December 16, 2009, 7:17 am

2010 Financial Goals Coming Up!

by: The Financial Blogger    Category: Assets and Net Worth,Personal Finance
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I have immersed myself deep in thought about personal finance this week 😉 After reviewing my 2009 goals and looking at my net worth, it is now the time to set my goals for 2010.

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!

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Good goals!

Just wondering, what is your mindset of having a $30,000 car loan, while having a $30,000 parental loan?

Tell me you didn’t get the car loan after you already owed money to your parents? But then, if didn’t, and got the car loan first, shouldn’t the $30K loan from your parents be used to pay off other loans?

Sorry if I don’t know your history. Just curious, as well as your mindset for borrowing from the Bank of Mom & Dad with a six figure income now.


Hey FS!

The situation is a bit complicated (and it gives me a great idea of post!).
We borrowed this money to buy our first house (4 years ago) and I need to pay them back by November 2010.

While taking a 30k loan for a new car doesn’t seem to be a great idea, my wife was working at that time and we were able to pay both the car loan and put money aside to reimburse my parents.

We decided that my wife should quit her job after we took the car loan (not really the best planning!).

I do not feel comfortable to owe this money to my parents and I really want to pay them back by the end of the year. Since they don’t need it, they told me that they prefer to see my wife staying home and that we are happy to spend more time with our kids then being reimbursed.

Nonetheless, this will be my priority for 2010. I really don’t want to owe them money after November 1st!

When you say the top ten FAs do you mean your clients portfolios returns were in the top 10 or are your increases in AUM in the top 10? Top 10 sales or top 10 performance?

by: The Financial Blogger | December 16th, 2009 (12:19 pm)

The ranking is done by the % of your objectives accomplished. We are evaluated on the net growth of our portfolio.

As a Certified Financial Planer(tm) and personal money manager for over 25 years, I must agree that your goals on teh surface are admirable. The one glaring omission to all of your plans are HOW you plan to achieve your aims, goals and objectives. You can get in the car and drive all day, but if you don’t know where you are going before you set out, you’re never going to get there! That’s what we call financial planning…without a plan, it’s just a wish.

Interesting list. Congrats on your accomplishments in 2009.

Ah, gotcha. I guess you musta really wanted/liked your car then! It’s nice of your parents to lend you money at an assumed low interest or no interest rate!

If I were a parent, why not, esp if it helps my kids family and s/he pays us back eventually and doesn’t continue to ask for more.

Look forward to the post!

I still really like it 😉
My parents are very nice with me, I am lucky to have them!

by: The Financial Blogger | December 17th, 2009 (5:39 am)

@ Neal,
you are right, those are simply wishes. I actually have a plan for each of my goals. I’ll write more about this as well 😉



Have you looked into Dave Ramsey’s- Total Money Makeover? I know taht within the next 5 years we are looking having to buy a new car (to fit all of us) and a bigger home (we have a starter home) and with a income of just $15,000 we know taht life is going to take a drastic turn… Anyway, Dave Ramsey’s book has set my focus on the right path. I was looking for a list and stumbled on this blog. Thought I would pass the infor. along.