After a very productive year in 2014, where I was able to meet and surpass most of my goals, its time for me to set my goals for 2015. Here are the main financial goals for me:
Goals for 2015
- Total Passive Income of $5,500 – While our portfolio and other sources of passive income generated close to $5000 in passive income in 2014, we aren’t setting our sights sky high in 2015 as we want to focus a bit more on debt repayment in 2015 (more on this below). For a breakdown, I want to achieve $3000 in dividend income and $2500 in “other” passive income.
- Focus on reducing debt (mortgage) – As new home owners, our focus will be to paying down more than the minimum mortgage amount.
- Maintain a 3-5% cash position in my portfolio – Over the course of last couple of months, I have been caught with great investing opportunities, but very little in cash of my portfolio as I have been fully or near-fully invested. I would want to avoid this in the future, by maintaining a 3-5% cash allocation in my portfolio.
- Re-balance portfolio with my wife’s portfolio integrated – This is a leftover item from 2014. We did not complete the integration in moving from mutual funds to ETFs. We are hoping to complete this early in 2015.
- Take atleast one finance related e-course – I took an accounting e-course on Coursera in 2013 and really enjoyed it (and learned a lot). I want to further my education and take atleast one finance related e-course in 2015.
- Write an e-book – This has been one of my long term goals, and I think I want to take a first crack at it in 2015. I look forward to learning and exploring and all the experience that comes with launching an e-book.
Have you set your goals for 2015 yet? What are your thoughts on my goals here. Leave a comment below – as I appreciate your feedback.