Hope everyone had a great 2016 and spent a lot of time with friends and family around the holidays. Many of you have probably hit record dividend income on your portfolios. While it’s nice to take a moment and bask in the glory of our accomplishments, it’s also time to prepare for the upcoming challenges of the new year. Now that we are already off and running into 2017, it’s time to update goals.
I have spent a lot of time recently contemplating my goals for this year. While going over my prior 2016 goals and seeing how I could improve on them, I found a few errors on my thought process which I learned from in order to set better quality goals this year. One being the range and area of goals. While I only set a few goals for last year, they are only financial goals. These goals are not bad, however, it lacks anything for personal growth.
While reading some other dividend blogs, I came across an interesting and informative article about setting goals by Bert of the Dividend Diplomats. In this article he mentions that a goal should be something that you can actually control. One of my 2016 goals was to have a specific dollar figure in my portfolio by the end of the year. Due to market conditions, this is not in our control and makes it harder to attain. Going forward, I will be eliminating goals like these from my list.
After careful review of my old goals, and much thought and focus about the future. Here are my 2017 Goals.
1. Dividend Income = $800. A few weeks back I posted a recap of my 2016 dividends. Astonishingly, I was fortunate enough to hit $530.50 in dividend income for a 586.73% increase from the prior year. While I don’t believe I will see increase numbers like that again, $800 in dividend income is very feasible for this year.
2. Max out Roth IRA- Self explanatory, and contribute the max $5,500 into this account.
3. New Capital- I would like to add $5,000 of new capital into my taxable account. Ideally, new capital will be spent on new companies I do not currently own. This will help diversify my portfolio and get me closer to completing goal number one on my list.
4. Debt Management- While last year was big on optimizing and growing the size of my portfolio. This year will be a little different. With the additional tuition costs of going back to school, money will be tight. Ideally, I would like to pay it as I go instead of taking out a bunch more loans. So while I pay back old debt, I will not be gaining any new debt. The portfolio will not grow as much as I would like during this time, but I will be saving money in the future by not paying interest while gaining valuable skills in the process.
5. Go on at least one vacation- With all focus on the future, It’s hard sometimes to stop and enjoy the present. So this year I would like to go on at least one vacation that is more substantial than just a weekend. Potentially do a little traveling or go somewhere I have not been yet.
6. Dividend Daze Website- After the creation of the Dividend Daze site late last year, 2017 will be it’s first full year. I am actions to grow the site and be a contributing member in the DGI community. My goal is to have 3-4 new posts per month.
So that’s it until I think of more. How do you like the goals? Is there anything I may have forgotten of you would like me to elaborate on? Are any of your goals similar? Feel free to comment below.