As the end of the year approaches, it is time to review my financial goals for 2010 to see how I did.
Financial Goal 1: Increase my Net Worth -- Success
In fact, I should call this a smashing success. I reached my objective of a $125K net worth mid-year, due to a combination of the market recovery and an increase in the value of our house. If things bear out, I should end 2010 with a net worth of $137K.
For 2011, I will raise that objective to a net worth of $160K.
Financial Goal 2: Increase my Dividend Income -- Success
Last year, I established a steep objective of $1300 in dividend income from my non-registered investments (DRiP portfolio and TFSA account). I made actually it! Thanks to the year-end dividend from CGI, my dividend income for 2010 will be $1306 -- right over my objective.
For 2011, my objective will depend on how I end up paying for my new car. If I purchase it outright with no financing, I will have to gut both my TFSA account and my DRiP portfolio, so I should only expect dividend income of about $750. If, on the other hand, I can get attractive financing and decide to go that way, I'd like my dividend income to climb to $1700.
What are you financial objectives for 2011?