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Real Struggles Of Being Debt-Free (August 2022 Net Worth Update)


Staff member
Dec 13, 2023
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Coming out as being debt-free before 40 comes with struggles we never knew existed.

Before you all take a deep breath and let out the proverbial, who gives a $hit, hear us out.

There are definite advantages of being debt-free; however, there are disadvantages.

We rarely discuss debt-free, but that has changed over the past two years.

The pandemic has been complex for us to hear people in our circle talk about their struggles.

When they ask us how we are doing, we’ve slowly been coming out so people can see there is light at the end of the tunnel.

What should be a happy time in your life can be clouded by jealousy, negativity and criticism.

Today, I want to discuss how the pandemic has pushed us out of the debt-free closet.

The photo below is what some people view as being prosperous and debt-free.

The reality is that being debt-free does NOT mean you are wealthy, nor does it mean you are happy.

Being Debt-Free does not mean you live a lavish lifestyle

Being Debt-Free does not mean you live a lavish lifestyle

Everyone views wealth and riches from different angles of the box.

Being debt-free is not as easy as it’s cracked up to be unless you turn a blind eye for the rest of your life.

The apparent solution would be not to let anyone know, and we understand that, which is why we have this blog.

It has been far easier to share our happiness of becoming debt-free with all our readers.

There’s a reason why lottery winners take time to process their win and hire a financial advisor.

You’ll find lost relatives you never knew you had, lose friendships, family dysfunction can occur, and it can be a lonely place.

I know that’s harsh, but often you have to pull out the big guns and say enough is enough.

I don’t know from experience what it’s like to win a massive amount of money.

However, we know what it’s like to be debt-free and open up about it.

Related: Building Wealth From Nothing

Debt-Free Living Is Great​

beautiful home made from wood floor to ceiling.

Our Dream Home – Photo source unavailable; please get in touch with me

Teaching yourself that being free from debt is ok is a battle that takes time if it affects you.

Some people teach others how to become debt-free and sell their secrets.

At this time, we are pretty much an open book regarding living a frugal lifestyle.

Not having to worry about overspending or buying what we want instead of what we need is admirable.

We don’t often splurge because it’s the very core of why people get into debt in the first place.

You know my famous saying, “It’s not about how much money you make, it’s how you save it,” and 12 years later, I still stand by this.

Keep in mind that our feelings below are actual, whether you choose to agree or disagree.

It may be easy for others to brush things off, but that’s not to say others will be the same.

Negative Aspects Of Being Debt-Free​

Instead of writing a long, drawn-out story, I decided to list our frustrations.

We find it easier to deal with them if we see the clear picture.

  • Not telling people you are debt-free to share your happiness
  • Wanting not to care about what others think about your frugal lifestyle
  • Having people dig deep into our financial portfolio if we tell them we have zero debt
  • Losing people we care about and love over money even though we know this shouldn’t happen

Related: How Successful People Build A Money ToolKit

Being Debt-Free And Jealousy​

  • People say we are lucky to be debt-free with their eyes rolling
  • Often told that we must have inherited money to have no debt
  • Feelings of others trying to outshine our debt-free spotlight with blatant lies
  • You must have won the lottery and are keeping it a secret
  • Someone must have paid for your education
  • General anger from strangers who read this blog, but it has only happened a handful of times.
  • We are not splitting the bill, whether it be gas, food, etc., because we have more money.
  • Under the breath comments from people who don’t understand our financial journey.

Related: Inflation in Canada Has Driven People To Adopt Heart-Breaking Money Tactics

Criticism About Being Debt-Free​

  • How can you be debt-free and dress the way you do?
  • Why don’t you live in a bigger house if you are debt-free?
  • How come Mrs. CBB doesn’t have a fancy vehicle?
  • Why are you not donating money to help others?
  • You must live a boring life.
  • How can a couple live cheaply when they have money in the bank?

Related: How to avoid lifestyle inflation

We Are Debt-Free Love It Or Hate It​

It’s hard listening to people standing in front of us about their financial struggles.

I can only imagine how hard it must be to tell anyone that money is tight.

Our friends opened up to us the other day and said they use credit cards to pay the bills.

It’s sad but talking about how we became debt-free was uplifting and motivational for them.

There is a time and a place where we will discuss successfully getting rid of debt.

Luckily we are at a place now where we understand our feelings and can share them.

It has taken time to get over the hump of hate, but we love life, enjoy it and embrace others.

Our friends talked our ears off for hours over coffee, ending with them starting a budget and making a debt repayment plan.

How cool is that?

Related: Common money mistakes you can fix

Final Thoughts​

Not everyone wants to hear someone is debt-free and doing better than they are.

However, you can’t live under a rock and must celebrate your wins.

At the same time, knowing when others might not want to hear about success is essential.

The best way is to ease into the conversation if finances have become a topic around the table.

No one else matters regarding love, health, happiness and wealth.

Thanks for reading,


Discussion: Have you ever been jealous of someone else’s financial success? Have you been the recipient of jealousy and negativity because of your wealth?

Please share your thoughts below.

CBB Net Worth For The Preceding 12 Months​

Scroll close to the bottom if you already know how to calculate your net worth to see the breakdown of our August net worth.

Net Worth For The Preceding 12 months - Canadian Budget Binder

Net Worth For The Preceding 12 months – Canadian Budget Binder

Net Worth Increases And Decreases​

The chart above reflects our net worth increases and decreases throughout 2021-2022.

What are your thoughts about seeing your investments increase and decrease?

Drop me your comments below.

How To Calculate Your Net Worth​

Net worth adds up your assets (what you own) and then removes your liabilities (what you owe), giving you a net worth number.

We like calculating our monthly net worth 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.

Determining Net Worth

How to Determine Net Worth?

Net worth = Assets – Liabilities

Calculate your net worth with our Free Money saving Tool Net worth Calculator (Canadian Budget Binder.

Net Worth Losses And Gains 2022​

August 2022 Net Worth Update Canadian Budget Binder

August 2022 Net Worth Update Canadian Budget Binder

Hi Everyone,

Apart from spending money on renovations and vision eye therapy (post-coming), there’s not much to say.

The apparent reason why our investments went down was market change.

A house sold on our street for just under one million dollars is still crazy.

Another day, another loss; however, investing is a long haul for us.

Check in around mid-October to find out how we made out in September 2022.



Subscribe To Canadian Budget Binder​

The post Real Struggles Of Being Debt-Free (August 2022 Net Worth Update) appeared first on Canadian Budget Binder.
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