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?
Hey I’m Rob, creator of Passive Canadian Income.
In 2011 me and my wife had almost $60,000 in debt and a negative $7,000 Net Worth. Through hard work and financial education we paid all that off. Now we are focusing on increasing our Passive Income Streams to make the money work for us. Feel Free to Follow along the Journey by clicking the Social Media links below or subscribing to get notified of new posts on the sidebar.