Financial Goals for 2009

After reviewing my 2008 goals last week, it's now timeto turn ahead and establish some goals for 2009. In this article, I will focus on my financial goals and the related objectives, and the means I will take to attain them.

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.

Cheers!