January 4, 2011, 5:00 am

2010 Goals Reviewed and 2011 Financial Goals

by: The Financial Blogger    Category: Assets and Net Worth,Personal Finance
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2011 goals

Woah! That’s it! Game over for 2010! It’s time to review how I made out, considering my financial goals for last year! At the end of 2009, I wrote about my 4 financial goals for 2010. Since I have had this blog, I am doing very well on the financial side. I don’t know if it’s related to setting up goals at the beginning of the year or the level of accountability since I am exposing my objectives to the world but this kind of post definitely improves my motivation & financial situation each year!

2010 Goals Reviewed

As mentioned, I had 4 goals. I’m happy to say that I was successful in meeting all of them! Here’s what happened:

#1 Paying off the loan from my parents

This was the toughest one. I had to reimburse the sum of $31,000 within a year because I didn’t pay back much in previous years. So I used my employer stocks along with the equity generated by the sale of my house to pay them back. You can say that I cheated a bit since I also had to use a low interest balance transfer credit card. So if you look at my current net worth, you will notice a substantial amount on my credit cards. This is something I am not proud off but I would rather owe money to the bank than to my parents, at this point!

#2 Increase my base income by at least 15%

This was also an ambitious goal since I have earned several raises over the past 8 years. My average annual income has increased 8% since I started at the bank 8 years ago. I had to exert a lot of energy to get my base income increased but I definitely think I deserve it. Why? Because I have succeeded in goal #4 (being a top 10 planner in Montreal) for a 2nd year in a row.

#3 Increase my online income by 50%

If you read my post about how I went from 18K to 125K in 12 months, you will see that I crushed my objective once again. I must admit that I was pretty confident in this one. The company is growing at a very fast pace and we are looking for a great year 2011!

#4 Finishing in the top 10 financial planners in Montreal again

I have finished top 5 out of 90 financial planners. The way it was calculated was referring to the net business brought in during 2010. This means everything that comes out of my book was hurting my results too. Fortunately, since I take care of my clients, I didn’t have anyone transfer out.

2011 Goals Now!

In this post, I won’t talk about my company’s goals as I will break them down in another article. So this year, I’ll be following up on both personal and corporate financial goals!

#1 Paying off all my credit cards

A financial planner with credit cards debt, huh? That’s not very bright! For the past 6 months, I’ve been switching around between my credit cards and my low interest HELOC. This year, I want to get rid of those debts and start paying my HELOC for real. I thought of doing a Smith Manoeuvre but I have changed my mind recently since I really want to see my debt reduces. So here’s the plan:

Use my January bonus in full to pay down debt (besides contributing to my RRSP) (about 8K, once the Government has served themselves!)

Maintain my lifestyle in 2011 (good bye spa and garage… I might make an exception for central A/C though…)

Pay interest only on my HELOC and use my capital payment toward my credit cards (that’s about $750/month)

Use my employer stock contribution to pay down my credit cards in June (that’s about $575/month)

So by the first 6 months, I should have almost $16,000 paid off out of $22,000. I should be able to pay the full 22K by December.

#2 Increase my Net Worth to Over 200K

This obviously goes along with my 1st financial goal but I want to increase my net worth significantly. At the moment, I am roughly at 150K. This means that I want to jump by 33% over the upcoming year. Here’s my plan to achieve it:

– Pay down $22,000 in debts

– My house value will increase according to inflation (that’s roughly 7K)

– My pension plan should increase significantly (I have been working with 2008 numbers in 2010 so early 2011 numbers should show an additional 10K)

– I’m making a 5k contribution to my RRSP (coming from my bonus)

– My online company should also increase in value (hopefully determining that it is worth 200K, so 100K each for my partner and I).

#3 Get in The Top 3 Financial Planners in Montreal – Make 150K

Doing the top 10 was done in 2009 and 2010. So far this year (our financial year starts on November 1st), I’m having a huge year in terms of volume in. This is why I’ll try to reach the top 3 and get myself a bigger bonus. But this time, I won’t spend it.  I will use most of it to pay down my debt. I am usually able to get a part of my bonus in June, I will probably take it and clear a credit cards by then. At the same time, by succeeding, I’ll surely be in excess of 150K in annual income. This would be a great milestone (especially when I remember that I was making 37K back in 2003!).

That’s it for my personal goals; I’ll follow up with my online goals shortly. Do you think I should aim higher? Or that I am already putting enough pressure on myself?

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Enough pressure on your shoulders dear friend! 😉 But that doesn’t mean you won’t achieve your goals! I am sure you will! I just think it will be a big year with these goals. Keep some for 2012!!

Congrats on your 2010 goals! Looks like you got a plan for your personal goals, it’s as important as the goal sometimes. #3 seem challenging though … Do you have any way to track that during the year or do you just blindly find out at the end of the year?

I noticed you have a plan for 5K$ for your RRSP, any plans for TFSA?

It’s difficult to find where we are at throughout the year since we have several adjustments and each week, you can sign a big deal that could change your rank. So all I know is that I have to be over 200% to make it into the top 10 😉

I don’t have any plan for the TFSA since I rather pay my debts for now… I might change my mind if I can pay my debt faster than expected 😉

Congrats on being top 5 in your field, that’s quite an achivement.

We share the same goals for net worth (going from $150k to $200k). Looking forward to seeing your company goals for 2011.

Wow good job on being on the top 10! I’m not sure if you’ve mentioned it in past posts, but what instituation do you work for?

by: The Financial Blogger | January 4th, 2011 (1:28 pm)

I rather keep this confidential. I don’t want to mix my job with my blog. They know about it but it’s better to keep both things separate. When I write on TFB, I’m not writing as a financial planner but just as I a regular guy who has a finance blog.

The pressure is on! But since you’re experienced in crushing goals, I’m confident that you’ll have another successful year.

That’s probably a smart idea. Well sounds like you’ve had an amazing 2010….congrats! I just started in the financial planning world and i’d love to have the sort of sucess you’ve had at such a young age!

A little pressure is good sometimes because it will force you to push yourself. I’m curious as to what you mean by maintain lifestyle? Do you plan on removing certain activities or spending more time at home?

I have developped the very bad idea of increasing my lifestyle along with my income raise. This year, I don’t want to make more expenses than what I usually do. This is why there won’t be any addition to my house or any big vacation. I rather pay off my debts (for the very first time of my life 😉 ). I guess it’s turning 30 this year that makes me think this way 😉

My goodness, this is amazing! You did nothing short of fantastic in 2010!

Congratulations on accomplishing so much this year!

Being in the top list of financial planners in Montreal is such an accomplishment. Obviously people trust your advice and like to come back.

Best wishes for 2011!

I am a bit confused about the day job rankings. At my company (Think US Based Fortune 100 Financial Company) our top guy sells into 7 figures AND probably has a ton of Assets Under Management….how do your rankings work?

WOW – great work in 2010!

I look forward to your progress in 2011!

by: The Financial Blogger | January 6th, 2011 (4:42 am)


it is based on net growth of your portfolio (investment, credit and insurance)

by: Future Moneybags | January 6th, 2011 (6:06 am)

I belive the rank is usually AUM. But obviously if there is good growth in your clients portfolios, than your AUM will increase as well.

I really would never recommend products to clients that I didnt think would grow a good deal. And if your clients assets didnt grow most of the time, I doubt you would have very many clients. lol

Great goals.

Mine would be:
Increase my Income by 15%
Increase my Net worth by 33%+
Not worried about working less and making more, for now I will work more and make more.
As well as $100k NW when I am 25

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