Thursday, January 1, 2009

The 2009 Game Plan

All things considered, 2008 was a pretty good year.

From a financial standpoint, my net worth was up approximately 11.9% and my realized capital gains more than doubled (year-over-year) but that doesn't mean it couldn't have been better.

With that in mind, I will recycle last year's resolutions and add a few more for this year.

So without further adieu, here are my goals for 2009 in no particular order:

  • Set up a Tax Free Savings Account at Questrade

  • Take advantage of the economic downturn to pick up some Canadian dividend-paying stocks to increase my dividend income (to a minimum of $1k / year)

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

  • Stay away from companies I don't understand or even pretend to understand

  • Establish an investment plan for my RRSP & TFSA

  • Let my winners fly until the trend is broken

  • Find a feasible way to make short-term trades while at work

  • Earn a minimum of $10k in capital gains

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

  • Reach a net worth of $335k in liquid assets (cash / stocks / mutual funds / RRSP / TFSA)

  • Get another promotion at work

  • Exercise at least 1 hour a day, 3 times a week

  • Improve my French language skills

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