At the end of every year I like to take some time to look back at my last years goals in review and also plan a little bit ahead for the year to come.
Here is the list of goals I set out for myself at the beginning of 2016 and the dates of the ones I completed.
GOALS FOR 2016
Have $150,ooo in my self directed investment account*Complete May 20*Have $125,000 in my company pension.*Complete July 22*Get pre-approved for a rental property*Comlete Aug 1st*- Buy a rental property and slum lord it up *NOPE*
Save money for trip to Cuba*Complete June 15*Earn $6,000 yearly in dividend income*Complete Dec 30*Have over $30,000 in cash for market crash*Complete June 28*Open a margin account for market crash (only to be used if Dow drops +40%)*Complete May 3*
I had a very successful year in the market (like everyone else) and finished 7 out of my 8 goals I set for myself.
The single goal I never finished was to buy a rental property. There are several reasons for this but the main one is the house prices here in Vancouver have started to show signs of weakness (YAY!). I don’t want to buy at the top and there is no stop loss on houses.
Some of the goals need to be adjusted moving forward. For instance, my LIRA account was over $40,000 higher than I assumed as I tallied the contributions with 0% growth. It is currently at $171,000 so I need to revise that on my 2017 list.
Below is a list of goals for 2017 that I made in Jan 2016. I have already passed several of these and need to revise up.
OLD GOALS FOR 2017
Have $175,ooo in my self directed investment account*Complete Oct Updated Below*Have $135,000 in my pension*Complete Updated Below*- Save money for trip to Hawaii with kids
- Earn $8,000 yearly in dividend income
Have over $40,000 in cash for market crash*Complete Nov Updated Below*Increase my margin account to be ready for a market crash.
NEW GOALS FOR 2017
- Have $225,000 in personal investment account
- Have $175,000 in LIRA pension
- Save $50,000 in Cash or HISA or GIC for crash
- Increase my margin account to over $50,000
- Don’t have a dividend cut
- Dividend increases by 50% of my companies
- Earn $8,000 in total dividends by the end of 2017
- Increase my dividend payout an average of $170 per month ($2,000/12).
- Have one month that breaks the $1,000 mark
- Have my investments beat the market by over 0.01%
Expectations
I set my goals high.
I’m not sure if I can reach any of these goals let alone all of them, but as long as I’m trying, I’m moving in the right direction. Life has a way of ruining your best laid out plans and I fully expect there to be bumps along the road. The trick is to not get discouraged and keep pushing forward.
As a DGI/Value investor, what are your goals for 2017?