First, let me define what I mean by "goals and related objectives":
- A goal is the statement a desired result.
- An objective is a quantifiable measure to evaluate progress.
- A mean is a way that is used to reach an objective.
Financial Goal 1: Increase my Net Worth
- Description: That's fairly straightforward and general -- I want to be richer at the end of the year than I am right now.
- Objectives: At the end of 2008, my net worth was standing at $70K. I would like to increase it by $15K to $85K by the end of the year.
- Means: Regular deposits to my RRSP and to my DRiP portfolio, occasional deposits to my TFSA (emergency fund), continued debt reduction (mostly house-related, since I have little personal debts remaining).
Financial Goal 2: Increase my Dividend Income
- Description: Although I reinvest all the dividends I receive, it is nice to see the amount coming in from those investments increase.
- Objectives: For 2008, I received ans reinvested about $400 from my DRiP portfolio. Just by leaving those investments alone, this should rise to $700 because all the money added during 2008 will have a full year to generate more dividends. That's nice, but I would rather see my dividend income rise to $850.
- Means: Regular purchases made within my DRiP portfolio.
Financial Goal 3: Reorganize my Investment Accounts
- Description: I've been using that same brokerage account (Disnat) for almost 10 years, and my needs have evolved since. I also opened an account with Canadian Shareowner Investments (CSI), that I now use very little. Simplifying my accounts would be good.
- Objectives: I will investigate, select and open a new brokerage account that will meet my current and future needs. This does not preclude keeping my current brokerage account open. I will also close my CSI account.
- Means: Analyze my needs, research other discount brokers, open and close accounts.