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Financial and Blog Goals for 2008

It's the beginning of the year and time again to declare my personal and blog goals for 2008.  As indicated by yesterdays Financial Goals for 2007 Report Card, last year was a success in terms of the goals that I set and what I was able to achieve.

This year, however, may be a bit more challenging to reach the financial success of 2007 with the new baby and new house coming along with my wife taking maternity leave.  Maternity leave in our case will mean that we will bring in about 25% less total income along with the added expense of the newborn.  Well worth it in my opinion, but the net worth growth may take a hit as a result.

Back to the point of the post, here are my financial and blog goals for 2008:

Goal #1

  • Increase our net worth by 25%.  Yes, the reduced income will hurt, but I'm going to do everything that I can to make up for it.  I'm a big believer in setting goals high and giving it your all to achieve them.   

Goal #2

  • Increase our alternative/passive income from the current $1200/month to $2500/month.  This will hopefully be achieved through rental income, dividend payments, interest and online income.

Goal #3

  • Retain our after tax savings rate of 30%. Back in October, I announced that we were saving around 30% of our after tax income.  I would like to keep up this trend for all of 2008.

Goal #4 

  • Increase the blog readership of MDJ to 3000 RSS subscribers.  With  the current 1400 subscribers, 3000 subscribers by the end of the year doesn't seem out of reach.

Goal #5

  • Increase our charitable giving to $2000 for the year.  Increasing our donation goal to $2000 doubles the 2007 goal.

Goal #6

  • 2008 will be spent learning more about buying stocks at a discount and obtaining a return of 12-15% on my investments.  I hope that I can keep going with investment portfolio gains that I achieved in 2007.  Within the next month or so, I will be starting my leveraged portfolio (Smith Manoeuvre), we'll see how that works out with updates throughout the year.

There you have it, 6 financial (and blog) goals for 2008.  All of which seem realistic and attainable (in my eyes). :)

Any of you care to share your financial goals for the new year?

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 20 comments… add one }
  • The Financial Blogger January 3, 2008, 9:23 am

    FT,
    I think it is a great idea to setup a charity donation goal. Most people don’t think about giving back a portion of what they make. Congrats and good luck!

  • FrugalTrader January 3, 2008, 12:38 pm

    Thanks FB. I’m hoping that “giving back” will grow as my finances grow.

  • SingleGuyMoney January 3, 2008, 1:31 pm

    Those are some pretty big goals there. Good Luck on reaching all of them.

  • Rod Payne January 3, 2008, 3:51 pm

    Best of luck in 2008!

    Coincidentally, we’re also starting the Smith Maneouvre shortly. I’ve been in touch with the appraiser and my banker; just have a couple reno projects to clue up and away we go. I acquired his book and read it over Xmas (acquired = cashed AirMiles to get a Coles gift card). I read that, Four Hour Work Week and Real Estate Investing in Canada (thank you, influenza, for the free time!).

    As you can probably guess, my goals for the year revolve around the reading material there:

    1) implement the Smith Maneouvre;
    2) finish the renos on the house;
    3) acquire $400,000 (cost) in real estate investment property by the end of the year; and
    4) be able to work part-time after the next 5 years thanks to passive income streams.

    • FrugalTrader January 3, 2008, 5:57 pm

      Rod, with your skills, have u looked into flipping property? A strategy like that could work in an huge real estate market like Vancouver.

  • Frank Conradie January 3, 2008, 5:42 pm

    Best of luck with your goals for 2008.

    We started our SM during 2007 and it’s been great so far – if you can invest yourself it’s easier than most people think. I invested in solid Canadian dividend growers, and was lucky enough to do a lot of buying on August 16 during the “mini-crash”.

  • Rod Payne January 3, 2008, 6:07 pm

    No, I haven’t. With the shortage of labourers out here and with the high costs of the ones you can get, I’d have to do most of the work myself. I’d much rather pick up a bunch of well-maintained condos here, given the tight rental market.

    Not sure if I read your comment right, but Vancouver is about 8-9 hours drive from me (Calgary is only 4 hours drive).

  • Canadian Dollars January 3, 2008, 11:27 pm

    Hey FT,

    I like your goals for 2008. I’m very interested in hearing about your experiences with the Smith Manoeuvre as I’ve been researching and reading about the topic a lot. Best of luck!

    Canadian Dollars

  • Daniel R January 4, 2008, 12:07 am

    Overall, very ambitious, but if your going to dream, might as well dream big! Best of luck.

  • FinancialJungle January 4, 2008, 5:59 am

    Hi FT – congrat on your 2007 performance and best wishes for 2008.

    I’m curious on your goal #2. Will you offer the specifics on you action plan to double passive income in one year?

  • FrugalTrader January 4, 2008, 9:31 am

    Hey FJ,

    I hope to achieve the increase in passive/alternative income through a combination of pouring my leveraged portfolio into dividend paying stocks, and online income. Most of the increase will be through online income.

    FT

  • RickT January 5, 2008, 4:14 am

    MDJ:
    Great goals, especially the giving one. Do well and do good in 08.

    RickT

  • HeMan January 5, 2008, 4:14 pm

    I’d have to echo the sentiments of others here. If you don’t give to charity when you are of modest means you’re less likely to give when you have a significant income or net worth. Good to see goals that think of the welfare of others.

    A good example for us all.

    HeMan

  • Patrick January 6, 2008, 1:22 am

    Great goals, FT! I’m especially impressed with your goal to double your charitable contributions even though you and your wife are expecting an increase in expenditures and a decrease in income (unless your alternative income fills the gap; but that isn’t guaranteed). I wish you and you family the best of luck and prosperity in 2008! :)

  • Blake January 6, 2008, 3:51 am

    Hey FB, I don’t want to push you, but you got a big pile of cash, you could really do a whole hell of a lot with a very small percentage to generate some pretty high yields, like buying notes, lending money privately etc. I mean, you’re basically $2k/mo shy of “financial freedom” and that’s about nothing compared to what you have in the bank really.

    I think if you took a very small percentage of your net worth say 5% and started experimenting with some very speculative but generally very lucrative investments/notes/defaulted paper/whatever, you could get to the passive goal this year. Good Luck Guy, have a great new year.

  • Gates VP January 8, 2008, 3:12 am

    Hey man, perfect set of goals. Big, challenging and hovering on the edge of possibility. Just the type of goals that make life fun to live.

  • debt negotiation December 17, 2008, 8:21 pm

    A new baby (congratulations) and wife on maternity leave. I remember those days. It’s a great time as the excitement that a child brings overshadows the struggles. But it can be a stressful time as well. Don’t forget to get a date night in from time to time. Keep that marriage working.

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