It's the beginning of the year and time again to declare my personal and blog goals for 2008. As indicated by yesterdays Financial Goals for 2007 Report Card, last year was a success in terms of the goals that I set and what I was able to achieve.
This year, however, may be a bit more challenging to reach the financial success of 2007 with the new baby and new house coming along with my wife taking maternity leave. Maternity leave in our case will mean that we will bring in about 25% less total income along with the added expense of the newborn. Well worth it in my opinion, but the net worth growth may take a hit as a result.
Back to the point of the post, here are my financial and blog goals for 2008:
- Increase our net worth by 25%. Yes, the reduced income will hurt, but I'm going to do everything that I can to make up for it. I'm a big believer in setting goals high and giving it your all to achieve them.
- Increase our alternative/passive income from the current $1200/month to $2500/month. This will hopefully be achieved through rental income, dividend payments, interest and online income.
- Retain our after tax savings rate of 30%. Back in October, I announced that we were saving around 30% of our after tax income. I would like to keep up this trend for all of 2008.
- Increase the blog readership of MDJ to 3000 RSS subscribers. With the current 1400 subscribers, 3000 subscribers by the end of the year doesn't seem out of reach.
- Increase our charitable giving to $2000 for the year. Increasing our donation goal to $2000 doubles the 2007 goal.
- 2008 will be spent learning more about buying stocks at a discount and obtaining a return of 12-15% on my investments. I hope that I can keep going with investment portfolio gains that I achieved in 2007. Within the next month or so, I will be starting my leveraged portfolio (Smith Manoeuvre), we'll see how that works out with updates throughout the year.
There you have it, 6 financial (and blog) goals for 2008. All of which seem realistic and attainable (in my eyes). :)
Any of you care to share your financial goals for the new year?