Its that time of year again to set our goals for the 2024 calendar year. Last year although we performed well, only 7 of 12 goals were hit with a few others very close, if you would like to see click HERE. That’s okay though as were still happy with our overall performance.

Here are the goals for 2024:

Increase my personal TFSA by $7,000 (14% complete as of April 28)

  • We get an extra $500 of contributions compared to 2023.
  • For simple math this would be about $583 contribution per month.

Install gas line for stove (Complete in January)

  • We would like to get this done now before we complete the basement.

Increase Maria’s TFSA by $7,000 (100% as of April 16)

  • As mentioned above this will take about a $583 contribution each month.
  • Maria’s still has room within her TFSA to contribute more than the 2024 TFSA limit of $7000, if you have the options this year we will try to fund some of it but not a focus area.

Improve overall health

  • In Mid December I started some weight training and would like to see this through in 2024. The goal is to complete different muscle workouts each day( Legs, back, shoulders etc… for 5 days per week.
  • Other focuses include more water intake, achieving 100 grams of protein per day and limiting any sugary drinks to 1 per week.
  • I will post pictures from the start of 2024 until the end.

Pay no interest on any credit card

  • We have a pretty good streak going (7 years to be exact).
  • We focus on making a minimum of 2 payments each month and by paying off the total amount owing each time.

Increase RRSP by $10,000

  • The company I work for has a matching program up to a certain amount, so we want to take advantage of that.
  • Maria runs 2 businesses, so any RRSP contributions will help.

Go on a family trip to Greece and Italy

  • Currently saving for this as this will be a very expensive trip.

Fund the kids RESP by $5,000

  • Funding for your kids education is crucial to start early so it makes it easier in the future to support their careers.
  • The government will match 20% of your annual contribution up to $500.

Receive $8,300 in dividends

  • Last year we received $6,386 in dividend income.
  • Hoping to see this grow YOY by about 25%. 19% from annual raises and 6% from adding to portfolio. I try to add to pure growth names that don’t always pay a dividend so we will see if it works out.

Reduce debt to asset from 32% to 28%

  • The best way to attack this is to increase your asset line and decrease your current debt. Our only current debt is our mortgage so its likely were going to focus on building additional assets within the portfolio.
  • Since making this a goal we have reduced this ratio from 67.5% in 2018 to 32% at the end of 2023.
  • Under 30% is considered excellent.

Give back

  • Various ways of doing this however here’s a few ideas. Clothing donation, go fund me, charity donation by $ or time and community support.

Increase net worth by $100,000

  • This is the same goal set in 2022 and 2023, we didn’t hit in both those years but still striving to hit this one in 2024.
  • Will need to increase net worth on average throughout 2024. of $273.97 per day. Pretty crazy when you put it that way.
  • Quick breakdown, $8,300 in dividends plus a 7% return on portfolio, $10,000 into company RRSP, $14,000 into TFSA, $5,000 into RESP, $27,000 mortgage paydown and the remaining from savings, employment income, two home businesses and expense management.

Receive a minimum of $1,200 from cash back on credit card (43% as of April 28)

  • Bringing this one up a bit over last year.
  • This is not about spending more to gain cashback, its about utilizing the payments throughout the year on the credit card that is going to pay us the most, that is if you pay it off monthly.
  • We have 2 kids so most parents will know that extra activities are not cheap but are important!

Thanks for reading

Invest in yourself