As in anything else, I think it is primordial to have clear goals and objectives.
For now, let’s say this is a transitional part in my life. Particularly, this year:
New lot. (and eventually house)
Change in professional context (for the better).
As such, my goals for the next 12-24 months will be somewhat broad, such as maximizing my RRSP and TFSA. In itself, this will be a hard feat. All the while, I will attempt to minimize (or at least not increase) my overall debt.
More specifically, in terms of DRIP/Compounding, I did setup specific goals. (At the end of each year I will write what amount was reached)
- YEAR: $GOAL (equals $/Hr) – (Actual amount reached)
- 2017: $8,000 (0,91$/Hr) – (see latest dividend update)
- 2018: $10,000 (1,14$/Hr)
- 2019: $14,000 (1,60$/Hr)
- 2020: $19,000 (2.17$/Hr)
- 2021: $25,000 (2.85$/Hr)
These goals will be revisited and edited once a year, at year end, taking into account the contributions I’ve made in said year.
Note that I like to indicate how much ($/hr) I earn passively, it’s just something I use to motivate myself from time to time 🙂
Money Lover, Dividend Growth Investor, Youtuber, and Blogger!