It was suggested by a regular reader, canucktuary, to write an update of my financial goals for 2010. I always find it helpful to review progress to see if I’m on track for the end of year report. I’ll be honest, in preparation for this post was the first time I’ve gone over my 2010 goals. However, it seems that most priorities are on track.
Here are the original financial goals, progress, and if I’m on track to achieving them by the end of the year.
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!
Ah, the coveted debt free goal that most of us have. As I don’t have any consumer debt left (I pay off credit cards every month), besides our tax deductible investment loan, only our mortgage is remaining. We started the year with $25k left on our mortgage, mid way through the year, we have about $15k remaining. With the current low rate environment, I suspect that we are on track to have our variable rate mortgage paid off by the end of 2010 (or close to it).
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.
After only contributing $5k into a TFSA in 2009, I made it a goal to max out the remaining contribution room in 2010. I’m happy to report that we have already maxed out our TFSA’s for 2010! Now, if I could only find a place to invest the cash..
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.
After receiving my Notice of Assessment, it turns out that we do have quite a bit of RRSP contribution room for 2010. My goal is to withdraw enough from the corporation in the form of dividends and contribute to the RRSP to make $0 tax payable on the withdrawals.
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.
I have increased my positions in my leveraged portfolio somewhat, but not enough to see a large increase in passive income. However, equity prices are becoming more attractive so I may achieve this goal yet!
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.
I have not attempted this goal yet, but it’s still part of the plan!
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.
We have grown MDJ readership from 8k to 10k, but still quite a bit away from the goal of 15k. The slower than expected growth may have something to do with my reduced post frequency, but something I hope to correct in the near future. My new career path has taken its toll on blogging time but I’m hoping to find the balance soon.
Overall, I’m pleased with the progress but in hindsight, some of the goals could get more aggressive. For those of you who have declared financial goals for 2o10, how are they progressing?If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).