Goal setting is something everyone talks about but very little follow through. This is that a majority of goals set are said out loud and not written down. Below you will find our 2021 goals and I hope it inspires you to make your own list. Before we get into it here are a few comments.

There were a few goals set for 2020 that we didn’t accomplish, mainly due to something no one saw coming. Covid has really had an impact on everyone in one way or another. If we learn anything from 2020 it should be how important it is to be as healthy as we can be. Exercise and nutrition go along way when dealing with the likes of something like Covid.

When we make our goal list we like to have a range of various areas of our lives such as leisure, health, to do lists and financial.

So without further to do here’s our 2021 goal list:

Increase my personal TFSA by $6,000 <—– Complete

  • For simple math this would be a $500 contribution per month

Increase Maria’s TFSA by $7,000 <—– Complete

  • This will take about a $580 contribution per month
  • Maria’s still has room within her TFSA to contribute more than the 2021 TFSA limit of $6,000, in order to get it maxed out we will need to continue the increases in this account.

Pay no interest on any credit card <—– On target as of Sept 1

  • We have a pretty good streak going and we’d like to continue not putting our money in other people’s pockets.
  • We have completed this in the past by making 2 payments each month and by paying off the total amount owing each time.

Stain deck siding

  • This is required on one side but would like to get it done and out of the way..

Increase RRSP by $7,000 <—– Complete

  • The company I work for has a matching program up to a certain amount.
  • Once we have both TFSA’s maxed, we will revisit upping the RRSP portion.

Beat the TSX

  • What’s the point of managing your own portfolio if you can’t beat the market.
  • 2019 we out performed the market by 11% and in 2020 we outperformed again by 13%.

Take a family trip

  • Once Covid is behind us were out of here 🙂

Fund the kids RESP by $6,000 <—– Complete

  • This one is very important to Maria and I as we want to ensure our kids have education options if they choose to go that route.
  • We have some catching up to do as we didn’t start right when the kids were born.
  • The government also kicks in 20%.

Receive $3,400 in dividends <—– 79% Complete as of Sept 1

  • Last year we received $3,165
  • What we learned over the past several years is we want to own a mixture of dividend and growth stocks, so although we want this to continue to rise we want to ensure were capitalizing in all areas of the market.
  • We would like to have some of the increase come from dividend increases which is a challenge on its own. It’s been publicly mentioned that banks and insurance companies have been asked to not increase until Covid has passed.

Reduce debt to asset from 45.5% to 43%

  • The best way to attack this is to increase your asset line and decrease your current debt, by doing both at the same time it helps lower your number quicker.
  • Since making this a goal we have reduced this ratio from 67.5% in 2018 to 45% at the end of 2020. Massive drop!

Help a family in need

  • In 2020 we helped 4 families in need. We would like to continue to do so in various ways.
  • Giving back is important in helping those that may not have the same card deck.

Increase net worth by $80,000

  • Last year we blew our goal out of the water even during a pandemic.
  • This year we set the bar to up it an additional $15,000 from our 2020 goal.

Receive a minimum of $750 from cash back on credit card

  • We brought this one down a bit as its more realistic. With the pandemic currently ongoing we just don’t spend as much as we normally do.

Educate and learn at least 30 minutes a day, 5 days a week

  • I believe it’s very important to always be learning. The focus here is to learn something new everyday. Few ideas would be reading, listening to podcasts, asking the right questions when opportunities present themselves, reading other like minded investors content etc….

I wanted to have more adventure type goals however we will add later in the year when we know a little bit more on when Covid will allow us too!

We will update the goals as we go. I found writing the goals down was a huge success for us the past few years. Before then they were not written down and personally struggled as I really didn’t have a plan on how to achieve them. So write your goals down and document what you need to do in order to give yourself the highest probability on hitting your targets. You may not hit them all and that’s okay but start!

Thanks for reading

Invest in yourself

Brian