A new year and new set of goals/target to set. A new year is a good time to dwell on goals to set — not just financial but also personal and professional goals. To make steady progress on a regular basis requires determination, patience and of course a target in mind. Setting and writing down goals and working towards them are one of the best ways to make progress. As far as financial goals go, the long term goal still remains the same — achieve financial independence that will provide us with more freedom to do what we want out of life. Following are the goals that I am setting for 2019.
Goals for 2019
- Total passive income of $8,000 – After reaching passive income totals of close to $10k last couple of years, I have decided to pull back on this goal a bit. With the headwinds facing the overall economy, my top priority is capital preservation and have moved part of my portfolio into cash holding and defensive positions over the course past few months. As a result, I am lowering my passive income target for 2019.
- Continue building Baby R2R’s portfolio – Two goals on this front. (i) Max the RESP contribution & receive the 20% government grant matching & (ii) atleast 2 stock purchases in Nest Egg portfolio. You can read further details of Baby R2R’s portfolio here.
- Mortgage renewal – We are due for a mortgage renewal this year. Currently we are with one of the big banks are the offered rates are horrible. I intend to shop around and find a better mortgage provider in 2019.
- Credit Report Checkup – This is something that I’ve been thinking about for the last couple of years, but never completed. I want to perform a full review of my credit report and fix any errors that may be on it from the years past.
- In a non-financial goal, I will throw in a goal of reading 25 books. Last year, I spent a decent amount of time reading (you can read the overview here). I managed to read 17 books and I want to continue compounding on that knowledge build up.
- In other non-financial goals, I intend to continue improving my overall monthly challenges by adding good habits and removing bad ones from my daily life.
Have you set your goals for 2019 yet? Share them if you have. What are your thoughts on the goals discussed above. Be sure to leave a comment below.
Further Reading: See goals from previous years