As of May 18, this blog is now 1 year old! Today I celebrate that milestone by doing a review and update of my financials goals for the year. Here’s the original post from January 2021.
Before continuing, I feel it’s important to review why I invest.
I invest:
- for future financial independence
- because the power of compounding will help me achieve my goals faster
- because the cash flow will open up many more options to me
The reasoning has remained the same, let’s how I did on my goals
My goals for 2021:
- Max out my contributions to my TFSA (done)
- Contribute at least $2400 to my RRSP (done – contributed $16520)
- Continue to pay off my debt (in progress)
My TFSA is fully maxed out! This marks the second year in a row where I’m able to max out my TFSA to the limit, which is a great feeling.
Additionally, I was able contribute $14000 more to my RRSP than I originally planned to. Despite this massive lump sum contribution, I still have about $12000 in available contribution room that I will be saving for next year.
In terms of debt payments, I managed to pay off $30400 in debt. I also recently took on more debt ($8000) due to an opportunity that arose in the stock market (hence the massive RRSP contribution). My debt will skyrocket again next month as my property deal gets underway and I’m able to finally include it in my networth updates. I’m not currently worried about my debt situation as my initial investments over the past year have given me enough of a safety cushion to comfortably carry the new RRSP debt I took on.
Additionally, the property deal has immediately proven to be accretive to my overall networth, with prices rising in the period between signing the contract until now. It’ll still be another 2 weeks or so before I can take possession, but barring any extreme unforeseen circumstances, I expect no issues to arise. In addition to capital appreciation, rent prices have also seen upward pressure where I bought my property in comparable units, so this bodes well to my future cash flow moving forward.
I have a moving goal now of reaching about $7500 a year in dividend income. I think this is highly possible, and I may have to revise this number upward as the year marches on.
Stay tuned! I have some exciting updates coming over the next few months 🙂
