Financial Goals Progress: June 2007

As I was reviewing my financial goals for 2007 the other day, it dawned on me that it’s half way through 2007! I figure now is a good time to discuss my progress thus far. I have listed my goals and progress below:

Goal #1: Increase passive income to $500/mo

Progress:

Goal #2: Become better at my job

Progress:

  • I didn’t define “better” in my financial goals post. What is the meaning of “better”? Better to me is to improve my skill set and add more value to the company that I work for and I believe that I have been doing this.

Goal #3: Save 20% of annual income: $23,000/yr or $1917/mo

Progress:

  • RRSP: $400/mo
  • Pension: $325/mo
  • Savings: $1213/mo
  • Total: $1938/mo (20.2% of gross annual income)

Goal #4: Increase charitable giving to $1200/year

Progress:

  • Thus far in 2007, we have donated $600, so we are on track for $1200 before the end of the year. $100 of that is from the Links for Charity fundraiser.

Goal #5: 12-15% return in portfolios.

Progress:

  • Non-Reg Account: Started 2007 with $40,700, current organic worth $44,450 (+9.2%)
  • Wife RRSP Account: Started 2007 with $4000, current organic worth $4600 (+15.0%)
  • My RRSP Account: Started 2007 with $33800, current organic worth $39250 (+16.1%)
  • Organic worth is my resulting value before contributions/deposits.

Financially speaking, 2007 seems to be on track to meet my goals stated at the beginning of the year. However, you never know what the rest of the year may bring as the equity markets seem a tad bit over heated. We can only wait and see!

Cheers!

Posted in

FT

FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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The Financial Blogger
13 years ago

Congratulation, you seemed to be pretty on track!
It is a good things to set realistic goals at the beginning of the year. You have better chance to make it.
Out of curiosity, I checked your passive income breakdown and I didn’t see any income from your site, did you forget them?

FB.

FourPillars
13 years ago

What are you invested in? Your returns are pretty good – I’m assuming they are year-to-date returns?

Mike

David
13 years ago

It would also appear that some of your goals are easier to reach due to your income. Based on your numbers, you are earning about 150% – 160% of the average Canadian family income. Having two professional incomes, and sensible spending vs. savings goals, should put you well on the way to a secure financial future.

DAvid

ThickenMyWallet
13 years ago

Great to see you are on track!

Any particular reason why your RSP contributions are low relative to your savings? I suspect your pension has something to do with it?

David
13 years ago

FT: Yes saving 20% will put you ahead, David Chilton has shown that 10% makes a huge difference. However, for two families living in the same economy, it should be easier for the family with greater disposable income to save larger percentages. Both pay similar rates for necessities such as heat, light, & staples. The costs of housing should be equal, though the higher income couple may CHOOSE to live in a less modest home. Were you to live on our joint income, you would be saving far more that 20% of your income!

DAvid

GoalGuru.com
13 years ago

Congratulations on making outstanding progress towards your goals! High five to you!

Live Your Dreams,

Jill :)

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