2009 Goals

So after considering my ideas for goals for 2009 I’ve decided to scrap my original idea and go with a simple set of goals of items that I can control.

  1. Reduce my LOC balance to zero by mid-2009 (ie: June, July or Aug).  I originally wanted to have this done by end of 2008, but with the down market I decided to extend this out a bit to leave more cash for buying opportunities as they show up (after all if the Bank of Canada keeps cutting rates much more the interest will be almost nothing).
  2. Max out contributions to both my wife and my TFSA’s for 2009.  So in total $10,000.
  3. Make total contributions to pension (employer and mine), RRSP’s,  TFSA’s and taxable accounts of $25,000 in 2009.  This basically represents all savings that I put into investments, so yes goal number two feeds into this goal.

My bonus goal should I complete the above with cash to spare is to make a extra mortgage payment (or two).

Notice I use the word ‘contributions’, so I’m tracking what I put in and not what it is going to be worth at the end of the year.  I’m not setting a net worth goal in 2009 at all.  In the end I’ll still track my net worth going forward to gauge my overall progress, but given the number of factors that affect my net worth I’ve learned from 2008 don’t set short term goals by it.  I still think net worth is a good overall indicator, but it falls apart a bit when doing shorter time horizons.

On a personal note I’m setting one other goal in 2009.  I’m finishing the draft of a book I’ve been working on.  Ideally I would like to get the thing published in 2009, but I know I need to get the draft done first and then worry about either finding a publisher for it or doing a self published version.

6 thoughts on “2009 Goals”

  1. Hey Canadian Dream, ’tis the season for new years resolutions! I’m wondering if you would like to lead your readers on one of the goals you mentioned. I think it would be awesome of you could run “Canadian Dream’s Debt Elimination Challenge” or “Canadian Dream’s Save X% Challenge” to line up with your own goals, but sweep some of your loyal readers along with you.

    I just put up a website for running group challenges called Goalhunter … you can see what it looks like at my own Qualify for the Boston Marathon Challenge. The charts and updates could be integrated right into your own blog. If you’re interested we can talk offline — it’s very easy.

  2. I like the idea of focusing on goals you can control. All one can do is stick to his or her asset allocation and hope for the best.

    Congrats on the book. I don’t want to sound like a stick in the mud, but getting published might be one of those goals one can’t control. Who knows how long it might take for a publisher to realize your genius? Even if a manuscript gets through the first line of defense, there’s a lot of editorial red tape to get through. Don’t let me dissuade you, though. Persevere!

  3. Further to Canuck’s comment: my wife also published a book this year. Just like Canuck said, she is finding it tough for others to discover her genius 🙂 But she’s working hard and making progress.

    Canuck: Do you have experience with this?

  4. Goalhunter: my parents owned a bookstore while I was growing up. I picked up some snippets of the publishing biz’ by osmosis I guess.

    We did carry some self-published material, but most of it was local stuff (history, hiking/fishing guides, that sort of thing).

  5. Cash Canuck,

    I should clear up something. My goal is to finish the draft in 2009. I’m not done the book yet.


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