{"id":17188,"date":"2014-06-05T06:34:19","date_gmt":"2014-06-05T10:34:19","guid":{"rendered":"http:\/\/canadianbudgetbinder.com\/?p=17188"},"modified":"2025-02-11T05:44:29","modified_gmt":"2025-02-11T05:44:29","slug":"making-extra-cash-net-worth-update","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2014\/06\/05\/making-extra-cash-net-worth-update\/","title":{"rendered":"Making extra cash with a part-time job: May 2014 Net worth update (+1.15%)"},"content":{"rendered":"

LIFE CHOICES AREN’T ALWAYS SIMPLE<\/span><\/h2>\n

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.<\/em><\/p>\n

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

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Making extra cash\"make-extra-cash\"<\/span><\/h2>\n

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.<\/p>\n

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.<\/p>\n

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?<\/p>\n

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.<\/p>\n

Would you do anything it took just to get your foot in the door of your dream job?<\/strong><\/p>\n

May net worth at a glance<\/span><\/h2>\n

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<\/strong> had dropped from 1.85 to 1.81<\/strong> which isn’t much of a drop but enough to make a small difference on the remaining money we have in the UK.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Our current net worth for 2014 stands at $585,141.40<\/strong>. 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.<\/p>\n

Our net worth<\/span><\/h2>\n

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<\/strong> numbers or what areas we should put a bit more focus in.<\/p>\n

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

\"May-2014-net-worth\"<\/p>\n

Understanding net worth<\/span><\/h2>\n

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What Does\u00a0Individual Net Worth\u00a0Mean?<\/strong><\/p>\n

Net Worth<\/strong> is a snap shot of your financial health sort of like a picture or debt to net assets. In simple terms it\u2019s a\u00a0total of the value of your assets minus your liabilities<\/strong>.<\/p>\n

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\u2019t let the numbers scare you rather understand why and move on.<\/p>\n

If you would like to use our budget I offer a FREE downloadable budget <\/a>which I created and that you can use at home just like we do. I don\u2019t charge for it because I want you to save money not spend more!<\/p>\n

Enjoy and let me know what you think\u2026 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\u2026 what you need to do is determine just how much net worth you actually have and go from there\u2026.<\/p>\n

Determining net worth<\/span><\/h2>\n

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How to Determine Net Worth?<\/a><\/strong><\/p>\n

Net Worth = Assets \u2013 Liabilities\u00a0<\/strong>
\n<\/a><\/p>\n

Figuring out net worth is fairly easy as long as you know your personal numbers or monthly finances.<\/p>\n

Net Worth is simply\u00a0adding up all your assets<\/strong>\u00a0(what you own) then\u00a0taking away your liabilities<\/strong>\u00a0(what you owe) which will give you a net worth number.<\/p>\n

Understanding your net worth will help you determine if you are on track to meeting or beating your personal financial goals. It\u00a0doesn\u2019t\u00a0get any easier than that.<\/p>\n

Do you know how to calculate your own Net Worth?<\/strong><\/p>\n

Now you can stop asking yourself the question, how do you find out your net worth? Why? It\u2019s easy to determine.<\/p>\n

Why not go ahead and\u00a0calculate your own using our Free Money saving Tool\u00a0Net worth Calculator (Canadian Budget Binder 2012)<\/a><\/p>\n

Goals<\/span><\/h2>\n

Below are our 2014 target goals<\/strong> some of which are the same from 2013 and many which are new for 2014. I don\u2019t 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.<\/p>\n

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

I find it\u2019s 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.<\/p>\n

Do you set goals for the year?<\/strong><\/p>\n

Our short-term goals 2014<\/span><\/h2>\n

Every month I update these mini-goals as I like to call them in our monthly budget update where you will see what\u2019s new and exciting in our world financially. I\u2019ll 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.<\/p>\n

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