Wednesday, January 18, 2017

Financial Goals for 2017

Hey Financial Freaks!

In 2017, I have set myself Financial Goals:
  • To respect, 75 % of the time, a monthly budget of less than 5 000$. (all expenses, including property and investments, are included in that amount).
  • To max out my TSFA and hit the 68 K$ mark. Right now, I have 54 308 $ in it. I have room for 7 300$ this year (5 500$ + money I had withdraw during the year. Yes sometimes s*** happens -- and I'm not talking about lousy stocks). I will pluck in 6 K$ right off the bat (in the coming days) and my 50$ investment every two weeks on RBC’s Index Funds will add 1300$ at years end. All in all with compounding, this should take me to 68$ if not close to 70 K$ or beyond.
  • To hit the 230 K $ mark in my portfolio. Right now I have roughly 195 K$. (It doesn't show on my portfolio page because I don't put my saving account numbers. Maybe I should...) Anyway, I have a good deal of cash ready to invest. I wish to do so in quality stocks/ETF’s I already own – unless there is a very good deal on some blue chips– like Disney going at a 50% discount! I expect to add new money in the mix (around 15K$). With the growing dividends from my portfolio (5K$ and more) and the effect of compounding that should take me close to 230 K$.
  • To grow my net worth to 260 K$. I expect more up and down revenue wise this year. So this particular goal will remain hard to tackle. Right now, I have a Net Worth of 224 K$. (I explained the little drop in a previous post. It is largely due to a Real Estate  factor in my neighborhood). With a yield of 6-7%, that should take me to 240 K$ solely on compounding. With my dividends of about 5K$ and the new capital money I should add to the mix I expect to close out the year with 260K$.
  • To hike my Side income (including mainly dividends from stocks I own) to 6 000$ a year. Right now, I have roughly 5 100$. In order to do that I will have to buy more shares of the stocks I own. So let’s hope for a small (or – even better – a big) correction. 6 000$ will provide me with an average of 500$ a month. Now we are starting to talk !
  • To stay out of debt. I don’t have any bad debt as we speak (apart from the mortgage, which is an okay  debt). That's the way we like it. Let’s keep it that way.
What do you think of my Financial plan for 2017?

13 comments:

  1. Great set of goals MD. I wish you the best in reaching and surpassing them.

    Cheers
    R2R

    ReplyDelete
    Replies
    1. Thanks R2R. Will do my best to reach them and surpass them. ;-)

      Delete
  2. Nice set of goals. I am sure you can achieve them :) All the best for 2017 look forward to reading how you do throughout the year.

    ReplyDelete
  3. Very nice goals. Your net worth is greatly progressing and way ahead of mine. I hope I can catch up ))

    Look forward to read your 2017 progress. All the best in 2017
    You can read my progress at my new blog www.dividendcake.com

    greetz

    Dividend Cake

    ReplyDelete
    Replies
    1. Hey Dividend Cake! Thanks for the nice words. There is always a bigger fish, isn't it? This is why one has to focus on its own journey. When I started out, I was almost depress from seeing everybody else doing so great already. It changes quickly -- I can tell you that. Good luck on your journey I will keep a close watch.

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Thanks a lot for your comment.