MORE THAN ONE INCOME SOURCE DOESN’T MEAN YOU HAVE TO TRADE HOURS FOR MONEY PROVIDED YOU KNOW YOUR OPTIONS. Someone asked me the other week how I was going to adjust to having only one income source now that I’ve resigned from one of my full-time jobs. I responded by saying that it won’t bother me one bit, at least not right away. Why? I can finally breathe and try to get my life back on track because I felt like I was on autopilot for all those years even though I enjoy what I do. Thankfully we have income sources that earn us some extra income such as this blog and our retirement investments, but are they enough? That depends on how much money we’d like to make and without much effort. Unfortunately the blog does take lots of effort so we do have plenty of room for improving our income source options. Having more than one income source sounds draining especially when you’re already working full-time and any available overtime. Some couples only have one income source because either/or become a stay-at-home parent until their children are in school full-time. My mum did this while my father worked in […]
Should You Have More Than One Income Source? : Our August 2017 Budget Update
Mortgage Freedom Means You Still Need To Run : Our May 2017 Budget Update
EVERY DAY IS LIKE A FINANCIAL ROAD TRIP WITH BUMPS, DETOURS, GREEN LIGHTS AND FLAT TIRES. Teach me how to get rich my sister-in-law asks me surprisingly a few weeks back since finding out we’ve been mortgage free 4 years as of May 2017. I don’t know about the “Rich” part but I can certainly talk for hours about budgets, frugal living and the importance of it all. Mortgage Freedom is just the beginning Since burning our mortgage papers Mrs. CBB and I have done one thing that some people might stop doing. Do you want to know what it is? Of course you do. Related: How we became mortgage free in 5 years We never stopped with the financial discipline we’ve ingrained into our routine over the past 10 years. Sometimes it’s hard to look back and think it has been that long but not really when you consider the life of a typical mortgage is 20-25 years. I don’t have all the answers but I do know that if you aren’t prepared to invest in your finances then you must deal with what you have. I don’t care if you’re already rich, collecting welfare, earn […]
5 Important Budgeting Rules We Won’t Break : Our April 2017 Budget Update
Budgeting rules are not laws that will strip you of your financial independence. They are your guide to financial success. Your budgeting rules may not help you get out of debt in 12 months but it will help you get out of debt according to your payment schedule. The more money you can pay on your debts the faster you will get rid of them. Earn more> Pay Debt> Save More> Repeat which also means for some people that a second or even third job is needed. I can’t tell you what you SHOULD do because I don’t know your numbers this is why it’s crucial to have in-depth look with your financial planner. Since Mrs. CBB and I do our monthly budget together we were talking about what we’ve accomplished and continue to do to make our budget work for us. Besides being on the same page financially we both follow budgeting rules that we feel have been crucial to our zero debt success. This month will mark three years of us having total debt freedom since paying off our mortgage. Often we wonder how we managed to pull that off before the age of 40 when so […]
How To Lower Household Expenses Without Guilt : Our March 2017 Budget Update
THINK BEFORE YOU ACT ESPECIALLY WITH YOUR FINANCES. Giving up something doesn’t have to mean giving it up for good. One comment I often hear when I offer budget help is that it’s so hard to reduce household expenses without feeling guilty. This guilt often leads to even more debt being created because of letting people down, including themselves. The provider(s) may feel they are not good enough to support their family which creates inner turmoil and struggles. No one wants to say you have to give something up, especially to a child. Anyone who has direct access to money or that is affected by the money will feel loss when something has to be chopped. A reader asked me how to deal with guilt while I was assisting them behind the scenes with their monthly budget. I know she will read this but now she’s in a better place and has her budget under control and her family is on board. Guilty or not guilty How do you deal with financial guilt? You don’t- You jump over it and move on. You need to keep things under control and by doing so you’ll gain support by […]
How To Make Fast Money In Canada Using The 3 Z’s Of Finance : Our February 2017 Budget Update
WHEN YOUR BANK ACCOUNT NEEDS MONEY YOU NEED 3 SPEEDS OF EARNING POWER. What would happen if your pay cheque was short $100 and you needed fast money to pay the bills? For many Canadians a small financial loss such as $100 is a huge hit to their monthly income. I know what it’s like to have an almost empty bank account in Canada. I’m the type of guy who likes to rely on myself so after Mrs. CBB and I got married I got down to business trying to figure out my earning potential. Starting from scratch in a new country is difficult just as it is for those who are already living here and have been for some time. It’s not about just who you know it’s also about the art of negotiating, communicating and networking. Living pay cheque to pay cheque is reality for many Canadians as prices soar in just about every budget category imaginable. Lately I’ve had some inquiries from readers who are either new to Canada, been here for some time or born here wanting to know how they can earn fast money. My first response would typically include me asking why they […]
