I was pleasantly surprised how the additional motivation, “read pressure” due to the fact that I wrote my goals on my blog pushed me to keep them in my mind all year long. This was definitely a key point of my success. This is why I am repeating the experience again for next year. So here are my financial goals for 2010:
#1 Paying off the loan from my parents
Last year, I wanted to have my wife stay home and take care of our family. This year, my main goal is to reimburse my parents in full on November 1st 2010. This will be a crazy challenge as I will owe them $31,000 and I am far from having it right now!
I plan to be able to gather about 10K from my savings and I’ll probably be able to pull out another 20K from the equity in my property. So technically, I should be fine. However, I would prefer to avoid borrowing any more on my property (this would only transfer the debt from one place to another, remember the story about Peter and Paul). Since this doesn’t sound like a genuine plan to me, I will be concentrating on other financial goals to increase the amount I can accumulate.
#2 Increase my base income by at least 15%
There are a few windows of opportunities in my industry where I could jump my base income without affecting my possibility of getting a big bonus next year.
There are bigger books and higher salaries given to those who handle them. My goal will be to take over one of those “big books” and increase my base income considerably.
This opportunity won’t happen many times in my career and right now, I’m like a free agent that just racked up 50 goals in my latest season. While I don’t really feel like changing desks right away, I think I have the best opportunity to do so right now.
#3 Increase my online income by 50%
Last year, I wanted to double the income from my online company. We did way more than double the income and I am very happy about it.
I still want to increase my online income to new summits. However, after 2 years, I know that doubling my income within 12 months will be really tough. I still aim high with a 50% increase.
We will probably spend the first half of the year reimbursing a part of the company debts (related to the acquisition of Gather Little By Little). Then, we will probably have enough room on the line of credit to look for another buying opportunity 😉
Growth by acquisition, this is probably the fastest track to increase our income by 50%!
#4 Finishing in the top 10 financial planners in Montreal again
Being part of the top financial planners in Montreal brought me several benefits;
#1 I got a huge bonus so my wife can stay home.
#2 I have the chance to switch for a bigger book of clients (and a bigger income too!)
#3 I have full flexibility with regards to my work schedule and nobody looks over my shoulder to see what I am doing.
I definitely want to keep a good track record as a financial planner as I really appreciate my wife staying at home right now. This will most likely be an ongoing annual goal as long as I stay at the bank!
So then again, 3 of my 4 goals will help me realizing my main goal for 2010: reimbursing my parents. I have figured that if I can switch to a bigger book and get a similar bonus, I won’t have to take money from my house nor my company to pay them back. This is the kind of scenario I can be proud of!
So another great year with great challenges to come ahead!
|How I Suck at Not Paying Debts||Hitting 6 Figures Income at 28|
|How I Get a Huge Income Raise Each Year||Making $125K Online in 12 months|
|How I Buy Blogs||Most Debated Articles: The Primerica Saga|
|How I Have Survived My MBA||What is So Wrong With Making Money?|
|How I run multiples blogs and makes money without burning out|