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:
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.
So true...
Thanks Mariam!
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