July 14, 2010, 6:43 am

My Financial Goals Reviewed

by: The Financial Blogger    Category: Personal Finance
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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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Comments

Love the idea of getting back to things to adjust if necessary. My question would be: What are your best and worst moves related to those objectives so far this year?

Might not remember but had you disclosed the online income number (or the objective)?

@ IS
great question!

#1 paying off my parents:
worst move: paying 13K for my car (a 9K car would have been great too 😉 )
best move: paying them faster than expected (even if it’s mean owing the money to MBNA!)

#2 increase my income:
worst move: not doing much when asking for my salary raise
best move: not doing much when asking for my salary raise 😉
we will see if it pays off in a few months 😉

#3 increase my online income:
worst move: selling GLBL (it was a great move for the company but a poor move to increase your monthly income over the short term 😉 ).
best move: working one full day per week on our blogs. this is probably the reason why we didn’t feel much the “loss” of GLBL in our monthly income since we sold it.

#4 being top 10 in MTL:
worst move: so far, I don’t think I made any!
best move: working very hard at the beginning of the year to get a momentum going 😀

@BMSP
this is about the only thing I keep secret for now 😉 I’ll give some thoughts about disclosing my numbers …

congrats on reimbursing your parents and buying a new home 😉 that’s a great achievement! After all these increases of income and bonuses (hehe hopefully), would your financial goals also be paying education for kids, investing portfolio or saving for future (maybe for next year financial goals)??

by: The Financial Blogger | July 14th, 2010 (9:01 am)

@ Zavi,

You bring an important point: saving for kids!

I’ll definitely use a part of my bonus of this year to start a RESP. I’ve been lazy on this and William is already 5 so I better start early in 2011!

BMSP,

I would say that based off his company’s worth his portion of “online income” is approximately somwhere between $3000 and $4000/month. Or it probably would be closer to the upper limit once he finalizes his deal.

by: The Financial Blogger | July 14th, 2010 (9:38 am)

@DGI,

you are a smart man 😉 hehehe!
I guess this is what happen when peoploe really read my blog! hahaha!

If knowing how to put numbers in a calculator makes me smart, then I guess I could be considered smart 😉

You would be surprised how many people actually read your site. Most bloggers are positively surprised when people start reading their sites. I was no exception. When I had 15 subscribers after one week of posting I was exhilarated 😉

Of course I spend a lot of time playing around with data in spreadsheets, databases etc etc. Maybe that’s why stock investing seems like a good fit for me 😉

by: The Financial Blogger | July 14th, 2010 (10:52 am)

@DGI

it’s not putting the numbers in the calculators, is putting a few post together and start to understand better how someone is making his money that is 😉

I know, it’s always a big surprise when I get positive comments via emails or questions…

Wow 3k to 4k monthly? That’s a good figure! How much hits does this site get monthly?

by: The Financial Blogger | July 15th, 2010 (3:57 am)

Hey Dan,

we do have several websites so it’s not only TFB. but we are averaging about 30,000 visitors per month right now 🙂

[…] Financial Blogger presents My Financial Goals Reviewed posted at The Financial Blogger, saying, “In order to achieve my financial goals, I keep an […]

Excellent goals! It’s great you finished up the debt to your parents.

Did you sell Gather LBL b/c you bought Green Panda? Was it getting too much?

I fear running two sits myself, since I work full time, want them to do well, and I don’t have a PDA. Maybe I should get an iPhone 4! lol

by: The Financial Blogger | July 18th, 2010 (5:22 pm)

Hey Financial Samurai,

We actually sell GLBL because we needed liquidity (for our personal needs, not for the company 😉 ). Then, we bought Green Panda and now that we are back on track, we are buying another blog (more to come in my newsletter 😉 ).

Running several sites is a lot of work but it worth it as you can learn/try different things with different audiences ;-).

I got myself a VA recently, it helps a lot 😀

Cool TFB. Is your VA “Sam” too, a female? I’ve seen her comment around.

Maybe you can talk about that, b/c I’m wondering how I’ll manage my site and Yakezie.com soon!

by: The Financial Blogger | July 18th, 2010 (8:52 pm)

Yup! my VA’s name is Samantha 😉

I actually talk about how I find my VA and how I manage the business side of my blogs in my newsletter, feel free to subscribe to find out more !

[…] Financial Blogger is one of the top ten financial planners in Montreal and still has enough time to run several online businesses. […]

How did you decide that you were in the top ten in mtl?

by: The Financial Blogger | July 21st, 2010 (7:17 pm)

we get the ranking for our bank in term of net growth of our portfolio. this is how I know I am in the top ten of my company in mtl.

cheers,

[…] Financial Blogger presents My Financial Goals Reviewed posted at The Financial Blogger, saying, “In order to achieve my financial goals, I keep an […]

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