With 2007 fast approaching, it is soon time to discuss and plan out my goals for the new year. I’ve never been one to set goals at a beginning of the year but maybe I will start now.

Here are my goals for 2007:

Goal #1:

Increase our passive income to at least $500/month. Right now, our only passive income is from the rental unit which gives us about $250/month cashflow. Perhaps i’ll purchase another rental property? Perhaps increase my internet income? I hope that AGLOCO comes through as I have started to build a network. My ultimate goal is to have my passive income exceed my monthly expenses.

Goal #2:

Become better at my job. I always seem to be distracted at work thinking that things are better somewhere else. I think it’s time to focus on my daytime work a little more, perhaps it can become more rewarding.

Goal #3:

With our combined income increasing to around $110 000 in the new year, I hope that we maintain our 15-20% savings rate on our gross income. So, if we are to save 20% ($22000), we will have to save $1834/month. As I mentioned before, paying yourself first using automatic withdrawals should do the trick. Can’t spend what you don’t have in your spending account right? We are currently saving per year:

Pension: $4000
RRSP: $6000
Emergency/Vacation/Misc: $9360
Non Registered: $2600
Total / year: $21960 ($1830/month) ~ 21% of our gross income.

Goal #4:

As I wrote on an earlier post, I want to increase our charitable giving. This year, I believe we donated around $500 and i’m hoping to donate closer to $1000 – $1200 this year. Perhaps i’ll increase our monthly pre-authorized donations.

Goal #5:

Regardless of how the market does in 2007 (indicators show a US market correction), I want a 12%-15% return on my investments. I plan to do this through continuing to invest in dividend paying stocks in my RRSP and through stock trading in my non-registered account. Perhaps i’ll start a portfolio category here to keep track of my investments.

There you have it, 5 financial goals for 2007. None of the goals are too aggressive except for Goal #5 where i’m aiming for a 12-15% annual return for the year.

Happy Holidays everyone! Be safe and take care.

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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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