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.