Happy new year everyone! I wish you the best for you and your families in the year 2015.
Here is a little update on what I have been up to recently. The reason why there haven’t been any updates for quite a while on my blog is because I had been clocking in some forced overtime at work.
Although the holiday pay is nice, I feel that the additional income was not worth it. I had worked 10 days straight and that has put me into a state of pure exhaustion. In any case, the past is the past and it is time to look forward to the brand new upcoming year.
Before I start going into my personal finance goals in 2015, I would like to do a review of the ones I had in 2014. Let’s get started:
My Finance Goals for 2014
Here were the goals that I have set for myself mid-way through 2014:
1. Total Asset Worth – $40,000 (Failed)
The initial goal was to achieve a total asset worth of $40,000 for the year 2014. However, it appears that this goal was not met and that I have to play a little catch up in 2015.
As it stands right now, my total asset is sitting at $29,063. Let’s round that to $30,000! At the start of 2014, my total asset was worth $11,487. My asset worth had grown 153%.
2. Maximize my TFSA – $31,000 (Failed)
Unfortunately, I was not able to save enough to maximize my Tax Free Savings Account this year.
The goal was to have $31,000 contributed to my TFSA by the end of the year but I was only able to have $25,000 contributed. With the increase contribution of $5,500 for 2015, I can still contribute up to $11,500.
3. Portfolio Dividend Growth – $50/month (Re-considered)
My goal of a portfolio dividend growth of $50 a month has been reconsidered. I have decided to null this target because I will now be focusing on capital gain growth instead of dividend growth.
The reason for this change is because I have realized that my portfolio does not have the capital required to create a decent dividend growth strategy. I am also working towards financial freedom by the year 2020 and a dividend portfolio will not yield the results I am looking for.
4. Open an RRSP Account (Accomplished)
Finally, some good news! I have completed this goal in December 2014 and have configured my RRSP account into the e-series with TD Bank.
I will also be looking into some direct investing for my RRSP when I have more funds at my disposal.
5. Read 3 books on Personal Finance (Accomplished)
Although 3 books on personal finance isn’t exactly a lot, I have completed this goal. I will make sure to increase this number for the year 2015.These were the books that I have read:
- The Lazy Investor by Derek Foster
- The Millionaire Master Plan by Roger James Hamilton
- Rich Dad’s Before You Quit Your Job by Robert Kiyosaki
- Rule #1 by Phil Town
My Financial Goals for 2015
I have big plans for 2015. Here is a list of my current goals for the new year:
- Total Asset Worth – $85,000
- Contribute 2015 TFSA Limit
- Maximize RRSP Account
- Portfolio Capital Gain Growth – $10,000
- Pay off Student Loans
- Invest in a Property – $25,000 (down-payment)
- Create a Comprehensive Business Plan
- Read 12 Books on Personal Finance (1 per month)
For a more up to date and real time tracking of my goals, you can do so at my Goal page.
That is it for now! What are your financial goals for 2015? I would love to hear from you below.
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