Goals for 2014

Just a few more days left over in 2013 and I have been looking into setting goals for 2014 over the last couple of weeks. My 2014 goals are summarized below:
1. Passive Income of $4,000
My passive income for 2013 has surpassed my original goal of $2,000 and I am on track to reach a passive income of $2,600-$2,700. In addition, my wife’s portfolio (which is currently unaccounted for on this blog) generates about $600 in dividend income. So, between the two of us we should be able to see our passive income grow by $700-$800 easily. The reason for this low target is because of Goal #2.
2. Buy a house
My wife and I have been building up our savings over the past few months. We intend to have 20% for the downpayment saved by the middle of 2014 to buy our first house together.
3. Rebalance portfolio with my wife’s portfolio integrated
In 2014, I intend to merge my portfolio with my wife’s for a balanced portfolio. Her portfolio consists of two funds – a Canadian index fund and a monthly dividend income fund, both held as mutual funds. I have a few ideas in my mind and floated the ideas to my wife who is still thinking about it.
4. Sell all my positions in mutual funds and cut down on the fees
This has been my goal for the past couple of years, but I havent come around to do it since I am not able to find comparable ETFs with similar performance. This goal might finally get achieved in 2014 since I intend to use these funds for Goal #2 above.
5. Read More Books
I have fallen a bit behind on reading books over this year, and I intend to pick those books back up and read more. My interests vary a lot – from finance and business to psychology and family/health-related topics. Readers can look forward to seeing more book reviews on this blog in the following year.

In addition to the main financial goals above, I intend to continue to:
6. Expand my knowledge of business and finance.
7. Educate myself about home buying.
8. Expand my knowledge of options trading.

I have updated my Goals page with the new goals set.

16 thoughts on “Goals for 2014

  1. All worthy goals RoadMap. $4000 is great passive income and meshing the two retirement accounts is a solid idea. I love to read and have some of my favorite finance books listed on a tab on my blog….incase you needed suggestions. I do look forward to your reviews. Thanks for the retweet earlier, and Merry Christmas
    -Bryan

  2. Thanks for commenting, Bryan.
    I hope to keep my blog updated to track my progress….so, heres to hoping that I achieve my goals. I will have a look at your reading list for ideas. I have a few books on my xmas wishlist and hope to get some reading done over the holidays.

    It was great to connect with you over twitter. Merry Christmas to you as well.

    Best wishes
    R2R

  3. Hi R2R,

    Good luck and success in buying a home!
    In Germany you usually do something like that only 1 x in life!
    That is a great moment in Germany

    Owning a house is a wonderful thing!
    Makes your life better!

    Best wishes
    D-S

    • Thanks for the wishes, Dividenden-Sammler.

      For a lot of people in Canada as well, buying and owning a house is once in a life moment. We are looking forward to owning a house. Thanks again for the support and wishes.

      regards
      R2R

  4. I did a piss poor job of reading books this year, but I did keep learning through reading all of the great blogs out there. $4k is a nice chunk of additional income that you can eventually use to fund your expenses. Best of luck in 2014 and I the house buying adventure goes smoothly. Ours was pretty good but the dumb things I was getting asked while in underwriting was annoying.

    • Thanks for the wishes, PIP.
      When I started setting the goals, I wasnt sure if I would be able to reach both $4K in passive income and buying a house, but I have set the goal for now. Lets see how 2014 turns out.
      Glad to hear that you are now a homeowner. Best wishes for your own 2014 goals.

      regards

  5. Hello RM2R,

    quite fascinating to see other people around the world having similar goals and following the same dream of financial freedom.

    As I am considering goal no. 2 as well I would be interested to know in which range your target price is and what your capital structure (debt/equity) will look like. I tried to figure out my own optimal personal capital structure on my blog and would be interested to see how other people plan to master such a big project.

    All the Best from Germany and keep up the good work!
    Michael

    • Hi Michael,
      Thanks for stopping by and the comment. Discovered your blog after this comment – one more blog to follow ๐Ÿ™‚
      We are aiming for a 30-35% debt-to-income price range. My only debt currently is a car payment and based on that we are looking at houses in the range of $450K-$500K.
      Unfortunately house prices in Canada are at an all-time high as the interest rates are so low and there have been several calls of bubble territory. I personally think that the price rises cannot continue and will result in a correction – but no idea when. Could be in a year or could be in 5 years (although my guess is it’ll be a bit more later – after 2017/2018, but thats just a guess). My wife and I are at a point in our life where we need more space and we will be buying for the long term which we intend to stick with…so, we are thinking of buying something now rather than wait for the bubble to pop.

  6. Love these goals R2R! Should be a solid year for you and your wife with the potential for a home and streamlined investments. I think that you’ll manage to hit your goals even with the saving for the house. Getting out of the expensive mutual funds and into dividend paying investments should greatly help with this.

    • Thanks writing2reality.
      I hope to get rid of those expensive mutual funds finally. Its been on my list of things to do for the past couple of years and will feel great to finally check that off the list.

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