Comments on: My Financial Goals for 2009 – What are Yours? http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm Building Wealth through Saving and Investing Sun, 21 Mar 2010 00:57:57 -0400 http://wordpress.org/?v=abc hourly 1 By: Financial Cents http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-108915 Financial Cents Wed, 30 Dec 2009 17:19:34 +0000 http://www.milliondollarjourney.com/?p=756#comment-108915 Sampson, good for you! We put our 2009 TFSAs in high-interest savings accounts last year (we wanted immediate liquidity for emergency funds). For 2010 TFSAs, who knows? I do know we want something more income oriented...and less liquid. I was just writing to Frugal on that subject, given I was considering REITs for 2010 TFSAs. I wanted to get his experience with REITs or trusts like PGF.UN or COS.UN...but I was concerned about trust structure coming next year... I dunno, as I also go-back-and-forth with buying some good CDN dividend-payers in the TFSA. Yes, you lose the dividend tax credit and yes, you lose the abililty to claim a capital loss, but putting in a bank stock that pays consistent 4%+ dividends can't be a bad idea, can it? :) Happy New Year! (Lots of financial reading and research for me in 2010 :) Sampson, good for you!

We put our 2009 TFSAs in high-interest savings accounts last year (we wanted immediate liquidity for emergency funds). For 2010 TFSAs, who knows? I do know we want something more income oriented…and less liquid.

I was just writing to Frugal on that subject, given I was considering REITs for 2010 TFSAs. I wanted to get his experience with REITs or trusts like PGF.UN or COS.UN…but I was concerned about trust structure coming next year…

I dunno, as I also go-back-and-forth with buying some good CDN dividend-payers in the TFSA. Yes, you lose the dividend tax credit and yes, you lose the abililty to claim a capital loss, but putting in a bank stock that pays consistent 4%+ dividends can’t be a bad idea, can it? :)

Happy New Year!
(Lots of financial reading and research for me in 2010 :)

]]> By: Sampson http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-108892 Sampson Wed, 30 Dec 2009 05:30:10 +0000 http://www.milliondollarjourney.com/?p=756#comment-108892 Oh, the TFSAs are a total of my wife and my own so not as impressive as you might think ;) We're loaded up with REITS and strong income trusts (ones I will continue to hold after they convert to corporations). I plan to start some laddered GICs soon, when interest rates start to go up. Oh, the TFSAs are a total of my wife and my own so not as impressive as you might think ;)

We’re loaded up with REITS and strong income trusts (ones I will continue to hold after they convert to corporations). I plan to start some laddered GICs soon, when interest rates start to go up.

]]> By: Financial Cents http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-108884 Financial Cents Wed, 30 Dec 2009 01:29:59 +0000 http://www.milliondollarjourney.com/?p=756#comment-108884 Nice job Sampson!! BTW - what did you invest your TFSAs in? Income trusts? Index funds? High-interest savings accounts? I'm leaning towards REITs for 2010. Thoughts? Nice job Sampson!!

BTW – what did you invest your TFSAs in?
Income trusts?
Index funds?
High-interest savings accounts?

I’m leaning towards REITs for 2010.

Thoughts?

]]> By: Sampson http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-108882 Sampson Tue, 29 Dec 2009 23:26:05 +0000 http://www.milliondollarjourney.com/?p=756#comment-108882 Kathryn's post on Dec 29th has me thinking about this post from a year ago. Here's how I did: My goals – starting from easy to hard. 1. Increase net worth (2008 was brutal). 2. Make a will for wife and myself 3. Contribute $5k into each of 2 TFSAs (hehee, transfers count right?) 4. Finish portfolio restructuring (dump investments with high MERs) 5. Pay $15000 above base payments into mortgage 6. Increase passive income to $2000/month I did pretty well. 1. Yes - by >23% - woo hoo! 2. No - really really got to get this done 3. Yes - about $13500 in there 4. Yes - only a few mutual funds left - 90% done 5. Yes - paid $16.8k above and beyond our accelerated biweekly payments 6. No - have to rethink this one. rental income has been good, easy and steady, but decreased. Annual dividend income increased from $3700 to $4900. Kathryn’s post on Dec 29th has me thinking about this post from a year ago.

Here’s how I did:

My goals – starting from easy to hard.
1. Increase net worth (2008 was brutal).
2. Make a will for wife and myself
3. Contribute $5k into each of 2 TFSAs (hehee, transfers count right?)
4. Finish portfolio restructuring (dump investments with high MERs)
5. Pay $15000 above base payments into mortgage
6. Increase passive income to $2000/month

I did pretty well.
1. Yes – by >23% – woo hoo!
2. No – really really got to get this done
3. Yes – about $13500 in there
4. Yes – only a few mutual funds left – 90% done
5. Yes – paid $16.8k above and beyond our accelerated biweekly payments
6. No – have to rethink this one. rental income has been good, easy and steady, but decreased. Annual dividend income increased from $3700 to $4900.

]]> By: Ms Save Money http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-73762 Ms Save Money Tue, 17 Mar 2009 17:54:33 +0000 http://www.milliondollarjourney.com/?p=756#comment-73762 Even though it's March - 3 months into the year; After reading this article - I think I'm going to set some goals. Thanks for the motivation! Even though it’s March – 3 months into the year; After reading this article – I think I’m going to set some goals. Thanks for the motivation!

]]> By: LakeTown http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-72145 LakeTown Sat, 28 Feb 2009 22:38:04 +0000 http://www.milliondollarjourney.com/?p=756#comment-72145 -Transferred 5k to TFSA already -Double regular RRSP contributions -Pay off my 1 student loan with 8k remaining -Bill due for new furnace and AC in May, that was installed in Nov. Almost have enough saved, will have rest when Ecoenergy grants come in (hopefully soon:) -Reduce grocery bill $100/month -Pay for some home renovations, new roof on section of house, hardwood in last carpeted room in house, resurface driveway. All will qualify for renovation tax credit next year! -Have 15k in savings in preparation for maybe going on mat leave again sometime in 2010 (still non commital about baby #2 timeline.) -Research life insurance -Get a will done -Take the plunge, get more educated about stocks, and start investing in more than just mutual funds. -Have husband contributing an income by summer. -Have 3-5k downpayment for 2nd vehicle, used of course. -Transferred 5k to TFSA already
-Double regular RRSP contributions
-Pay off my 1 student loan with 8k remaining
-Bill due for new furnace and AC in May, that was installed in Nov. Almost have enough saved, will have rest when Ecoenergy grants come in (hopefully soon:)
-Reduce grocery bill $100/month
-Pay for some home renovations, new roof on section of house, hardwood in last carpeted room in house, resurface driveway. All will qualify for renovation tax credit next year!
-Have 15k in savings in preparation for maybe going on mat leave again sometime in 2010 (still non commital about baby #2 timeline.)
-Research life insurance
-Get a will done
-Take the plunge, get more educated about stocks, and start investing in more than just mutual funds.
-Have husband contributing an income by summer.
-Have 3-5k downpayment for 2nd vehicle, used of course.

]]> By: MAITE http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-68114 MAITE Sun, 25 Jan 2009 23:34:11 +0000 http://www.milliondollarjourney.com/?p=756#comment-68114 2009 goals: get my credit score- I already got my credit report, how do I get a free credit score? pay off $3,000 credit card balance 2009 goals:

get my credit score- I already got my credit report, how do I get a free credit score?

pay off $3,000 credit card balance

]]> By: newbie http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-67028 newbie Wed, 14 Jan 2009 03:05:02 +0000 http://www.milliondollarjourney.com/?p=756#comment-67028 I'm also torn on my financial goals for this year. We've paid down our mortgage by $91K in the last 4 years, at the expense of our RRSP's. We have monthly contributions to our RRSPs, but are no where close to maxing them out. Now we have a 2nd child in daycare and there isn't enough disposable income to go around. I'm not even thinking of the TFSA yet! I guess we can concentrate of being even more frugal this year! (yes, we brown bag our lunches everyday, drink coffee at work only, cut down on eating out to once a week, switched to pay as u go cellphones, blah blah). One of the mortgages in our Homeline Plan is coming up for renewal in June and I'm even thinking of reducing the payment amount by $200/mth to channel it to the RESP (we stopped the monthly contribution last year after we reached the $2K mark). I don't know if this is advisable. I’m also torn on my financial goals for this year. We’ve paid down our mortgage by $91K in the last 4 years, at the expense of our RRSP’s. We have monthly contributions to our RRSPs, but are no where close to maxing them out.

Now we have a 2nd child in daycare and there isn’t enough disposable income to go around. I’m not even thinking of the TFSA yet!

I guess we can concentrate of being even more frugal this year! (yes, we brown bag our lunches everyday, drink coffee at work only, cut down on eating out to once a week, switched to pay as u go cellphones, blah blah).

One of the mortgages in our Homeline Plan is coming up for renewal in June and I’m even thinking of reducing the payment amount by $200/mth to channel it to the RESP (we stopped the monthly contribution last year after we reached the $2K mark). I don’t know if this is advisable.

]]> By: nobleea http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66876 nobleea Mon, 12 Jan 2009 15:36:25 +0000 http://www.milliondollarjourney.com/?p=756#comment-66876 Hey Gates, we went down to NY for NYE 2008. It's quite the experience. Be sure to book hotels early as they all book up and get very expensive. We stayed at the Big Apple Hostel which is right beside Times Square. They close off MANY blocks around the square, so unless you're in there at 2pm, you're out of luck (OR if your hotel is in there ;) you can squeeze in at any time.) Hey Gates,

we went down to NY for NYE 2008. It’s quite the experience. Be sure to book hotels early as they all book up and get very expensive. We stayed at the Big Apple Hostel which is right beside Times Square. They close off MANY blocks around the square, so unless you’re in there at 2pm, you’re out of luck (OR if your hotel is in there ;) you can squeeze in at any time.)

]]> By: Kei http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66870 Kei Mon, 12 Jan 2009 15:08:47 +0000 http://www.milliondollarjourney.com/?p=756#comment-66870 My goals for 2009: 1. Finish professional designation 2. Get a better paying job 3. Get a (used) car 4. Save at least $10000 towards down payment for my future house (more if I managed to get a better job) 5. Research on investing, equities, etc before jumping in My goals for 2009:

1. Finish professional designation
2. Get a better paying job
3. Get a (used) car
4. Save at least $10000 towards down payment for my future house (more if I managed to get a better job)
5. Research on investing, equities, etc before jumping in

]]> By: Gates VP http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66868 Gates VP Mon, 12 Jan 2009 14:43:15 +0000 http://www.milliondollarjourney.com/?p=756#comment-66868 Let's see, in brief: <b>Quality of life</b> ------ - $3k down on an $8k car - Trip to a cousin's wedding - Trip to NY for New Year's Eve - Get monthly facials for wife and monthly massages for myself. (local spa) - Add a weekly dancing course to our monthly bills (local dance club) - Improve home computer setup (home server) <b>Investment / Savings</b> ------- - Boost EF by $2k+ - Buy one or two ounces of gold (wish I had cash for this last year, but it ain't getter any cheaper) - Pay for wife's Personal Training courses - Learn and use a new programming language (F#, JQuery, YUI) as an investment in my ongoing education. Wow I see a lot of pretty hefty goals here. Good luck to everyone. Let’s see, in brief:
Quality of life
——
- $3k down on an $8k car
- Trip to a cousin’s wedding
- Trip to NY for New Year’s Eve
- Get monthly facials for wife and monthly massages for myself. (local spa)
- Add a weekly dancing course to our monthly bills (local dance club)
- Improve home computer setup (home server)

Investment / Savings
——-
- Boost EF by $2k+
- Buy one or two ounces of gold (wish I had cash for this last year, but it ain’t getter any cheaper)
- Pay for wife’s Personal Training courses
- Learn and use a new programming language (F#, JQuery, YUI) as an investment in my ongoing education.

Wow I see a lot of pretty hefty goals here. Good luck to everyone.

]]> By: Sarlock http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66840 Sarlock Mon, 12 Jan 2009 07:00:18 +0000 http://www.milliondollarjourney.com/?p=756#comment-66840 I went in to the RBC on Monday and they are not able to set TFSA's up until 2 weeks from now because parliament has to approve something. I guess for those banks that set them up early for people, you'll have to pay tax on any earnings from Jan 1st until it's ready to go. Send your thank you cards to Mr. Dion for that one. I went in to the RBC on Monday and they are not able to set TFSA’s up until 2 weeks from now because parliament has to approve something.

I guess for those banks that set them up early for people, you’ll have to pay tax on any earnings from Jan 1st until it’s ready to go.

Send your thank you cards to Mr. Dion for that one.

]]> By: Canucktuary http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66795 Canucktuary Sun, 11 Jan 2009 23:07:35 +0000 http://www.milliondollarjourney.com/?p=756#comment-66795 Sarlock, TFSAs were already approved by parliament in last year's budget. Sarlock, TFSAs were already approved by parliament in last year’s budget.

]]> By: Sarlock http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66769 Sarlock Sun, 11 Jan 2009 16:48:24 +0000 http://www.milliondollarjourney.com/?p=756#comment-66769 Goals for 2009: 1. Put $5,000 into each of my and my wife's TFSA's. (if they ever actually get approved by parliament) 2. Maximize RRSP contributions for both myself and my wife 3. Get our home sold and put the equity in to a vacation home in Florida and the balance in to dividend-bearing investments and rent for the next 1-3 years while the real estate market bottoms out. 4. Eliminate the remainder of our debts by the middle of the year.. 5. Save the balance of our earnings to buy a piece of land to build our dream home on Lofty... and so goals should be. Goals for 2009:
1. Put $5,000 into each of my and my wife’s TFSA’s. (if they ever actually get approved by parliament)
2. Maximize RRSP contributions for both myself and my wife
3. Get our home sold and put the equity in to a vacation home in Florida and the balance in to dividend-bearing investments and rent for the next 1-3 years while the real estate market bottoms out.
4. Eliminate the remainder of our debts by the middle of the year..
5. Save the balance of our earnings to buy a piece of land to build our dream home on

Lofty… and so goals should be.

]]> By: Peter B http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66739 Peter B Sun, 11 Jan 2009 04:38:20 +0000 http://www.milliondollarjourney.com/?p=756#comment-66739 My goals for 2009: 1. Finish my professional designation 2. Look at buying a home 3. Buy newer car 4. Start a family 5. Max out remaining RRSP contribution room 6. Try to take advantage of good dividend yields as cash flow permits 7. Get out of high MER mutual funds, will require penalty though... No solid numbers like other posts such as increase net worth by 20% because I have not been tracking things like that yet. School first then life... Happy investing everyone in 2009!!! My goals for 2009:

1. Finish my professional designation
2. Look at buying a home
3. Buy newer car
4. Start a family
5. Max out remaining RRSP contribution room
6. Try to take advantage of good dividend yields as cash flow permits
7. Get out of high MER mutual funds, will require penalty though…

No solid numbers like other posts such as increase net worth by 20% because I have not been tracking things like that yet. School first then life…

Happy investing everyone in 2009!!!

]]> By: Sampson http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66646 Sampson Fri, 09 Jan 2009 16:57:45 +0000 http://www.milliondollarjourney.com/?p=756#comment-66646 Greg - why not just do both. You'll still have to make some decision on proportions, but 50:50 would keep it simple. If you have objective reasons you think either interest rates or equities will go up, then that should steer you towards an unequal bias (paying down debt vs. new investments). Greg – why not just do both. You’ll still have to make some decision on proportions, but 50:50 would keep it simple. If you have objective reasons you think either interest rates or equities will go up, then that should steer you towards an unequal bias (paying down debt vs. new investments).

]]> By: Greg http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66637 Greg Fri, 09 Jan 2009 15:12:38 +0000 http://www.milliondollarjourney.com/?p=756#comment-66637 I am torn on what to do in 2009! I'm torn between trying to lower my LOC as much as possible to help lower my monthly interest payments OR dumping as much money into investments this year. My LOC is @ prime which makes borrowing cheap and there are many many great deals in the market right now... however cash is king in uncertain times and lowering my monthly interest bills would be very beneficial. I am torn on what to do in 2009!

I’m torn between trying to lower my LOC as much as possible to help lower my monthly interest payments OR dumping as much money into investments this year.

My LOC is @ prime which makes borrowing cheap and there are many many great deals in the market right now… however cash is king in uncertain times and lowering my monthly interest bills would be very beneficial.

]]> By: Millionaire Acts http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66611 Millionaire Acts Fri, 09 Jan 2009 08:29:23 +0000 http://www.milliondollarjourney.com/?p=756#comment-66611 I also have my own share of my financial goals for 2009. http://www.millionaireacts.com/479/wish-list-for-year-2009.html I also have my own share of my financial goals for 2009.

http://www.millionaireacts.com/479/wish-list-for-year-2009.html

]]> By: Nurseb911 http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66605 Nurseb911 Fri, 09 Jan 2009 05:43:17 +0000 http://www.milliondollarjourney.com/?p=756#comment-66605 1. Buy a house 2. Get engaged 3. Increase cashflow from investments & reduce investment risk 4. Incorporate & launch my small business 5. Spend more free time with family/friends 1. Buy a house
2. Get engaged
3. Increase cashflow from investments & reduce investment risk
4. Incorporate & launch my small business
5. Spend more free time with family/friends

]]> By: The Reverend http://www.milliondollarjourney.com/my-financial-goals-for-2009-what-are-yours.htm/comment-page-1#comment-66601 The Reverend Fri, 09 Jan 2009 04:44:43 +0000 http://www.milliondollarjourney.com/?p=756#comment-66601 1. Reduce spending $400 per month. 2. Increase household income by $15k. 3. Charitable donations of 10%. 4. Smooth cashflow with T1213. 5. Pay down mortgage by $15000 total (we have an all-in-one). 6. Move some non-reg stocks into TFSA with Questrade. 7. Improvoe tax-efficiency of investment portfolios. 1. Reduce spending $400 per month.
2. Increase household income by $15k.
3. Charitable donations of 10%.
4. Smooth cashflow with T1213.
5. Pay down mortgage by $15000 total (we have an all-in-one).
6. Move some non-reg stocks into TFSA with Questrade.
7. Improvoe tax-efficiency of investment portfolios.

]]>