Goals for 2017

A new year and new set of goals/target to set. Lately, I’ve been dwelling 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 2017.

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Goals for 2016

The year 2015 is almost over and as we wrap up and look back at the year that was, a question always emerges on the horizon – What Next? As investors, we all want to achieve financial independence and build our income stream so that we may have the freedom of choice to do what we want. To make steady progress on a regular basis requires determination, patience and of course a target in mind. This is where goals come in. Setting and writing down goals and working towards them are one of the best ways to make progress. Over the last few weeks, I have been thinking about setting financial goals and setting targets. Following are the goals that I am setting for 2016.

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Setting Financial Goals

As the year wraps up and the new one approaches, it is common to see everyone setting their annual goals. While there are always some goals that each one of us wants to achieve – for e.g., financial goals may include earn more, save more, invest and grow nest egg more etc, I want to take this time to reflect on some things to keep in mind when setting financial goals.

Goal setting can be a great way to achieve success in life. Of course there are exceptions to the rule – and depends on each individual’s commitment, personality, ability and other uncontrollable circumstances. But something that is highlighted a lot in media is to set SMART goals. SMART is a mnemonic acronym standing for Specific, Measurable, Attainable, Realistic, and Time-related. A lot has been written about SMART goals and I will not try to repeat things here – but I encourage you to read up and think about this as a goal setting measure.

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Goals for 2015

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.

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.