"Everything you want is on the other side of fear." - Jack Canfield
Oh that quote... so true and yet so hard to put into action sometimes.
In 2016, I have set myself Financial Goals...
· To respect, 75 % of the time, a monthly budget of less than 5 000 $. Last year we tried 5 000$ and almost succeeded. Let's try 5 000$ and hope for the best.
Failed. This goal is pretty hard. I did manage to succeed a few times and meet by monthly goal. But not nearly enough. Oh well, I guess life just came in the way. Will try harder next year.
· To max out my TSFA and hit the 52 K$ mark. Right now, I have 43 243$ in it. I have room for 5 500$ this year. Let’s assume a yield of around 5-6 % in addition to 1 300$ in dividends. One of my stock is (STILL) slumping (ABX). Hopefully, my other stocks will compensate and pull my portfolio upwards. It should get me to 52 K$ by the end of the year.
Succeeded. I maxed out my TFSA and right now my balance indicates 54 K$. I also had to withdraw 2K$ during the year. I did a few transactions in this account. I got rid of ABX (Barrick Gold) and POT (Potash Corp.) and replace them with Power Financial (PWF) Vanguard VCN and VIU and some Couche-Tard (ATD.B). All in all it did some good to my TFSA.
· To grow my net worth to 235 K$. I expect a more constant revenue this year. Right now, I have a Net Worth of 205K$ With a yield of 5-6%, that should take me to 217 K$ solely on compounding. With my dividends of about 4K$ and the few new capital money I should add to the mix I expect to close out the year with 235K$.
Failed. This a tricky goal. Technically I have succeeded but the real estate in my city has sort of been on the slow side a little bit. Instead of 315 000$, I decided to change the value of my home to 285 000$ which, in my opinion, is a better reflection of reality according to the recent sells close to my home. If it had not been for this, I would have reached my goal easily. But I prefer to be more conservative. I don’t intend to ever sell my home (maybe rent it) so I don’t really mind. My Net Worth is now 224K$.
· To hit the 190 K $ mark in my portfolio. Right now I have roughly 162 K$ (you can check it out here). I still have some cash flow to invest. But I wish to invest only in quality stocks I already own (or new ETF’s). I don’t want to add more stocks to my portfolio. I feel I already have enough with 22. The yield of my portfolio will come from compounding (5-6%). I will also keep investing on a bi-monthly basis in a US Index Fund. I will sell some of this fund throughout the year to deploy the money directly in stocks. Money coming from dividends will contribute to my portfolio as I both expect raises and buying more dividend growing shares of companies I own. I should be able to end 2016 with 190 K$.
Succeeded. My portfolio is now closing in on the 200K$ mark. As of today, it totals 196 200$. I know my portfolio page indicates 173 K$ or so but it’s because I don’t mention the money sleeping in my saving accounts (making some interests). So I’m 5K$ over my goal and I’d say it bodes well for 2017 and the 200K$ mark, don’t you?
· To stay out of debt. I don’t have any bad debt as we speak (apart from the mort-gage, which is a good debt). That's the way we like it. Let’s keep it that way.
Failed. I owe 2,5K$ to my bank. But it’s no big deal as I could easily pay it. I will, it just bugs me to do it.
· To find another form of investment. A land, a cottage, a new condo, a house, a wood forrest. Anything that diversify our assets.
Failed. Not there yet again.
So, what do you think of my failures and successes this year? What should I do differently?