Saturday, January 5, 2013

Financial Goals for 2013

I don't expect much income this year, apart from my cash-out which should be in sooner than later. But I still have a few financial goals in mind.

To respect a monthly budget. I have never done that, a budget that is. I was always telling myself : « why bother, you live like you live, so make the most to pay the bills at the end of the year! » But making this first budget was a revelation: I actually found out where the money went. Needless to say it forces you to make «wiser» choice. Restaurants have been cut off drastically.

To max out my TSFA and hit the 30 K$ mark. Right now, I have 22 100 $ in it. I might be missing around 200 $ (I will know for sure this year). 5 500$ is available this year. So I would like to end the year with at least 28 000 $. I expect a yield of around 5 %, so I should be pretty close to 30 K $. Two of my main stock are slumping at the moment (POW and ABX), so they should pick up anytime soon (hopefully). Let's set the goal for 30 K$.

To grow my net worth to 350 K $. Like I said, I don't expect much revenue this year, so basically I need  to avoid debts at all cost. Also we want to avoid spending my cash-out (roughly 45 K $). So my net worth should be growing solely with compounding. If I am conservative, and set a 5 % yield goal, I should have close to 350 K $ by the end of the year.

To hit the 100 K $ mark in my portfolio. Right now I have 80 K $ (you can check it out here). I should be able to invest a little more in my actual stocks, or buy some more. We will see. I will be extremely patient in that regard. So if I hit the 100 K$, it might solely because of the cash sitting in the brokerage account. We shall see.

To stay out of debt. Right now we have almost 3 K $ on the margin. The car is paid. We shouldn't have any debt by the end of the year (apart the mortgage). That's the way we like it.

To find another form of investment. A land, a cottage, a house, a wood forrest. Anything that diversify our assets.

I haven't said anything about my RRSP. It's because I plan on using it much more in 2014. Right now, I have max out my contributions in it. The ceiling wasn't quite high, it's because I was already making contributions to a pension plan. The Revenue Agency has it's policy. But since I don't have a job with a pension anymore, I need to turn myself towards the RRSP even more. I will talk about that this year. But for now, these goals up there should do it.

Have a good financial year!

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