Now that we have already reached the mid-point of 2015, I would like to take some time to reflect on my progression so far.
In a quick glance, this year started off strong but it eventually got to the point where I lost my motivation in not only finances but all other aspects of my life. It is my hope that things will start to pick up once again to the point where I can finish the year with a bang.
In any case, I digress. Here were my goals for this 2015:
For starters, I had 2 outstanding goals from last year, both which was completed. I had achieved a total asset worth of $40,000 in May and I am well on my way to maximizing my contribution limit for 2015.
My 8 Goals for 2015
Goal 1: Total Asset Worth of $85,000
- As of my last net worth update, my total asset worth is standing at $45,507. This means that I will have my work cut out for me and I will need to grow my assets by another $40,000 by December. It will definitely be no easy task.
Goal 2: Contribute 2015 Limit
- Had the TFSA limit did not increase to $10,000 this year, my goal would have been completed. At the present moment, I still have $2,500 of contribution room. I plan on maxing this out in the next couple of months.
Goal 3: Maximize RRSP Account
- There is no progress in my RRSP since my last contribution in March. Once my TFSA is maxed out, I will start contributing towards my RRSP.
Goal 4: Portfolio Total Return of $10,000
- This goal here may be a little too ambitious. So far, I have only achieved a total return of $1,919 combined in both my TFSA and RRSP. I will need a superb second half numbers to achieve the remaining $8,081.
Goal 5: Pay Off Student Loans
- For the time being, I am in no rush to repay my student loans. I see more value in building my assets right now and leveraging this money instead of paying it back to the government.
Goal 6: Invest In a Property
- At the present moment, there is no progress in this department as well. However, I will be looking to purchase my first property in the near future and looking for cash flow opportunities. I will provide any updates when I actually have some.
Goal 7: Create a Comprehensive Business Plan
- With the unhappiness that I gain from work, I see more value in becoming my own boss and starting my own business. Unfortunately, I have not given more thought on what kind of business I would like to start and when to initiate this. Hopefully, I will have more of an idea by the end of the year.
Goal 8: Read 12 Books on Personal Finance
- Unfortunately, I haven’t gotten around to increasing my financial knowledge as of lately. I will most likely in a desperate attempt to complete this goal read 12 books in December just to meet the year-end deadline.
In an overall summary, it appears that my goals may be too ambitious. Progress isn’t as quick as I would like it to be but I will strive to complete most of them by the end of 2015.
If you would like to know how I am progressing in real time, I would be checking off the goals that I have completed on my goals page.
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