Goals

Here you can find my current goals and links to my past goals as well as progress updates.

My ultimate goal is to be able to retire by 40 by replacing all of my income with dividend payouts. I have a long ways to go but am working on making progress towards it.

I made a whole lot of progress in 2012 and now I have a better idea of what I can expect from 2013.  I'm setting some pretty aggressive goals and it'll be tough to hit some of them but setting the bar too low doesn't make it a challenge.

Budgeting goals for 2014:
Reduce average grocery spending to less than $200 per month
Reduce average restaurant spending to less than $110 per month
Reduce average monthly expenses to less than $2,350 per month

Savings goals for 2014:
Average 50% after-tax savings directed toward investment
Surpass $450,000 net worth ($125,000 increase)

Investing goals for 2014:
Receive $4,500 in dividends
Increase forward 12-month dividends to $5,000
Purchase a rental property that can provide at least $150 per month in positive cash flow
Receive $1,500 in option premiums
Increase invested assets my $100,000

Blogging Goals for 2014:
Surpass 50k 100k monthly pageviews
Earn $1,000 from online activities
Average 2 stock analysis reports per month
Decrease Alexa rank to less than 70,000

Personal Goals for 2014:
Lose 20 lbs
Quit smoking
Read 6 books
Travel more

2014 Goals Set
2014 Goals - 1st Quarter Update
2014 Goals - 2nd Quarter Update
2014 Goals - 3rd Quarter Update
2014 Goals - 4th Quarter Update

2013 Goals Set
2013 Goals - 1st Quarter Update
2013 Goals - 2nd Quarter Update
2013 Goals - 3rd Quarter Update
2013 Goals - Full Year Checkup

2012 Goals Set
2012 Goals - 1st Quarter Update
2012 Goals - 2nd Quarter Update
2012 Goals - 3rd Quarter Update
2012 Goals - 4th Quarter Update

Long term goals:
Live off passive income by 40
Purchase rental property for another income source
Learn more about digital photography
Learn more about wood-working
Learn wilderness survival skills
Take a road trip around the US

Here's where I want my forward-12 month dividends to sit at by the end of each year.  To reach FI in 12 years will be amazing.

Annual Dividend Goals
Year Age Dividend Goal Actual
2012 28 $1,770.65 $1,770.65
2013 29 $3,368.04 $3,597.64
201430 $5,053.28 $5,465.98
2015 31 $6,831.21 --
2016 32 $8,706.92 --
2017 33 $10,685.81 --
2018 34 $12,773.52 --
2019 35 $14,976.07 --
2020 36 $17,299.75 --
2021 37 $19,751.24 --
2022 38 $22,337.56 --
2023 39 $25,066.12 --
2022 40 $27,944.76 --

10 comments:

  1. I like learning about the goals of other income investors. However, while i find your near term goals to be specific, I find that there is no link to the long-term goals you have. If you can break down your goals by year, ending them at say your retirement year ( 2022 for example), it would be super helpful. Otherwise, long term goals would look like dreams to an outsider..

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    Replies
    1. DGI,

      Most of my long term goals are things that I would like to be able to do once I get the opportunity to really devote time to the subject at hand. It all ties back in to the short-term goals along the way. The main long-term goal is the live off passive income by 40, the rest tie in to the new found freedom that I will have once reaching the passive income goal.

      I'll try and get some more specific long-term goals. When I first started this blog I didn't really have much basis for my long-term goal since there wasn't a baseline to go off of. Now that I have a full year under my belt, I can set more specific goals along the way. Thanks for the feedback and thanks for stopping by!

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    2. I do like how you have broken them down for the next decade or so. It seems you are on track to meet or exceed them.

      Good luck in your passive income pursuit ;-)

      Dividend Growth Investor

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  2. Awesome goals.

    Just subscribed. I look forward to following your journey. Seems we both love dividends :)

    http://www.myownadvisor.ca/2013/06/may-2013-dividend-income-update/

    Stay in touch,
    Mark

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    Replies
    1. My Own Advisor,

      Thanks for subscribing. I'm hoping to be able to push several of these goals higher after my first half review. I know there's some that I'll increase but we'll see just how much.

      I don't see why anyone wouldn't love dividends. You mean I can earn an income by owning some of the best companies in the world? Sounds good to me. Oh and it increases every year too? Even better.

      Thanks for stopping by!

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    2. Your goals look really neat now. I think you will likely hit them before 40, given the amount you have been able to accumulate. Also, once your dividend snowball starts rolling, it will be earning more and more by mere dividend reinvestmend!

      Cheers!

      DGI

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    3. DGI,

      I'm expecting to hit it before 40, but I'd rather plan for 40 and surprise to the upside. That snowball will really start to pick up steam by the end of this year as I should hopefully get up to around $5k in forward dividends. That's an extra 2-4 purchases right there.

      Thanks for stopping by!

      Delete
  3. Out of curiosity, not sure if this is somewhere on your site, but are kids in your future? I love reading all these FI blogs, but as a person who wants a couple children eventually I could see them really putting kink in the plans.

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    Replies
    1. Dan,

      Great question because children will definitely change your financial picture. I know I've mentioned it before how my wife and I want children but nothing in particular that I can point you to. Back to the main point of your comment. While children will change the plans I think it's still something you can just adapt to. If I miss my ER/FI date by a few years in order to provide extra cushion to better deal with children then so be it. It's not like you'll really hear any complaining from me if I don't reach ER/FI at 35 or 40 and it takes until 45. That's still 15-20 years earlier than the "traditional" retirement age. We'll have an added buffer as my wife plans to continue working and I wouldn't be opposed to still working in some form, it just won't be at my current job if I have the financial ability to do something else even if it pays just minimum wage. There's plenty of opportunities to bring in some side income, you just have to be on the lookout for them. Plus maybe the blog will really take off, an extra $500 per month in cash flow can go really far. I'd say we're still somewhere between 3-5 years from me really considering being able to call it quits and so much can change in that time.

      Thanks for stopping by!

      Delete
  4. Great goals! I'm pursuing some of the similar goals like passive dividends and online income.

    Keep it going and look forward seeing how rentals work out for you.

    Best wishes,
    PIM

    ReplyDelete