We are excited to share with you our 2021 financial goals in our journey to financial independence.
As you might know, our goal for financial freedom is 2028, and we’ve decided to share our FIRE 2021 goals with you. The journey to financial independence is not easy. There are so many things to consider, including emotions, what we need to let go of, lifestyle, and accountability.
Being transparent is another important element in our financial independence journey, so without further due, here’s what we want to achieve by the end of 2021.
Financial Independence 2021 Goal #1 – Invest $100,000
That’s a lot of money to invest in 2021, and we hope that we will be able to accomplish this! Here’s how:
- RRSP Contributions: 20k
- Swing Trades: 30k
- Smith Manoeuvre contributions: 30k
- House hacking: 20k
Financial Independence 2021 Goal #2 – Reduce the car loan by 50%
The 2020 remaining car loan is $19,045.67 (01/11/2021), and we would like to end 2021 with a balance below $10,000.
Financial Independence 2021 Goal #3 – Reach $25,000 dollars in dividends
We ended 2020 with $4,634.56 in dividends, and we expect to reach 25,000.00. You might ask – how this is possible? A short answer is that we started tracking our dividends back in September 2020 (here’s our monthly dividend income breakdown).
We have a whole year ahead of us, and the opportunity to share the journey to financial independence for all months.
Financial Independence 2021 Goal #4 – Accumulate 400k miles to travel
You might think this is not a financial goal. However, we love travel hack and try to take advantage of signup bonuses with high payments, especially at the beginning of the year.
With the minimum spending requirements, we end up getting the bonus points. For example, at the time of this post, American Express has an offer for a Business Platinum card. The annual fee is $599, and after spending 7,000 dollars in the first three months of the card, you will receive 75,000 points.
Note: You must ALWAYS pay your credit card in full. We are grateful this is something we can afford. Gean has a business, and most of his business expenses are paid in full with credit cards.
If you feel inclined, take a look at our list of products and services we use and approve.
Financial Independence 2021 Goal #5 – Write 52 posts
This is not a financial goal eh? 🙂
Simple math: one post per week. If you’ve been reading our posts in 2020, the majority of them were related to numbers, especially the monthly dividend report, and the net worth updates.
In addition to these posts, we want to add more content on how we track, save and invest our money on a monthly basis. Additionally, we are looking to start generating income with a new side hustle!
Now over to you: What are your financial goals? Do you have a date in mind to become financially independent?
Thanks for letting us be part of your journey!
Comments on this entry are closed.
Those are great goals!! The 52 posts really sounds ambitious. I also noted that you don’t have $12k for TFSA in your financial goals??
Cheers,
MM
Hi MM, thanks for your comment and yeah, you’re correct. Kristine’s RRSP room is still something we need to focus on. She’s in the higher tax bracket and we will be contributing to RRSP first (spousal RRSP [me – with the lower tax bracket])
Should we contribute to TFSA first, we would have to pay higher income tax. We know it is tax-free, but right now we need to reduce her taxes and also increase the tax-deductible debt through the SM.
Wondering what your thoughts on this approach?