getting rich shoved down their throats these days. Never-mind becoming rich, I just want to become debt-free.
For most people this year will be a year of finding even more ways to save money because budgets are getting tighter, employers are laying off or shutting their doors and minimum wage has gone up and so will everything else.
A wage increase is only instant gratification paper and employees who earn minimum wage or higher can attest to this. Just because the number on your pay stub goes up that doesn’t mean you are further ahead.
This will be a fragile financial year for everyone because there is no such thing as job security whether you are an employee, small business owner or even a big-ass corporation.
Bye-bye Sears Canada one of the ritual shopping centres that began for Canadians back in 1953 and suffered a financial death in 2017.
The business operations of Simpsons-Sears began when the first Simpsons-Sears Spring/Summer Catalogue was printed by Photo-Engravers and Electrotypers, Ltd. and delivered to 300,000 Canadian homes in early 1953. On September 17, 1953, the first Simpsons-Sears retail store opened in Stratford, Ontario.- Wikipedia
Now, we have Walmart, The Bay, Home Depot, Rona, Lowes, Canadian Tire, Best Buy, Staples and other stores holding up big box shopping trends as smaller businesses try to make a footprint in the market. Sadly, some have come to an end and it won’t be the last we read of business closures in 2018.
Incorporating your personal wealth mindset at the start of 2018 will perhaps take your get rich quick ideals or stressful financial situation to a whole new level. One of my favourite posts to write about are success stories of my readers who went the extra mile and stuck to it with their wealth mindset.
What is a Wealth Mindset?
For both Mrs. CBB and I our wealth mindset began years ago and although frugal living was important to us we left a hole in our finances because we failed to go above and beyond, saving money. It took us many years to become debt free even though it only took us 5 years to pay our mortgage off in full.
It wasn’t as if we were earning huge amounts of money, quite the opposite in fact depending on who you ask. Growing my understanding of money over the years I was able to build a career that I wanted while adopting a wealth mindset that went beyond Money.
- Think Ahead
Thinking ahead almost sounds like you need a crystal ball and in most cases when it comes to financial gains and losses that’s what you have to do. Close your eyes and think about all the things that could happen to you that would crush your finances and create a plan B. What if you fall ill or become injured? You won’t capture everything during this meditative state of thinking when creating your finance goals but one step forward is always better than two steps back.
- Think Financial Freedom
I know for many of you becoming rich is the least of your worries right now and I don’t blame you one bit. We are in a similar situation many years ago and tackling your debt one step at a time is the only way out. If you jump hurdles and think I want to be rich when I’m poor you’ll miss the ride in-between. Mind you, there are people who have been more than successful creating a wealthy life through business success or entrepreneurial endeavors but even they had create a plan.
- Think Financial Security
At the very least all you want to think about is whether you will have enough money to make it through retirement until the grave. Are all of your loose ends tied up? This is the year we talk about Wills and the future on CBB because there is no waiting, the time is now. On the flip side financial security is a crucial wealth mindset to begin from a young age but if you’ve missed that boat jump on while you still can.
- Think Money Expert
How much do you really know about finance? Do you really understand what your money picture looks like? If you are stumbling around with your budget and not sure where to begin, talk to the experts, Talk to those people have been successful and read reputable sources online for ways to increase your wealth mindset.
- Think Rich Habits
What habits are the rich waking up to every day and can you incorporate them into your daily routine. This may simply mean getting to bed early, waking up early, getting exercise, eating healthy, drinking lots of water, meditation and finally financial planning. Be your own financial planner for the things you can control and leave the rest to the experts who will explain to you how your money can be invested in the future. (unless of course you manage your own investments).
How to make a 2018 Personal Budget
If you truly want to get into a financial groove in 2018 adopting the “Think Ahead” wealth mindset I encourage you to take some time to research budgeting tap into your wealth mindset.
These are not downloadable tools, rather tools that will help you to learn how we designed our budget and to understand where our wealth mindset got a strict beginning.
- How We Designed Our Budget Step 1– Gathering All the information
- How We Designed Our Budget Step 2– Categories
- How We Designed Our Budget Step 3– Tracking Receipts
- How We Designed Our Budget Step 4- Note-taking
- How We Designed Our Budget Step 5– 5S Organization
- How We Designed Our Budget Step 6– Who Does What and When?
- How We Designed Our Budget Step 7– Balancing Our Budget
- How We Designed Our Budget Step 8– Knowing our Coupon Savings
- How We Designed Our Budget Step 9– Reading Our Bills
- How We Designed Our Budget Step 10– Projected Expenses and 3 Foolproof Ways to Save for One-Time Expenses
Discussion question: What has motivated you to create a wealth mindset and how has that changed the way you view your money?
CBB at Home
The biggest events in our house this week revolved around minimum wage news articles and making sure our frozen windows don’t melt all over the floor. If you live in Canada you know that winter temperatures are very Titanic in nature keeping most people indoors.
I wanted to get our little guy out in the snow the other day so while I went out to shovel I thought I’d suit him up to help his daddy. Well, after face planting into the neighbours snow pile and about 5 minutes of happiness he stands up and says, ” I went pee” with a sad look on his face. He waddled his way through the garage to his mum and that was the end of that. Potty training is tough for parents but even tougher on the kids. He’ll get there though.
Other than that we are dealing with health issues with family which has been tough for both Mrs. CBB and I. If anything, we’ve learned so much about what we want to do to make sure our son doesn’t have to go through the same problems. More on this in an upcoming post.
That’s our week… oh and our new 2018 Monthly Budget began. 🙂 Not budgeting yet? Download the same budget we use in the CBB house absolutely free. I don’t want your money, I want your financial success to shine.
CBB Published Posts
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Top Post This Week: Free Money Saving Tools
- How to fight credit card debt with a balance transfer option
- Grocery Budget Basics: 5 Must-Read Tips About Your Food Expenses
Favourite Finance Weekly Read
Most of my reading attention this week fell on the minimum wage hike for 2018 and happenings across the province from retailers towards their employees. Tough week for sure and plenty more on the horizon.
One post that stuck out in the midst of my reading frenzy was a post written by Life and My Finances where he talks about being broke and making everyone else rich.
Pay off your debts as quickly as possible, maintain a frugal lifestyle, and pay yourself the amount that you used to pay everyone else. It’s as simple as that.
He sure does pack a punch proving his point with numbers but ultimately we know this is happening but until the numbers are put in front of our faces that’s when the light-bulb goes off.
Submit your Deal or Brag:
Saving money while grocery shopping is essential in the CBB family and that’s why we share our grocery shops every week in The Grocery Game Challenge .
What I love the most is when my fans share their amazing shops with me whether it be groceries or other deals they find at a garage sale, online or freebies!!!
If you have a brag that you want me to share email me at canadianbudgetbinder@yahoo.(ca) < remove brackets) or fill out my contact form on the home page of this blog by Friday each week to have your brag considered for the Saturday post.
All entries whether published or not will get entered to win a PC Gift Card or Cash via PayPal.
No brag to report but it’s the start of the year… send me them brags folks!!
CBB Words of Wisdom
Parenting and Gardening 101
As a parent to a toddler boy who NEVER stops I felt it was necessary to learn as much as I can about parenting from none other than, other parents. Here you will find cool parenting tips, hacks, crafts, gardening and just about anything related to finance.
One of our biggest issues right now in the CBB house is time management when it comes to putting our son into a routine before school starts in September.
Beginning next week our little guy will be going to a home daycare in hopes of getting him into the school spirit and she supports time management which is what he needs the most.
I thought this clock idea was brilliant and something we will incorporate moving forward. Now I just need to find a cheap functioning clock at a second-hand shop that I can colour on.
Source: Bored Panda
This is the year where a wealth mindset and relationships will take on a greater presence for all couples who believe money is very important to a healthy relationship.
I’m not talking about earning power, simply balancing a budget, reducing debt and getting the hell out of the race without losing grip on reality. By this I mean, working too much to get ahead and leaving relationships and families behind just to get ahead.
How to control your thoughts for the law of attraction written by Robert a blogger at Law of Attraction Alpha says to me that you draw in those who adopt the same or similar mindsets as you do, including financial.
Money causes so many riffs in relationships so if it’s important to you then hopefully you fall in love with someone who finds finance as attractive.
Sometimes it’s the money lessons that we learn after the fact that hurts the most especially if one partner is not willing to change.
Top Budget Recipe
Food is another F-passion of mine next to finance and I absolutely love finding inspiring recipes around the web each week to share with all of you. Most importantly these recipes will be inexpensive, delicious and fit for a King, Queen or Family! If you are a Food blogger and have an awesome recipe you’d like showcased please message me.
Saturday Search Term Giggles
Every week I get tens of thousands of people visit Canadian Budget Binder because they did a search online and found my blog. (SIC) means I’ve copied the text exactly and it has spelling errors.
Most times funny, Sometimes serious.
- Best approach telling husband to handle finances wisely and be honest – Depends on the situation and the persons involved. There is not right or wrong answer for this. I’d likely think about what I wanted to say, type it out and then sit him down and tell it like it is.
- Make under 60000 a year is OSAP a loan or free money – Free money, I like that one.
- Quick money Winnipeg– If you need to Google quick money YOU have financial demons to crush. Quick money is either illegal, fraudulent or just sketchy unless you come up with some sort of “need” that society grabs hold of and fast. Good Luck.
- I have a broken toe– Right on.
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Hey…if you see any mistakes let me know. I’m not an editor just a guy who likes to write and yes I make mistakes.
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Note: Some posts on CBB may be paid and written by me and is of my opinion of a product/service that I’ve tried and used before. Please read disclaimer.
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