It's the beginning of 2008 which means it's time to to look back at my financial goals for 2007 and see if my original financial goals for the year were met. It's report card time!
Goal #1: Increase passive/alternative income to $500/mo (Grade: A+)
- Our passive/alternative income well surpassed the $500/mo. What I consider passive/alternative income is income that doesn't come from my regular 9-5 employment. I haven't written about our passive/alternative income since Sept, but it's now close to $1,200/month.
Goal #2: Become better at my job (Grade: B)
- I did make some improvements to my skill set but not as much as I would have liked. I'm going to try and keep improving in the new year.
Goal #3: Save 20% of annual income: $23,000/yr or $1917/mo (Grade: A+)
- In October, I did a post indicating our savings rate up to that point. I am really pleased to say that throughout 2007 we saved about 30% of our after tax income.
Goal #4: Increase charitable giving to $1200/year (Grade: A+)
- We really increased our charitable giving in 2007 with total donated amount of $1,455. Of course, this probably wouldn't have been possible without the help of the charitable contributors: Mortgages, FabNet Revenue, RedFlagDeals.com, Fraser & Stephen Winters and CanRates.ca.
Goal #5: 12-15% return in portfolios (Grade: B )
- Non-Reg Account: Started 2007 with $40,700, current organic worth $43,900 (+7.8%)
- Wife RRSP Account: Started 2007 with $4000, current organic worth $6000 (+50.0%)
- My RRSP Account: Started 2007 with $33800, current organic worth $37500 (+10.9%)
- Organic worth is my resulting value before contributions/deposits.
- Overall Portfolio Gain: 11.3%
In addition to the above goals and results, we have achieved a 25% gain in net worth for the year. Overall, 2007 was a very successful year for us in terms of financial gain. 2008 will be more challenging as my wife will be off on maternity for most of the year and she brings in half of the household income. I will talk more about this in an upcoming post about my financial goals for 2008.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).