"A goal without a plan is just a wish"
- Antoine de Saint-Exupery
After achieving all of my goals in 2015, I decided to set some ambitious objectives for 2016. Since I am on a quest to be financially independent and improve the quality of my life, my three categories of goals correspond to my over-riding themes: passive income, expenses and personal improvement. Keeping in mind the above quote, included below each goal are some bullet points forming a plan to achieve the target.
Increase Passive Income by 25%
- Make regular contributions to my investment accounts representing approximately 50% of my take-home pay
- Maximize my investments in tax preferred accounts (i.e. RRSP, TFSA, RESP)
- Achieve a weighted average dividend growth for my total portfolio of 5%
- Avoid dividend cuts
- Do NOT add to any holdings that have not raised their dividend in the past 12-months
- Add an additional source of passive income beyond dividend stocks
- Limit short-term trades to a maximum of one per month
Understand Where My Money is Being Spent
- Track large variable expenses such as costs associated with my car, gifts, work, taxes, sports, cottage, and anything appearing on my personal credit card
- Save at least $1000 this year on variable expenses
- Continue to make investments that decrease expenses over time (i.e. tools for changing the tires of our cars, hair cutting equipment, etc.)
- In-line with the above goal, get the roof of my cottage repaired
- Visit a dentist, optometrist, and doctor this year; although this might seem like a very basic goal, it has been 10+ years, 2 years, and 5+ years respectively since I have visited these professionals
- Write at least 52 blog entries this year while focusing on quality (i.e. no filler entries)
- Complete at least five workouts every week
- Run a 5km, 10km, and half-marathon in 2016
- Take my wife on at least one weekend getaway
- Be mentally present and focused when spending time with my son
- Continue money/personal improvement experiments (i.e. developing a new skill in 20 hours)
- Identify three areas/jobs at my company that interest me and talk to employees in these areas
- Complete at least one personal development course relating to my profession
- Make meaningful donations of time, money, and stock to causes that I feel passionate about
Although it took me almost a month to figure out what I wanted to accomplish in 2016, I am very proud and excited about the above list of goals. In order to avoid short-term fixation, and to write only quality blog entries, my plan is to update this blog with my progress at midyear, and then again at the end of the year.
What are your goals for 2016? How are you tracking against your objectives?
Looks like some solid goals DIH and congrats on crushing your 2015 goals with a 100% success rate. What are your ideas as far as other passive income sources? Our only other source is blogging/writing which is far from passive but it's a great outlet and the bit of side income that we get is a nice bonus.ReplyDelete
Thanks JC, 2015 was a pretty great year. My ideas for other sources of passive income include renting my cottage and writing an Ebook. Although I enjoy blogging, it's more of a fun pastime for me, and I don't want to change that by trying to make money from it. Plus, as you said, it's not very passive...which is what I'm aiming for.Delete
I appreciate your comment.