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
- As I last reported on my passive income, I have reached $382/month. Not quite $500/month yet but I’m working on it.
Goal #2: Become better at my job
- 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
- 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
- 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.
- 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!