Wednesday, July 2, 2014

2014 Financial Goals- 2nd Quarter Update

Now that there’s some financial stability in my life, I’ve been able to really hunker down and focus on saving for my financial goals in 2014. My house just sold in Edmonton which means I can now see the pain in my life in the rear view mirror and can really start to move on. We have the power to do anything we want in this life and all it takes to make it happen is a thought. When you focus enough on that one thought and make it a goal, then it slowly comes into fruition the more you focus and work towards it. I’m not saying you get whatever you want by sitting on your ass and wishing for it to happen. If you really want something, and I mean really want it, then anything is possible when your work for it.


Take money for instance. A lot of people think money is evil when in reality it is not. The truth is, greed is the real evil and it’s greedy people who will do anything to make and keep money that give it a bad rap. Since we exist in a society that trades money for food, clothing and shelter we are forced to use it whether we like it or not. When good people hold money in a negative thought form, it’s almost like they mentally sabotage their ability to bring money into their life. They have big dreams and goals with money but their negativity stops them before their thought is even created.

“I wish I had more money but….”or “I’d like to go to school to get a better paying job but….”

This is ultimately caused by people thinking they are not worthy of having money or wealth which is far from the truth. In reality, a person who comes from a lower income family is no different than someone who was given a trust fund. Sure the person with the trust fund has more wealth, but we essentially have the same opportunity to attract wealth and money into our lives because we are all human beings. The levels of wealth will always be different no matter how positive your outlook but the ability to create wealth is still there. The ability to create whatever we want is there, we just need the drive to make it happen.

We all need Goals

Sarah has a thought to go to Mexico for a vacation while Jill has a thought to get a tattoo. Jill and Sarah both set a goal to save $1200 and each start to put $100 away each month. Sarah really has an overwhelming desire to go to Mexico and manages to cut out a few restaurant visits each month to increase here monthly savings to $175. Jill on the other hand found an amazing pair of shoes and has an overwhelming desire to buy them. After four months Sarah is more than half way to her goal of her Mexican vacation and Jill has a very nice pair of shoes.

We all have the power to complete the goals we set or to not complete them. Whether you complete your goals or not, you must be at peace with which ever decision you make. A closet full of shoes or a stamped passport and wonderful memories. Owning a new car every two years or owning your own home. There is no right answer because everyone is different. Just don’t complain if your garage is full of junk and your bank account is in the red.

Now that you are sick of hearing about positive thinking and making goals, here’s an update on my financial goals for 2014.

Make Maximum TFSA Yearly Contribution: Complete

I was able to make the maximum $5500 contribution for my TFSA right near the start of 2014 and my shares in TD that I bought are doing very well so far. If I continue to contribute the maximum amount to my TFSA every year and re-invest the dividends that it generates for me, I’ll be well on my way to a very comfortable retirement.

I just opened a high interest savings account and when I saw the interest rate they were paying for it, I almost started crying it was so sad at .5%. The high interest TFSA account was marginally better at a whopping 1% return. That 1% doesn’t even cover the cost of inflation and any money you put in that TFSA will have less buying power the following year. My TFSA makes a minimum 5% return and add to that any stock appreciation if I ever needed to sell. I couldn’t be more happy with how my tax- free trading account is doing.

 Save For A Trip To South America: Complete

I’ve got enough money for a plane ticket and lodgings saved up now ($5500) for a two week trip to South America but the only problem now is getting the time off work. I’ve been completely bombarded with extra responsibilities with my job and so many things scheduled that my entire Summer will be a write off for a vacation. That’s good news for someone who just lost more than half of his fortune, so I’m not complaining. More projects means more overtime which means I see my financial goal fulfilled that much sooner. Besides, it’s Winter down there right now. I might as well go when it cools off later this year.

Save Money For Down payment On Land: On Going

Now that I’m officially mortgage free, I can focus more on saving and finding land to build my retirement cottage and organic farm. I’ve noticed land is incredibly expensive in Alberta and started looking in nearby provinces. For what I pay for 5-15 acres of pasture land in Alberta, I can get 120-160 acres in other provinces, WTF mate!? If I’m looking in other provinces, I might as well aim for locations that are warmer in the Winter rather than where I’m currently located. That way I won’t have to chop as much wood for heating and lower my carbon foot print even more.

I have a very strong desire to make this thought a reality as soon as possible. I won’t be letting shoes or tech gadgets get in the way of this one, I can promise you that. If I can get the land now and pay if off ASAP, then designing the cottage and organic farm will be the next stage of my plan. I can’t wait!
That’s it for my Financial Goals second quarter update. How are your financial goals coming along?

This article was written by The Loonie Bin. If you enjoyed this article, please consider subscribing to his feed.

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