Sunday, November 4, 2007

MG's 4 goals - (goal # 1)

About one year ago my wife and I set 4 long-term goals for our non-registered portfolio. I have these goals indicated on one of my Excel spreadsheets that I use to track my non-registered portfolio. The reason I have them there is so that I can see the 4 goals as a reminder, as well as to check up on my progress regularly. When creating these goals I tried to make them simply stated, specific, challenging, and of course realistic. I thought I would share these 4 goals for our non-registered portfolio in a series of posts. I won't necessarily run the ' MG's 4 goals' posts consecutively, but I would like to share them over the next while. OK, let's get on with it...

Goal # 1
Save an average of $1,000 / month, to be added to this portfolio.

This means simply what it says. We want to save an average of $1,000 in cash every month for this portfolio. This $1,000 is over and above any dividends or distributions that the portfolio earns.

So far we are accomplishing this goal. Please see the bar graph below for more details. We have been able to save an average of $1,534.84 / month over the past 19 months. This overshoot will come in handy over the next little while as my wife's maternity leave will present a challenge to continuing to meet this goal.


Financial Jungle said...

Well done, MG.

BTW, I have a similar #1 as yours. I find it helpful to setup a rule in my PC account to automatically funnel $xxx from the checking to saving account. That way if we don't see the money, we don't spend it.

telly said...

Great job mg.

I'm beginning to realize more and more the importance of recording the details of goals and savings. I often review our budget to determine our savings rate but if I really look at the numbers (which I'm starting to do), I realize that the "actuals" do not always = the planned actions.

Thanks for the reminder!

Middle Class Millionaire said...

Just out of curiosity why the huge difference month to month?

MG said...

That's a good way to run it. I find it easier to just make transferring the money the top priority, each pay cheque.

That is one benefit of documenting...the numbers don't lie.

The huge differences are due mainly to the following factors:

- other expenses crop up (ie new patio, new flooring, vacation)
- market opportunities present themselves (ie August - used some LOC funds amd and paid back in Sept)