There’s a big difference between “Money Talk versus Money Talks” apart from including money.
Money talks are described as, “If you’ve got the money, I’ve got the goods,” whereas money talk is about money.
Money talk has been a massive taboo in society, or at least it has been ever since I can remember.
Nobody knew your business, and nobody was keen to talk about how much debt or wealth they had.
The great thing about blogging is that it has opened up a platform to express their concerns.
I tend to open doors for money talk conversations for struggling and those who are not.
Believe me when I say money talk is not something everyone can blurt out in a circle or with a colleague or close friend.
Why? Let’s chat about money talk and how it affects people and suggestions on how to get over the fears of being judged.
Money Talk Is Scary Territory
When I began sharing our monthly budget, net worth update and goals, I knew I was opening windows.
I was airing out our entire financial life online, although there are some things we don’t tell you.
Why? It’s not about being scared; it falls into the ‘too private’ or sensitive information categories.
In just about ten years on Canadian Budget Binder, I’ve only had a handful of readers that I’ve upset. (that I know of).
They’ve expressed their upset through calling us out on how we spend our money versus what I’ve said we wouldn’t years ago.
Times change, we all know, although I’m ok with criticism as long as it’s constructive and not of the jealous type.
The thing to remember is most people started at $0 and worked their way up in life.
There are so many bumps along the way that money talk, even if you are debt-free, can be scary.
I’ve since learned a few reasons why money talk shouldn’t be a punishment of speech.
You don’t have to divulge your life savings to anyone but talk about money, saving tactics, spending concerns, tips and tricks, coupons, budgeting and so on.
Money talk is universal, so depending on the situation, you may want to seek professional support.
Neighbourhood Money Talk
Have you ever walked around the neighbourhood and noticed someone getting work done on their house?
Probably, and have you ever said, wow, it must be nice to have money to do that, or they must be loaded.
Honestly, those two statements can be so far from the truth, but the extent of money talk for some people.
Just recently, a couple in their 30’s with no children bought a house in our neighbourhood.
They paid $800,000 for the home and won after submitting a buyer’s letter to the owner sharing why they wanted to buy their home.
That letter sealed the deal, and through talking with them, we found out how difficult it was to buy a house.
Do you see what we did there? Money talk doesn’t have to be a negative conversation, yet we asked, and they gladly accepted talking about it.
We learned that the couple had to borrow money from their parents for the downpayment of the house.
When we first met, we chatted about how expensive houses are today and why they bought outside the city where they work. That’s still money talk.
If no one knew they had taken a family loan for the money to buy the house, their peers might think they were doing well financially.
Never judge someone based on “stuff,” as it’s easy to get a credit card. It’s just as easy to borrow money or take out a bank loan or personal loan.
A fancy car, big house, boat, cottage, designer clothes mean nothing, at least to us in terms of wealth.
We don’t care what other people have because we are so focused on what we are doing to increase our wealth.
Focus your time and energy on learning about finance through money talk podcasts, financial books, and personal finance blogs that are successful.
Learn the art of money talk communication so you can discuss with someone how to get help.
Getting Over Your Fears Of Money Talk
Everyone has lived through some form of debt, whether a car payment, mortgage or general consumer debt.
What’s tough to disclose is that someone is in debt, and it can be scary admitting money problems.
Disclosing the failure to be successful financially is heartbreaking to share with anyone.
To get over the fear of judgemental people, know who you can trust when talking about money.
With the onset of the Covid-19 pandemic, many families around the world are suffering financially.
Many have lost their jobs or left an appointment for another because they needed money to survive because the CERB was not enough.
Some have extra cash because there was nowhere to go, and spending money w
Most of our shopping we completed by click to collect grocery shopping and Amazon Canada purchases.
Since Ontario has been opening up, we’ve gone into the grocery store and Value Village.
Some of our friends have told us they can’t afford to go on excursions this summer because they are broke.
I believe the pandemic may have given Canadians a swift kick in the butt regarding emergency savings.
We know the importance of money talk and why we need to get out of debt and perhaps ask for help.
How Money Talk Can Help You Out Of Debt Or Increase Wealth
- Talk to someone you trust to guide you with money concerns and debt.
- Get in touch with a local financial advisor and schedule a meeting with him/her.
- Tap into money talk podcasts from Canadian bloggers such as Jessica Moorehouse.
- Read personal finance books to help educate yourself about money so you don’t fear money talk.
My Favourite Finance Books
Before I even start, I want to point out the missing book because I took it out from the library.
The book “Blogging For Dummies” was one of my favourite finance books to read. Why?
I had to learn how to blog before I even considered publishing a blog about money on the web.
Blogging started as a hobby but has since turned into a monthly income that I never had before.
I went where my passion took me and not where the money was taking me. Doing something you are passionate about is far better than chasing the money.
I’m earning money by blogging and money talk with readers who want tips about everything money-related.
Although Im no pro in every financial subject, I know people who guest post that do.
I’m not here to say I know something about a subject when I don’t, such as investing like my buddy Mark at My Advisor.
I also don’t try to compete with my Canadian Finance Blogger friends because we all bring something unique to the table.
When I’m unsure, I chat to other successful finance bloggers who might have answers for you that I don’t.
Now, the coolest finance books.
- The Rules Of Wealth by Templar
- Money 201 by Roseman
- The Grumpy Accountant by Neal Winokur
- Happy Go Lucky by Melissa Leong
- The Millionaire Next Door by Thomas Stanley Ph.D and, William Danko Ph.D
- The Four-Hour Work Week by Timothy Ferriss
- The Best Revenge Living Twice As Well On The Same Income
To reiterate what I’ve discussed above, don’t be afraid about money talk.
Finding solutions to your financial problems and talking to someone about them is critical.
If you find yourself alone with debt and nowhere to turn, use any of the ideas above.
It’s better to be informed than to be lost in a world that runs on money.
Discussion: Who or what have you turned to when you needed financial help, and did it motivate you?
Would you please share your comments below as I’m interested in this topic and your experiences?
Enjoy the rest of the post below.
Related: My 10 Step Easy To Read Budgeting Mini-Series
Discussion: What has made the most significant impact on your overall net worth?
Please let me your comments below.
Calculating Net Worth 101
This chart reflects our net worth increases and decreases throughout 2021.
As you can see, it has been a steady incline until April where it dipped because of the markets.
That was quickly corrected moving forward in May, June and in July.
With the increase in house prices, our net worth IF we sold our house today would increase about $550,000 to $600,000.
That would put our home in the $850-$900,000 range with the current real estate prices.
Although we add our home into the calculation, you’ll notice that we haven’t increased it for around ten years,
Not everyone is comfortable adding their home into their net worth, but for us, it’s cash.
If we were to die today, our son could sell this house and pocket the money, or if we sold and bought a cheaper home, it would increase our cash flow and equity in the home.
Net Worth Is What You Own Minus What You Owe
Do you know how to calculate your Net Worth?
We like to calculate our net worth every month to know if we are still on track.
Some people calculate it yearly or quarterly, but it’s up to you and how informed you want to stay.
Net Worth is only an estimate, and not everyone uses the same type of figures to tally it up.
Some of you may not include vehicles like we do or leave out assets inside the home as we have.
You might be that person who decides not to include your home in your net worth calculation.
It depends on what you want to calculate or sell today and make money for tomorrow.
Figuring out net worth is relatively easy as long as you know your monthly financial numbers.
Net Worth adds up your assets (what you own) and then removes your liabilities (what you owe), giving you a net worth number.
Understanding your net worth will help you determine if you are on track meeting or beating your personal financial goals.
Determining Net Worth
Net Worth = Assets – Liabilities
Why not go ahead and calculate your own using our Free Money saving Tool Net worth Calculator (Canadian Budget Binder 2012)
When budgeting, anything is possible; we prove that we still have a long way to go in our journey.
These are our numbers and goals, not a means of comparing your plans to others’ target goals.
We don’t care how much money others earn or if they have a high net worth or lower than ours as it’s not a competition.
I hope our experiences will help guide you along your financial path, working towards debt freedom.
Not Everyone Follows The Same Path
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 injured on the job, but you can’t let that stop you from achieving your financial goals.
You may have been gifted trust funds, paid-for homes, educations, or other perks that give you a financial kick-start, and that’s OK too.
Net Worth Losses and Gains
Where did our money go in July 2021?
We’ve had to do a significant overhaul for Mrs. CBB due to an allergy in terms of expenses.
The good news is that now she knows what was causing her reactions to so many products.
There was an increase in cash due to being paid three times in July, which is never a bad problem.
Our retirement savings went up slightly, but it’s not a big deal if you count our portfolio into it.
I always have the mindset to build instead of tear down, which I view as our investments.
Laser hair removal increased our expenses; however, it was a need for Mrs. CBB due to her allergy.
We also spent $1000 on a new stand-up stainless freezer which we love. The significant part is the savings.
I calculated it correctly the other day, and we were paying near $40 a month to run our 1950’s freezer.
Years ago, I calculated it at around $12, but it has since skyrocketed, as did hydro expenses.
That’s our July story, with more to come about Mrs. CBB’s allergy and the cost to our budget.
A big topic I’m sure for many people who suffer from allergies.
Earn It, Save It, Invest It, Build It
Remember what I said, “It’s not about how much money you make; it’s how you save it.”
The reason people accumulate wealth is because they know how to save or invest even if inherited or a lottery win.
The most negligible improvements should mean significant strides in working towards reaching your goals.
Sometimes we have to fail to learn, and we’ve all been there.
Money can be evil for some people, especially those who negatively affect their financial situation.
Be optimistic, and little by little with determination, you too should see improvements if you want that to happen.
Canadian Budget Binder Net Worth Updates 2021
Click the links below to read our net worth updates for the year 2021.
- January Net Worth 2021
- February Net Worth 2021
- March Net Worth 2021
- April Net Worth 2021
- May – Oops I forgot to post this one.
- June Net Worth 2021
That’s all for this month’s net worth update, but please check in September to see how we made out in August 2021 with our financial portfolio.
The post Money Talk And How To Let Fear Go: Net Worth Update July 2021 +1.01% appeared first on Canadian Budget Binder.