I believe in setting Goals for yourself. If you have nothing to aim for you will hit it every time. Having a website has kept me extremely motivated to improve our finances. By posting my various goals I feel it will help keep me on track with them as well.
When I created this site in February 2017 these were my goals
- To generate $2000 in passive income by December 31, 2017 (Feb 2017, we had $1,100 forward dividends)
- To develop a passive yearly income stream of $7500 by the end of 2019
- By 2025 muster up 20,000 annually in dividends and other passive income
- Create a new income stream by the end of this year. Currently only 3 – Employment income(me)(her) and Dividends. Ads and Affiliates?
Here we are 10 months later and we have a yearly passive income of $10,313 dollars! Solar panels are in the works which will add another 3,000 hopefully. Our first 2 goals got absolutely crushed and the 3rd goal seriously doesn’t seem big enough anymore. Our 4th goal also got destroyed. We now have 5 income streams – Employment income (1) Me (2) Her, (3) Dividends, (4) Ads & Affiliates and a (5) private investment.
Now I post this not to brag or pat myself on the back, but to show you the power of goal setting. Without further ado here is a list of goals I have.
- Make a Will – Sadly we still haven’t taken the time to write one up… Do this after next baby – latest March 2018 (Set November 2017)
- Website – I love the website and continue to see the view count go up. Id like to get 10,000 views in a month at least once by the end of 2019. (Set November 2017)
- Join a club to get better at public speaking – I’m a pretty confident guy but when I stand up in front of large crowds for something, my heart pounds. haha (Set November 2017)
- Take a homeless person out for a nice dinner – I love watching you tube videos of people helping out homeless people. Some take them to value village, get em new clothes, go to barber and then go out for dinner. I would love to do this! Would be great to hear their story and put a smile on their faces. (Set November 2017)
- Get our name on a park or zoo bench – This is basically a donation play. Donations to great causes are nice. Having your name on a bench is a legacy, it will still be there when I die. (Set November 2017)
- Dress like Santa and hand out money to the needy – Christmas is my favorite time of the year. Ive heard stories of myseterious people doing this. They never say who they are. Going out with lets say $500 and handing out 50’s to people who cant buy stuff for their kids or get a nice meal. Would be fantastic. (Set November 2017)
- Buy a rental Property – I think this would be another great source of passive income to add to our income streams. By 2021, own a rental property. (Set November 2017)
- 30,000 Passive income – By 2025, I intend to have a passive income of 30 thousand per year. (Set November 2017)
- Net worth – Our net worth has shot up the last couple years. A net worth of half a million by 2020 is my goal. (Set November 2017)
- More Income Streams – Have 2 more different income streams by 2020. Currently 5 (Set November 2017)
- Max out our Tfsa’s – One Tax free savings account is currently maxed, by 2021 I want both to be fully funded. (Set November 2017)
- Balance our Portfolio – I need more international exposure, since the tfsa is basically Canadian stocks. I want to diversify more. (Set November 2017)
- Pay off house – Before we retire, I want a paid off house. 50 would be a good age for retirement or semi retirement. So by 2033 I want to be mortgage free. (Set November 2017)
- To generate $2000 in passive income by December 31, 2017 – The goal was set Feb 2017 and was completed in August 2017.
- To develop a passive yearly income stream of $7500 by the end of 2019 – Goal set Feb 2017 – Yearly forward passive income of 9,500 created in July 2017 after private investment.
- Create a new income stream by the end of this year. (Goal set Feb 2017) Added ads & Affiliate’s as well as Private Investment. Completed goal in July 2017.
Well that’s currently all the goals I can think of at the moment. This post will constantly be changing as I add new goals and update the goals we have completed. Do you set goals? What are yours?