Happy 2020. I'm posting my goals for the year, and following up with more specific monthly goals and information, with the intention of keeping myself accountable by sharing and updating my financial path.
My goals for the coming year:
1. Max out my TFSA for this year (plenty of room for catch up).
2. Max out RESP.
3. Get my get my investment portfolio professionally reviewed.
4. Learn now my online investing platform works, and follow the investment performance monthly.
5. Rental Properties: pay attention to the cash flow, and drive income.
6. My consulting business: Target a 20,000 thousand gross revenue.
7. Find free resources when at all possible.
8. Add value to primary home and properties.
I will work on adding detail to these ideas as the days and weeks unfold! My main objective is to continue on a path of improving my personal finances.
Most of my life I've been a great saver and shown excellent financial responsibility. Then the years of solo parenting kicked in, and I was happy to make ends meet (while still experiencing growth of my pension and one rental property). Day care was expensive, and I wanted to spend money on experiences. Then the opportunity came to buy a home in the best school neighborhood and I took advantage of it!
It definitely hit my finances but it was also a great move.
Fast forward to 10 years of parenting, my salary has increased and I have 2 rental properties now. I incurred some bad debt due to a "yolo", which I spent last year working hard to pay off. I'm entering 2020 with only "good" debt, and a clean slate. I do have a decent retirement portfolio, excellent pension, a great start on an RESP and real estate equity. But I want now is to build more liquid assets.
So I'm here to describe my journey of making more and spending less.
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