In the beginning of 2013 I set out 6 financial goals to complete by the end of the year. Time to recap.
1) Increase net worth by $50,000. Pass 😀
- North American stock markets had double digit gains in 2013.
- Bumper crop in the prairie provinces pushed farmland values to new highs 🙂
- Real estate market in Canada also performed well.
- US dollar strengthened against our Canadian Loonie which was a nice unexpected bonus 🙂
My net worth grew by roughly $68K in 2013 🙂 This is why it’s important to stay invested, because you never know which asset class will perform well.
2) Make at least $6,000 more income than last year. Pass 😀
Made more than $5,000 extra from my farm rental income 🙂 Plus I got a $1,000+ raise at work this year so yay!
3) Put $5,000 into my retirement account. Pass 😀
In late November as a desperate attempt to complete this goal I borrowed $6,000 from the bank to put into my RRSP. The RRSP loan is at 4% interest rate. Maybe this is cheating because I didn’t use my own savings 😕 But the goal didn’t specify where the money had to come from 😛
4) Put $5,500 into my TFSA. (Roth IRA equivalent) Fail 🙁
Didn’t make any new contributions this year. Used all my savings for better opportunities elsewhere and TD wouldn’t give me a TFSA loan.
5) Put at least $18,000 towards other investments Pass 😀
Made a $20K down payment on the $172K purchase of my second farm. Funded the remaining $152K with bank loans.
6) Bring the total value of my non-registered accounts to $100,000. Fail 🙁
Although my portfolio is worth over $120,000 it wouldn’t be fair to count it entirely as mine since roughly $50,000 of that is margin debt.
Looks like I passed most of my goals (4 out of 6,) so overall I’d say it was a pretty successful year 🙂 Below are a couple of stretch goals, which I didn’t expect to reach anyway.