I only set 6 goals for myself this year. Now that the first few months of the year have come and gone – let’s take a quick look at which goals I’ve already completed – and where I need to get my ass in gear.
2018 Personal Goals:
1- Increase the amount of blog posts – and the range of content on this site
So far so good. In the first 3 months of this year I was able to add 16 new posts. I ended the last 3 months of 2017 with 9 posts, so definitely starting to increase the frequency.
2- Get life insurance & a will in order
Not only have I not done this – I haven’t even begun looking into it. My wife is going back to work in 2 weeks – so once I get an idea of her life insurance at work, salary, etc I should have a better idea of what exactly we would require for life insurance. As for a will – I don’t even know where to start…
3-Take the wife to 5 new restaurants
Need to step up here as well. We’ve actually gone out a couple of times for dinner – but never to a new place. Once I specifically tried to find a new place but she was hungry and yelled at me to just pick the closest place…So although this has been an epic failure so far – I am half blaming the wife 🙂
2018 Financial Goals:
1-Sell off Mutual funds through my bank and replace them with low cost ETF’s
I am happy to say this is 100% complete. I sold the following two funds:
RBC Canadian Equity Income Class A
RBC Global Dividend Growth Class A
I replaced the global fund with XAW (All World EX Canada) & I liked the Canadian Equity fund so much that I just moved it to a Series D fund with lower MER. You can read more about those decisions HERE. By switching these funds over, I am now almost $2000/year in fees!
2-Receive $10,000 in passive dividend income*
My current forward annual dividend income is sitting around $6000. When I made this goal I was originally planning on switching over my work RRSP to some ETF’s that pay dividends as well – however after closer inspection I found out we get a special group management fee rate – and the MER on these funds is only 0.5%. These funds have performed very well for me as well since 2006. I decided to keep these funds in these accounts, and while they don’t pay dividends, the overall rate of return makes up for it. It is pretty safe to say i will not hit this goal this year – however I will keep trying to sock away a bit extra each month to get as close as possible.
3-Increase overall portfolio to $350,000.00*
At the time of writing this, my portfolio currently sits at: $301,685.49. This is basically exactly where it was in January when I set the goal. This is what happens when you have a portfolio that consists of 90% equities. The recent stock market pull backs saw my portfolio drop for 2 consecutive months, however it looks like I should end this month back up. Getting to 350k by the end of the year will be tough- and is probably almost entirely out of my control at this point. If the stock markets rise by 10% or so I may be able to do it – but if they keep stagnant or drop – I definitely won’t achieve this goal.
It’s not looking too good right now. Assuming I can wine & dine my wife 5 times I should be able to guarantee 50% of these goals are achieved. I also think I should be able to sort out the life insurance & will this year which would bring me to 4/6. The last 2 are going to be tough – and are basically in Mr. Market’s hands now…
*The last 2 goals are more for fun, and to keep me motivated to invest as much as I can – but in the long run, it wont matter if my portfolio breaks 350k this year, or if I make 10k in passive income this year. I am in this for the long haul, and with my asset allocation I know there are going to be bumpy rides along the way. Once I get a bit older and adapt to a more conservative approach then I can start worrying about things like ensuring my passive income can cover my expenses – for now it’s all being reinvested anyway.