July 26, 2011, 5:00 am

2011 Financial Goals Reviewed

by: The Financial Blogger    Category: Assets and Net Worth,Personal Finance
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Last year, I wrote down my 2010 financial goals and followed up during summer to know if I was in line to make it. You know what? I crushed all my 2010 goals! This year, I’ve established 3 financial goals :

#1 Paying off all my credit cards (22K!)

#2 Increase my net worth past 200K (from 152K)

#3 Get in the Top 3 Financial Planners in Montreal and Make 150K

 

Those were pretty ambitious goals as they required both lots of effort and money! This is also why it is very important to follow-up today with my goals and see where I stand:

 

Paying off my debts

I suck!!!! Back in January, I was at 22K in personal loans and credit card debt. As of last weed, I’m at 28K!!!! How can I be so bad? The first reason is called central A/C that cost $7,000! The second reason is because I didn’t use my employer’s stock yet to pay off my debts. Since I’m paying a very low interest rate on my debts and the stock is going well, I’m waiting ;-). I should be able to pay down my debts faster in the second half of the year. But let’s be honest, I definitely count on my year-end bonus to clear this mess… I’m still not worried about my situation as things seem to be under a better control now ;-D

 

Increase my net worth

I don’t know why but creating assets and making money always sound easier for me when compared to paying down my debt! I started the year at 152K and I’m already at 180K. The last $20,000 doesn’t seem to be quite a challenge since my house and pension plan values should cover this. In addition to that, I will max out my Jan 2012 RRSP contribution by 9K so aiming 200K is like a done deal ;-).

 

I’ll actually concentrate on pumping my net worth a little bit higher and try to reach 250K by the end of Jan 2012. I can’t wait to see if I’ll be able to make it! If worse comes to worse, I guess that with our next share valuation update in May 2012, I’ll be going over 250K!

 

Top 3 Financial Planners in Montreal, Making 150K

Well this is another great challenge! As of today, I know I am part of the top 10 for sure, but the top 3 is always hard to determine until the fat lady sings ;-). Everything can change until the very last minute, so I’m still in the dark to know if I’ll make it or not. I know that I’ll have a record year in 2011 compared to my previous 3 years as a financial planner. However, it doesn’t mean that others won’t have a record year too! I still have about 3 months (our financial year ends on October 31st) to work on it and I have a few good deals on the table. At this point, I can tell you that the difference between 10th and being top 3 is about luck. If you get the right timing to bring in the numbers and another planner doesn’t, you go through and make THE year ;-).

The good news comes when I look at my potential bonus and overall income. Last year, I had a record year at $135,000. If I don’t make the 150K, I’ll be darn close! I was able to manage an interesting income raise last month and I should be looking at a bonus between 30 and 40K. So if I keep working the way I do for the next 3 months, the 150K will be mine this year!

 

Final thoughts

Overall, I’m pretty happy about what I see over the mid year. Reviewing my financial goals is helping me keep focused and I know now that I need to put more emphasis on paying off my debts while my net worth and income goals will be reached simply through following what has been implemented so far.

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Comments

Wouldn’t paying off the 30K in CC raise your networth over the 200K mark, achieving both goals at the exact same time?

by: The Financial Blogger | July 26th, 2011 (4:23 pm)

you are right, but part of my plan is to use my stocks to pay them off 😉 therefore, I rather keep my stocks and my debts in the meantime…

It seems your tolerance for having debt is pretty solid. With interest rates so low on the borrowing side, have you considered borrowing money to invest in higher yielding stocks to cover both the interest owed + pay down some of your credit card debt? The interest will also be tax deductible.

It’s probably a very dangerous thing to do, but you appear content with the idea of having some debt. 🙂

I think it’s a great idea to set goals as you are doing. It’s great for motivational purposes and I do the same with respect to my financial objectives as well as personal health/fitness goals.

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