With roughly one month to go before the end of the year, I thought I would check upon my goals for 2015. Here's a rundown of how I'm doing so far.
- To respect, 75 % of the time, a monthly budget of less than 5 000 $. Last year we aimed for 4 500$ but failed badly. (partly because we hiked our spending towards investing, so not that bad). Let's try 5 000$ and hope for the best.
FAIL. Well, this one is pretty rough. It's not that we are doing very badly. Our budget for a month is roughly 5K$, that includes money we spend investing. But we pretty much bust this mark every month, although by small margins. We succeeded twice to live under the 5 K$ rule. But I won't lose sleep over it.
- To max out my TSFA and hit the
4248 K$ mark. Right now, I have 30 K$ in it. (It's not a great TFSA year) I have room for 8 459 $ this year (+ 5000 K$ as announced in the last Federal Budget). I assume a yield of around 5-6 %. One of my main stock is (STILL) slumping (ABX). Hopefully, my other stocks will compensate. Let’s aim for 42 K$48 K$. Yes I can!
FAIL. Before sailing off, the Conservative Government hiked the limit per year we could contribute to our TFSA. It's now 10 000$ But the new Liberal Government wants to cut it back to 5K$. We will see about that. For my U$ friends : a TFSA is a Tax Free Saving Account. It allows you to hold pretty much all kinds of investing products in it : from bonds to stocks, to ETF's. The nice thing about it : it's all tax free. A great tool. But my investments in it haven't been as productive as one might have expected. I invested the maximum so far (41K$) and my TFSA is barely above the 44K$ mark. There a numerous reasons for that. The main reason is called : Barrick Gold (ABX). I once held more than 300 shares of that disgraced stock. It's down to 200. I lost a hefty sum with ABX. Live and learn, right? I still hold some pretty good dividend stock growers in it and I'm confident I will make up for it in the near future.
- To grow my net worth to 200 K$ (and more). I expect more revenue this year. Right now, I have a Net Worth of roughly 188 K$. With a yield of 4-5 %, that should take me to close to 195 K$ solely on compounding. I should be able to add a few bucks in the mix. Not to mention the 8 K$ I put down on the capital of my mortgage every year. I will be very disappointed if I don’t hit the 200 K$ barrier (and more). Go get it boy !
SUCCEED. My Net Worth is currently over 200 K$. You can check it out here. Paying off your mortgage is annoying. But it's a simple and safe way to grow your Net Worth. This cool mark is reached, now let's aim for another one next year!
- To hit the 160 K $ mark in my portfolio. Right now I have around 145 K $ (you can check it out here). I still have much cash flow. I need to invest some of it in new quality stocks. But, considering the perpetual bull market (will it end?), I will be extremely patient in that regard. I should be able to hit this mark with compounding and new money.
SUCCEED. My Portfolio is currently over 160K$. You can check it out here. I"m happy but to tell you the truth this goal was pretty conservative. I should have more by now with the amount of money I have deployed recently. Oh well. Maybe I'm hard on myself...
- To hike my Dividend income to 4 800 $ a year. It's a new goal! Right now, I have close to 3 K$ (2 982$). You can check it out here. I want to increase that number to 4 800$, which will represent 400$ per month. It's an increase of 37%.
FAIL. This is a goal that was very bold. I knew it. But I wanted to challenge myself a little bit. Even though I didn't reach it, I still managed to hike my Dividend Income by more than 28%. It's now approaching 4 200$... So it's a loss that feels like a victory.
- To stay out of debt. I don’t have any bad debt as we speak (apart from the mortgage, which is a good debt). That's the way we like it.
FAIL.We have currently 3K$ on the margin. But it doesn't bother me. I should be able to pay it by the end of the year. So this goal should be attained.
- To find another form of investment. A land, a cottage, a new condo, a house, a wood forrest. Anything that diversify our assets.
FAIL. Didn't make anything to that regard. But I will!
What do you think of where I am right now regarding my 2015 goals? What about you? Will you reach yours?