What’s 6 inches long and gets Kim Kardashian excited? That’s right. It’s money. 😀 Especially the one with Benjamin’s face on it. There is certainly no shortage of liquidity in the world today thanks to central banks. As investors, our priority is to increase our expected returns while reducing our anticipated risks. A good way to go about doing this is by setting goals. Making smart decisions and taking appropriate action is easier if we have defined a target to aspire to. 🙂 If we don’t take control of our money, then someone else will inevitably try to use money to control us.
Here are my financial goals for 2017.
- Grow my TFSA to $80,000.
I currently hold $72,000 across all my tax free savings accounts. I have $3,000 contribution room remaining for the year. All the investments inside my TFSAs have performed well, except Bombardier stocks BBD.B. Overall I’ve been quite lucky with my stock picks. 🙂
- Grow my RRSP to $100,000.
I currently hold $86,000 in my RRSP. I have $10,000 contribution room remaining for 2017.
- Grow my net worth to $750,000.
I hope to grow my wealth by $180,000 this year. $60,000 of this increase could come from savings and debt reduction. The remaining $120,000 would ideally come from investment returns. 🙂 This isn’t an unreasonable expectation considering last year’s market performance, and I currently have over $1 million worth of assets.
- Increase my passive income rate by $2,000/year.
I plan to invest at least $35,000 into a mix of fixed income securities and dividend stocks. The average yield on new investments would be 4% to create $1,400 of new passive income per year. The remaining $600 growth should come from dividend increases from investments that I already have in my current portfolio.
That’s pretty much it. As usual, the likelihood for me to reach my goals will depend on many factors, including how the financial markets perform which is largely out of my control. We’ve had a great Q4 in 2016 to finish the year on a high note. But who knows how this year will turn out. Setting goals is important because it gives us something to focus on and look forward to. It guides our behavior so we feel a sense of purpose when making financial decisions. 🙂
Random Useless Fact:
There’s a man in east India who has 39 wives, 94 children, and 33 grandchildren so far. They all live in a 100 room mansion. It takes 30 whole chickens, 132lb of potatoes, and 200lb of rice just to make a family dinner.
Hopefully 2017 will bring you good luck with the returns to help push you across the $750,000 net worth mark!
Thanks. Setting goals can turn the invisible possibilities we have into the visible.
Great goals. You should be able to hit them I think!
Yup. Those with clear goals in mind statistically achieve far more in a shorter period of time than others without.
I trust that one of your goals IS NOT to have 39 wives.
Makes one wonder if they are all his.
All his children that is.
Lol that is not the first thing I wonder ha! That’s nuts and kind of oppressive for him to have so many wives.
Much like a french omelette, one wife would be un oeuf for me. 🙂
Very Aggressive goals.Good luck on them
Thanks. People with goals often succeed because they know exactly where they’re going. My goals are a big aggressive but I like the challenge.
Good goals for the year. The net worth increase would be great to see for ya. The rest seem reasonably achievable.
Here’s hoping the elites don’t ruin the economy and capital markets this year, lol.
You’re doing great all across the board! Keep up the good work! I haven’t been contributing to my TFSA since 2014… I need some catching up to do and get back on track!
Thanks. I’m sure you can catch up soon. I’m just hoping they raise the TFSA contribution room to $6,000 next year. An extra $500 of tax free investment would be nice. 🙂
Freedom 35 –
Pretty sick and bold goals, pumped for you to cross them. Also – hilarious intro and hilarious finish with the useless fact, always appreciated haha. Good luck!!!
Thanks Lanny. I try to set goals that motivate me to get out of bed in the morning. I find that helps to make me more productive.
Wow that is some huge family that’s for sure. All the best for your goals for 2017.