Financial Goals

In 2017, I have set myself some more precise 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 ? Should I be bolder ?

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