Annual Goal Achieved

My personal financial goals for the year include a few other things, but the top of the list and the main goal is to generate enough passive income. A year ago when I was contemplating the goal to set for 2014, I found it hard to believe that I would be able to reach $4,000, but I decided to shoot high and set myself that goal. Well, I am happy to report: Annual Goal Achieved!

Annual Goal Achieved

On a quarterly basis, I was right on target at generating the required passive income to reach my goal. The second quarter was a bit slower and I thought for a few days that I wouldn’t be able to achieve my goal since we were selling some of our investments to fund our home purchase. But things started looking up, and with approx 50 days left in the year, I was able to reach that goal. As expected, I am one happy camper.

Annual Goal Achieved

A Note on Other Passive Income

I believe that it is important to not only diversify your investments to protect against unknown circumstances, but also to diversify income sources. My job and the active income that I generate still makes the bulk of my take-home pay; and that is what I intend to complement and eventually wean-off from – to achieve financial independence. While dividends are a great and robust way to achieve that, I do not rely only on dividends. Dividends from investments are simply one source of passive income and my goal last year was to add more sources. I managed to do that in 2013 and this year was all about growing those income streams.

Some people have pointed out that it is not truly passive, I like to consider it semi-passive. A lot of my “Other” income is achieved by my writing skills, either through my blog (which generates advertisement revenue) or writing for other third party sites. Writing is my hobby that I like to cultivate and combining that with my passion for investing and passive income, I have been able to forge an income stream doing something that I love. Besides, I already go through the exercise of evaluating stocks for my own investments, and writing it clears my thoughts; and sharing those thoughts with others validates and reaffirms my investment thesis by providing me with some feedback.

Other Passive Income

To introduce a bit more transparency, I have decided to separate out and breakdown my passive income goals for next year. I still do not have the target figured out, but will be sharing those in the coming weeks once I set it. A big thanks to all you readers for stopping by and the inspiration and comments. It has been a joy sharing these details with you. I wish you all the best with your own personal goals and hope you achieve them.

37 thoughts on “Annual Goal Achieved

  1. Congratulations R2R! It’s great to see you hit your goal. Do you also have a 5 year plan for your dividends? I find that a bigger goal broken down into smaller goals is the best way to achieve the bigger goal. Here’s to your continued success.

    Deets

    • Deets,
      Thanks for the wishes. I have a goal of reaching $12K per year in passive income by 2021. Im wondering if I should bring that goal in a bit closer and work harder at it. Good idea to have a bigger goal and break it down into smaller goals. I dont have dividend specific goals for the next 5 years…I’ll have to think about it and set a goal. Thanks for the input.

      Wish you the best in achieving your goal as well.

      cheers
      R2R

  2. Congratulations. Looking forward to the day that you announce you’re making $10,000 per month. It’ll happen one day and it’ll probably be sooner than you expect. I wish you the best.
    Respectfully,
    Dennis McCain
    dennismccain.weebly.com

    • Thanks for the wishes, Dennis. $10,000 a month?! Oh I dont know if and when I will be able to reach an amount like that. That would be pretty sweet if I get to it 🙂

      Thanks for the continued support and the wishes. Hope you are meeting and exceeding your own goals.
      R2R

  3. Congrats on reaching your goal with still another month and a half to go!

    I agree that it’s important to diversify your income sources. The concept is identical to diversifying your portfolio, and we all know the benefits of that.

  4. Congratulations on crushing 2014. You still have a month and a half left, and should see a strong finish! Like yourself I have big plans for the future, and believe that both of us are on the right track to really launch ourselves ahead. With multiple streams of income and a wide level of diversification, we are prepared to maximize our dollars and our efforts.

    • I agree with your approach, W2R. Using diversified income sources is just as important as having a diversified investment portfolio. Your methods sound interesting too, but some things such as P2P lending arent available in Canada, so Ive had to resort to other methods.
      Best wishes with your progress and goals
      R2R

  5. Congrats on reaching your 2014 goal, R2R! I can’t wait for my passive income stream to hit the $4,000 mark. Looking forward to your next milestone!

    I like how you’re not only relying on dividends to achieve your passive income, but also on doing things you consider a hobby. That’s something I’m also looking into doing, but haven’t figured out yet how to.

    Keep it up,
    NMW

    • Im sure you’ll reach that $4K goal if you keep working away at it. I find a diversified income sources gives me lots of flexibility and in case, one income source dries up, I will still have money flowing from others. Hopefully, these income streams will be big enough in a few years so that I can declare financial independence 🙂 For now, I keep chipping away at it.

      Thanks for stopping by. Best wishes with your progress and goals.
      R2R

    • Yup, its a skill that I wanted to cultivate and work on. I find that my writing style has changed (for the better, I think 🙂 over the year and I am able to collect my thoughts and write more succinctly. I intend to continue developing that skill for the forseeable future.

      Thanks for stopping by
      R2R

  6. It’s always good news to hear when a dividend blogger reaches a goal set from the beginning of the year. Happy to hear it. Guess November and December are just going to be the gravy months and set the bar that much higher for 2015. Thanks for sharing and keep up the good work.

    • Thanks DivHut. Yeah the rest of the year is going to be gravy. I will be aiming for a higher goal next year. I have a figure in mind, but need to figure out if its the right goal…I’ll be sharing it in the coming weeks.

      Hope you are on your way to meet and exceed your goals.
      R2R

  7. Congratulations R2R!

    I take great pleasure seeing other people achieve what they set out to do. I get motivated myself to do just that. $4k is no mean feat, and you still have the rest of Nov and Dec to bring that total up.

    Well done on the ‘other income’ for October. The separate chart demonstrates how well you’ve done in recent months. October is outstanding! Do you have any advice for someone that’s relatively new to Blogging that also enjoys the writing experience?

    I’m excited to see what you put up for 2015 now!

    All the best
    Huw

    • Thanks for stopping by and the comments, Huw. The other income is variable as you can see from the chart, so, I will have to keep that in mind when I set my goal for 2015. The last month has been great for the Other income stream…and hopefully, I will be able to build on that.
      My advice for blogging would be to keep writing and building your audience. I have gotten some leads simply by having a good presence online and having regular updates on the blog. While its not good to wait for opportunities to come to you, in my case, they have presented themselves – the blog itself may not be a great money maker, but opens up avenues for other opportunities.

      Best wishes
      R2R

  8. R2R,

    Congrats on a big goal achieved. $4,000 in annual income is no small sum of change, so that’s fantastic!

    I’ve personally never considered any of my writing/online income “passive” in any sense of the word, but to each their own. What matters is that you’re setting goals that get you to FI and you’re reaching them along the way.

    Keep it up!

    Best regards.

  9. R2R,

    Congratulations on achieving your goal for the year. It would have been easy to give up when you sold income producing assets for your house. But you kept your head up, kept on working, and found new ways to make it work. Props to your for your resiliance. Any thooughts on what your goal will be in 2015? Or are you saving that for a future article?

    Again, congrats on the great accomplishment. Keep up the great work.

    Bert, One of the Dividend Diplomats.

    • Thanks for stopping by and the kind words, Bert. I am still trying to figure out what the goal for 2015 should be. I will be sharing it in the coming weeks.

      Hope you are meeting and exceeding your goals.
      R2R

Leave a Reply

Your email address will not be published. Required fields are marked *