We are already at mid-year and it is time to take a look at my financial goals for the year. At the beginning/end of each year, I try to establish my financial goals so I can have a clear direction of what I am doing with my money, my time and my career.
In order to achieve my financial goals, I keep update them after 6 months so I can make sure to make adjustments to my original plan if necessary.
#1 Paying off the loan from my parents
DONE! I was quite happy to be able to reimburse them before November 2010. To be honest, it had become a point of tension and I really wanted to get this debt out of the way. In order to pay it down, I have used my savings, the equity on my house (when I sold it) and I took a low interest rate balance transfer credit card. So while I have technically paid my parents, I am not completely done with my debt… I still have $12,500 to pay on my new credit card. I better keep working on this!
Since I have a good rate for the next 10 months, I don’t have much time in front of me… Therefore, I will have to concentrate on paying this debt quite fast. I intend to use the money I put aside in my employer’s stock incentive plan (about $450/month) and make a lump sum payment at the end of the year. Once I receive my bonus early in January, I will be able to make a final payment and get past it!
#2 Increase my base income by at least 15%
Well… on this one I didn’t do much… In fact, I am still sitting on the bench of (losers) silent guys waiting to see if I will get what I deserve. So far, I have received a 1.67% increase… not much!
On the other hand, there is an opening for a financial planner with a bigger book downtown. I might be able to get things moving in the upcoming weeks ;-).
#3 Increase my online income by 50%
In term of online income, the strategy has changed a little bit; since we have sold Gather Little by Little, we obviously have decreased our level of income temporarily. On the other hand, we have much more liquidity and our other income sources have risen. Therefore, I am not too far off the target to increase my online income by 50% by the end of the year. With another purchase (yup, we are working on another deal right now), we should be able to take our company to another level.
#4 Finishing in the top 10 financial planners in Montreal again
Funny enough, this may be the easiest goal to achieve this year. I am in the top 10 right now (about to be #9 in Montreal in fact…) and I still have several good deals to come before the end of the year. So technically, I should finish among the top financial planners within my financial institution for a second year in a row (and cash in a big fat bonus 😉 ).
The only thing I have to be careful about is not to let myself go and enjoy the summer too much. I have to keep the focus and stay alert to make sure I have an awesome year. If I could finish in the top 2, I would win some kind of prize and that would be good news for both my wife and I (since it is usually a vacation trip or cash 😀 ).
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