Each year, I identify personal goals that I’m going to work on throughout the year. I’m back with my “2014 edition”.
But first, let’s take a look at my 2013 goals and see how it went…
It’s the first time since I can remember that I didn’t do too well with my goals throughout the year. In fact, if I look at 2013, I feel somewhat like a big failure…
Surprise! Surprise! This didn’t happen. I worked really hard on reducing my expenses but this wasn’t enough. Then, my wife opened her daycare at home to earn more money. Finally, I sold my RX-8 (which I surprisingly don’t miss that much right now!)
While I made great efforts to both increase income and reduce spending, other factors came into play. Google had hit our online business severely over the past two years and making money online is harder than ever before. We shifted our focus to pay our corporate debts and significantly reduced any dividend or revenues paid to shareholders. This is why the daycare only served to replace this income temporarily lost in my budget. The problem is that the daycare started only in September whereas we stopped our revenues back in May of the same year.
I’m still waiting for a few numbers to update assets and my current net worth and debt levels but I should finish in a better position compared to the beginning of the year. And the most important part: I’ve definitely increased my income and reduced my spending budget for 2014.
The reason why I wanted to open a TFSA in 2013 was to start a fund to pay for private school. I have three young kids and I want all of them to go to private high school. I’ve already looked at the different options in our city and the best schools with the best sports/art/international programs are… private.
I’m happy to check this item off my list as my TFSA is not only opened but my account shows almost $900 at the end of the year. At this pace, I will have the first year completely covered once my oldest kid reaches high school. My goal is to increase my contribution each year so I have over $10,000 in this fund in four years. This would give me more than 2 years in advance (assuming the cost is about $4,000 per year). Over the next four years, I need to increase my bi-monthly contribution from $50 to $150 to be able to generate $4,000 each year to pay for this expense. The fund (the $10,000 or so) will cover for the years where two of my kids will be at private school at the same time. So far, the plan seems to be on the right track.
With my sites not generating any income I can withdraw, you probably figured that I failed to earn over 150K. My bonus wasn’t as high as expected for my second year at my new job but I’m still happy overall. I almost reached my objective as I made around $130K this year. I guess the good news with this story is that my personal income didn’t move, but my wife is now generating additional income for our household.
Next year, our household income will definitely break the 150K as I expect to make 150K myself. Therefore, our family revenues will probably be around 175K. Now we are talking about making some serious money!
And due to my most recent online projects, I will be able to withdraw some dividends out of it!
I don’t know if I can say this but I achieved this goal and then failed later on. I dropped from 193lbs to 182lbs during the summer. Then, for an unknown reason, I completely slacked on my training program and went back to… 198lbs as at December 31st!
Part of my plan to lose weight included running 500 miles over the year. The reason why I picked 500 miles was because I can track them on my treadmill ;-). Running on average 10 miles per week and giving 2 weeks of buffer seemed like a challenge but feasible at the same time. I did run 501 miles in my year and I’m quite proud of it. But I noticed that this wasn’t enough to maintain the key point in losing weight: being consistent. The goal was “too easy” and this is why I was 30 miles in advance in September and slacked off.
2013 was frustrating and a year of adjustments. I didn’t feel like I accomplished much and sometimes it felt like I was losing an entire year to turn round and around like a dog running after its tail. But life is like a big ship; sometimes it takes time to make it turn 180 degrees.
I now feel that I’ve set the table for a great year in 2014. But the main difference between 2013 and 2014 will have to be consistency. If I work on a continuous basis instead of raising peaks here and there, I will be able to accomplish all of my goals.
On January 1st, 2015, I want to be able to declare that I’ve completely paid off my credit cards, personal and pool loans. This represents about 15K in debt. Once these are paid off, I will have over $400/month in free cash flow. This should be enough to accomplish my second goal.
If I want to fund my children’s education correctly, I need to increase my savings ability to $150 bi-weekly. In 2013, I started my journey with $50 bi-weekly. I want to double this amount towards the end of 2014. I will probably use my next salary increase in June to make it happen.
Hey! It’s the beginning of the year! So why not push ourselves out of the comfort zone??? By the end of 2014, I want to weigh under 180 lbs. The first thing I will do is to increase my running challenge from 500 miles to 550 miles. This will leave me no room for breaks as I will need to run 3 times a week consistently to make it happen.
If I can keep up with this pace over the year, I should be ready to run my first half marathon towards the end of the year; most likely in September or October. The most I ran in 2013 was 16.5km, a half marathon is 21km.
My oldest kid is a very good soccer player. This year, I hope he will make the competitive team in his first try. I’m also applying for the “coach position”. I’m not a soccer player, but I just love coaching kids while watching how they can progress and learn over a short period of time. The tryouts start in January for both my son and I. The goal is for both of us to make the team and have a wonderful summer!
This is more like a qualitative goal and it is very hard to determine what it truly means. I just noticed that I’ve been comfortably installed in my comfort zone for the past two years. Since I had my third child, I’ve put pretty much everything in my life on cruise control. I can say the results weren’t self-fulfilling and that I want and expect a lot more from life. Getting out of my comfort zone means acquiring clients in non-conventional ways (e.g. not through references, but becoming the king of cold calls and networking), becoming fit (the goal being not only to lose weight but being able to take my shirt off during the summer ;-)), doing things I have never done before (like running a half marathon, coaching a competitive sport), etc. The idea here is to burst my bubble and do something that matters. I want to feel the fire burning inside of me…again.
Life is nothing if it’s not burning inside you.
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