2017 Financial Goals Summary

2017 Financial Goals Summary

Welcome to 2018 once again…another year of My Own Advisor!  Today’s post will look back on 2017 and see how we did on our financial goals now that last year is completely in our rear-view mirror.

These were the financial goals we focused on throughout 2017:

  1. Do not to incur any new debt.
  2. Maximize our Tax Free Savings Accounts (TFSAs).
  3. Make double-up mortgage payments.
  4. Save $5,000 for a vacation.
  5. Save $5,000 towards a new car.
  6. Top up our emergency fund.

Here’s where we ended up:

  1. Do not to incur any new debt. Goal accomplished for 2017!  However, there will be new debt in 2018.  Stay tuned for a future post about that given our housing dilemma.
  2. Maximize our Tax Free Savings Accounts (TFSAs). Goal accomplished!  We maxed out our 2017 TFSA contributions in January 2017.  You can make a big bet we’ll try and do the same in 2018 – a future post also to come on that.
  3. Make double-up mortgage payments. Goal was not accomplished although we did go through the first six months of 2017 making double-up mortgage payments.
  4. Save $5,000 for a vacation. Goal accomplished!  Our trip to Portugal occurred in October this year and it was two weeks of international bliss.

Porto

  1. Save $5,000 towards a new car. Goal accomplished!  So far, so good with our 2014 Mazda 3 that replaced my old 17-year-old car that is now parts.  Poor guy.
  2. Top up our emergency fund. Goal accomplished!  We try and keep our emergency fund at this amount for the “what-ifs” in life.

Overall, a great year really:  5 for 6.  A little bit of everything that is important to us financially:  saving for our future, killing debt today and having some fun with travel.  Will more of the same be in store for 2018?  You’ll have to read my 2018 financial goals post coming up soon to find out.

Readers, what financial goals did you set for yourself or with your family in 2017?  Did you realize them?   Do you have any plans for 2018? 

Mark Seed is the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I've grown our portfolio from $100,000 to well over $500,000. Our next big goal is to own a $1 million investment portfolio for an early retirement. Come follow my saving and investing journey by subscribing to my site. Delivered by Subscribe Here to My Own Advisor

16 Responses to "2017 Financial Goals Summary"

  1. Every year, I have one major financial goal, to increase my net worth by 10% or $100k over the previous year. I was happy to have an increased of 16.8% last year. This year, the boring goal is being reset once again to another 10% increase and I hope the market will cooperate again this year.

    5/6 goals accomplished was an awesome success rate. Can’t wait to see your list for 2018. All the best for the new year Mark.

    Reply
    1. It was a HUGE year for us but I suspect 2018 will be challenging given we are planning a big change in a couple of years.

      Geez, increase your net worth by $100K? Impressive. I tend to think about that but I don’t bother too much with net worth, I prefer to focus on income needed from our portfolio to live from AND reducing our debt burden. Net worth will take care of itself if I do those two things.

      All the best for 2018 Leo.

      Reply
  2. Great work on the goals! I also really like that they are balanced with some fun travel thrown in there!

    In 2017 my partner and I bought our first house. So we accomplished the goal in 2017 after many years of saving for it. Now on to continued saving and investing to work down the debt.

    Reply
  3. Great job Mark. 5 of 6 was excellent especially considering why you deviated on the mortgage top up.
    I’m sure 2018 will be an exciting one with some big decisions for you.

    We’re doing very well here too and exceeded our financial and life goals for 2017. We had a ball. For 2018 I think we’re well positioned for a similar rewarding retirement lifestyle, regardless of whatever mr market throws at us. Guess time will tell.

    Good luck to all in 2018.

    Reply
    1. Maybe you don’t need to May, if you’re accomplishing all your objectives? I know writing mine down and updating them via this blog is one of our enablers to staying on track.

      Reply
  4. Oh dear! Sounds like you’re moving? Stressful….! No doubt you appreciate the amount of stress in a move. It’s up there with divorce as being as stressful! I did that 13 years ago…. yikes, still reeling from the stress, but for me it was new job as well which may not be for you. But yeah, find new doctor, new dentist, new mortgage, new friends… it was too big! In retrospect, am I happier? No. So what was the point? Perhaps the climate is better — moved from the frigid prairies to Vancouver :).

    Reply
  5. Mark, I would like to take this opportunity in the new year to thank you for your blog. I have been reading it for about 5 years now (?), doesn’t seem that long!
    But I remember that reading it inspired me to finally go and do a year end household net worth again at the end of 2013. I had been a bit depressed about our financial situation, raising 3 kids on one salary isn’t easy and I hadn’t computed this in years.
    I was pleasantly surprised when I did that first one, and each year since then our net worth (without counting our home) has grown through returns and more savings. Over the 4 years it has increased 83 percent! Needless to say, I am now very confident about our retirement phase. Even with healthy savings, having no income coming in is pretty scary.
    I compute net worth to figure out how much we could safely draw down each year, eg. something like the 4 percent rule. But I also use this in conjunction with dividends and OAS, CPP to think of it as an income amount.
    Re: Moving is stressful. Yes, we moved 5 times in 6 years and when we bought our current house I said I was never moving again! But I was very good at packing by then. Luckily I still love our house and neighbourhood, 16 years now.

    Reply
    1. Thanks for being a long-term fan Barbara!

      To be honest, raising 3 kids is not trivial and hard work – let alone on one salary. Serious kudos to you.
      “Over the 4 years it has increased 83 percent!”

      Wow.

      I don’t often calculate net worth like some other bloggers do (I used to share it on my site but stopped for a few reasons; namely, I disclose plenty here) but I suspect if I did we’re doing well overall. Can we retire yet? No, because we have debt. This will be the focus on our 2018 goals actually given a significant move is coming up for us.

      I’m confident if we keep maxing out our TFSAs, eventually have both RRSPs maxed, and then kill debt as much as we can and enjoy life along the way – I am very confident in fact we can retire as soon as our debt burden is done.

      Moving is VERY stressful for me and I will need to find ways to cope for sure! I’m sure writing about it will help 🙂

      Reply
  6. Congrats Mark. Setting goals is so important. Your plans and strategy are very similar to me and my wife’s, 20 years ago. I really enjoy your blog. We are now living a comfortable retirement; not “wealthy”, but living simply and debt free… driving two 2006 cars. We receive a combination of gov stuff with dividends which allow us to go to a warm climate for 3 months a year (from where I’m writing today) and enjoy a healthy lifestyle. No doubt when the time comes, you will too…or have whatever you want. We loved Portugal!!

    Reply

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