Company Planning and Goal Setting for 2022 | Contractor

Well its that time of year again to write those goals down and build a plan in order to achieve set targets. 2017 was the first year we actually set goals as normally I would say what I want to do but did little to no tracking and failed miserably. Since sharing my goals publicly and reviewing them every month here is our percentage of completion.

2017- 8/10 or 80% You can read up on it HERE

2018 – 14/16 or 88% You can read up on it HERE

2019- 14/14 or 100% You can read up on it HERE

2020- 16/20 or 80%

2021- 12/13 or 92% You can read up on it HERE

When setting goals I think its important to push yourself a little bit and also include more than just financial targets such as family trips, entertainment, personal growth and even items required around the house.

So without further to do here’s our 2022 goal list:

Get into the best shape of my life (both physically and mentally)

  • More water intake.
  • 30 minutes of workout activities 5 days a week.
  • Healthier meal choices throughout the year including less fast food.
  • A focus on a little bit more sleep.
  • Develop a daily list to look at daily to ensure I’m playing it through.
  • 30 minutes a day of mental stimulation through reading, word puzzles, math problems, drawing etc….

Increase my personal TFSA by $6,000

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

Start the process of finishing the basement

  • We would like to develop this space to give us a bit more room. This area will consist of a full workout facility, entertainment room, guest bedroom, bathroom and storage room.
  • We will be completing it throughout the year so we will see how far we get by years end.

Increase Maria’s TFSA by $7,200

  • This will take about a $600 contribution per month.
  • Maria’s still has room within her TFSA to contribute more than the 2022 TFSA limit of $6,000, in order to get it maxed out we will need to continue the increases in this account.

Put new shoes on both Maria and I’s vehicles

  • They are due so what do you do, as they say in the oil field, safety first!

Pay no interest on any credit card

  • We have a pretty good streak going (5 years to be exact) and we’d like to continue not putting our money in other people’s pockets.
  • We have completed this in the past by making a minimum of 2 payments each month and by paying off the total amount owing each time.

Stain deck siding

  • I did not complete this last year, no excuses it needs to be done this year.
  • This is required on one side but would like to get it done and out of the way.

Increase RRSP by $17,000

  • The company I work for has a matching program up to a certain amount, so we want to take advantage of that.
  • As my wife Maria runs a home based business we will need to increase this so we don’t own the tax man at the end of the year.

Take a family trip

  • Travel is important in our household.

Fund the kids RESP by $6,000

  • This one is very important to Maria and I. Funding for your kids education is crucial to start early.
  • We have some catching up to do as we didn’t start right when the kids were born.
  • The government also kicks in 20%.

Grow my online social media following

  • Start doing high quality blogs more often.
  • Going to start small here and see if I can double my twitter following (As of Jan 1, 2022 150 followers).
  • More videos through Instagram.
  • Continue to grow the Canadian Dividend Investing group on Facebook.

Receive $5,000 in dividends

  • Last year we received $3,864.44.
  • If nothing changes $800 alone will come from 2021 dividend increases and DRIP status.
  • The remaining will come from new purchases.

Create additional streams of income

  • Possible ideas are affiliate programs, creating quality posts on different topics and monetizing website. This is about progressing to the next level.

Reduce debt to asset from 39.8% to 34.8%

  • 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 39.8% at the end of 2021.

Help a family in need

  • In 2021 we helped sponsored 2 families at Christmas and took part in many donation projects. We will continue to do this again in 2022.

Increase net worth by $100,000

  • This is $20,000 higher than last years 2021 goal.
  • Will need to increase net worth on average throughout 2022 of $273.97 per day. Pretty crazy when you put it that way.
  • Quick breakdown, $5,000 dividends, $20,000 stock capital if markets play nice, $7,000 into company RRSP, $29,200 of fresh cash to self managed portfolio, $21,360 mortgage paydown and the remaining from increased income through home based business, 9-5 and other income streams.

Receive a minimum of $800 from cash back on credit card

  • 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!

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

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Goals set for 2022


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