[Updated: Dec 30th 2017]
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, 2017:
- New lot. (And eventually house)
2018 will also be jam-packed with new and exciting (and expensive) things!
- New House
- Moving to another province
- (Maybe a kid?)
As such, my goals for the next 12-24 months will be somewhat broad, such as desperately trying maximize 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 amount of debt.
More specifically, in terms of DRIP/Compounding, I did setup specific goals. With the end of the year just behind us, I can finally update this list.
- YEAR: $GOAL (equals $/Hr) – (Actual amount reached)
- 2017: $8,000 ($0,91/Hr) – (Total: $7,779.16 or $0.89/Hr)
- 2018: $10,000 ($1,14/Hr) – (See latest Monthly DRIP Update)
- 2019: $14,000 ($1,60/Hr)
- 2020: $19,000 ($2.17/Hr)
- 2021: $25,000 ($2.85/Hr)
Ambitious? Yes. Possible? Absolutely! 2018 will need to see a stable contribution from my end. I’m thinking roughly $15k could be enough to make the dividend goal a reality for 2018. After that, 2019 should see a dramatic increase in contributions so for now, the goal for 2019+ remain the same.
These goals will be revisited and edited once every end of year, taking into account the contributions I’ve made in said year.
Note that I like to indicate how much ($/hr) I earn passively, it’s just something I use to motivate myself from time to time 🙂
Wishing everyone a great 2018!!
Money Lover, Dividend Growth Investor, Youtuber, and Blogger!