As per the annual tradition since I’ve started Million Dollar Journey, it’s time to declare some financial goals for the New Year. As I’ve written before, I believe that setting realistic goals are important in making progress towards desired, bigger picture milestones. For me, one of my bigger picture financial goals is to be a millionaire (in net worth) by the year I turn 35. Setting these baby step financial goals help me stay the course.
As last years financial goals were somewhat of a success, I’m inclined to set similar type goals for 2010.
- Pay off Mortgage – With about $25,000 remaining on my mortgage balance, it’s well within striking distance to being paid off. It will be quite the personal achievement to have the mortgage paid off in less than 3 years. Providing things go as planned, we want to be mortgage free in 2010!
- Maximize TFSA’s – I was pretty slack with the TFSA’s in 2009, but I plan to change that in 2010. I plan to make good use of the $15,000 remaining in contribution room. My goal is to fully fund 2 TFSA accounts in 2010. As of this post, I only have 1 TFSA which was recently opened with Questrade.
- Optimize RRSP’s – With higher reported income for 2009, there should be plenty of RRSP contribution room available for 2010. However, with 2010 T4 income being questionable, I may only contribute enough to optimize taxation. However, I may simply max out my contribution but carry forward the RRSP deduction should 2010 prove to be a low income T4 year.
- Generate More Passive Income – After selling my rental properties, passive income has taken a major hit. The only remaining source of passive income is via Canadian dividend stocks in my leveraged portfolio. If stocks become attractively priced in 2010, I will become more aggressive in purchasing dividend equities.
- Consolidate Accounts – I have way too many accounts at various institutions. For example, I have 3 non-registered trading accounts with 3 different institutions. In 2010, my goal is to consolidate some of these accounts and simplify our finances.
- Blog Goals – Grow readership to 15,000 subscribers. As this site has become a large part of my life, I plan to put even more energy towards growing the readership. 15k subscribers is quite the jump from 8k at the beginning of 2009, but a nice round number to work towards.
If you would like some ideas for financial goals, check out Kathryn’s post listing 8 financial resolution ideas for 2010.
Care to share your financial goals for 2010? Feel free to use this thread as your personal finance goal diary. Big or small goals, it will help keep me motivated (and hopefully you) in knowing that readers are working towards achieving their financial goals as well.If you would like to read more articles like this, you can sign up for my free newsletter service below (we will not spam you).