Saturday, December 29, 2007

2008 Resolutions

As a follow-up to the previous post of my biggest regrets of 2007, I hope to learn from those mistakes as I set my goals / resolutions for the upcoming year. So without further adieu, here are my goals for 2008 in no particular order:

  • Take advantage of the financial stock slump to pick up some dividend-paying Canadian bank stocks to increase my dividend income.

  • Set stop-losses and stick to them no matter what happens.

  • Stay away from companies I don't understand or even pretend to understand (i.e. the entire biotech industry).

  • Finally establish a plan for my RRSP and invest the cash that is currently just sitting there.

  • Let my winners fly until the trend is broken.

  • Take advantage of any extra cash in my portfolio for quick wins.

  • Earn higher capital gains than in 2007.

  • Stick with bigger, well-known names for a minimum of 80% of my stock portfolio.

  • Take advantage of season trends in certain stocks / sectors.

  • Start buying quality stocks if and when I hear the mass media and regular folks on the bus discussing the collapse of the market.

  • Reach a net worth of $300k in liquid assets (cash / stocks / mutual funds + RRSP).

  • Get a promotion at work.

  • Exercise at least 30 minutes a day, 3 times a week.

  • Find Miss Right For Me (probably a long shot, but I'll throw it in there anyways).

2 comments:

mariam said...

Excellent list.

I think the hardest part is to ride the winners and exit the losers.

There's a saying in my family about the market:

You have the guts to lose but not the guts to make money.

So true but that's human nature.

White Eagle said...

So true...

Thanks Mariam!