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:
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.
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.
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:
Non Registered: $2600
Total / year: $21960 ($1830/month) ~ 21% of our gross income.
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.
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.If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).