Well 2014 has definitely been an interesting year for my financial goals. There wasn’t a whole heck of a lot of them and when it was all said and done I ended up getting rid of one completely!
The only consistency in life is that there is no consistency.
No matter how much planning or preparing you do, life always has a way of putting you in your place by changing things up on you. That’s why it’s important to avoid being rigid and instead, be more flexible to deal with whatever life throws your way. Surviving life means being able to adapt whenever possible. When you want to turn left and you’re forced to go right, you learn to deal with it or else you might as well just lay down and die.
Onion in the Ointment: Land Prices
Land prices in Alberta have skyrocketed thanks to the surge in personal wealth from oil and farming. Some idiot pays $400,000 for a quarter section of land for sentimental reasons then every Tom, Dick and Harry realtor sets that price for every other Quarter section. Why, where I live someone is trying to sell 16 acres of raw, un-serviced land that is entirely made up of sand for $216,000. As a man who lost half of his net worth it almost feels impossible to reach my goal of starting an organic farm. Instead of laying down in defeat, I just have to adapt my strategy and face facts with what is possible and go in that direction.
I could always buy cheap land in Manitoba but my family is here in Alberta and family is very important to me. So sticking around here is a high priority. And besides, then I would have to live in Manitoba! *rimshot*
Instead of paying $200,000+ for just the land, I might as well spend $200,000 on a house on a serviced lot in town. I can always grow my vegetables in a communal garden and perhaps one day find a small acreage to move out to.
Contribute $5500 to TFSA- Complete
Since TFSAs are amazing, this goal has become my top priority. I’m very grateful to have been able to save the maximum amount in my TFSA each and every year. By investing the maximum allowable amount of $31,000, my TFSA account is now worth just over $50,000. Nothing to write Money Sense Magazine about, but I stand to make over $1500 in dividends this year. That’s $1500 I can take out at any time without paying a lick of tax on it. I’m going to re-invest that money and buy more dividend paying stock so I’ll make even more money next year. My fingers are crossed that I’ll be making $2000 in dividends just in my TFSA alone next year thanks to dividend increases, re-invested dividends and my yearly contribution. Stay tuned to find out.
South America Save $20,000 for a house: 80% Complete
Well since life likes to throw curveballs, I’ve decided to widen my stance and hit them right back. So in order to do that, I’ve decided to postpone my trip to South America and merge that money I’ve saved towards my newly formed goal of a down payment for a house. Since splitting the sheets in May, I’ve been able to save $16,000 towards a new house. It’s funny now that I think about it. Both times in my life that I set my financial goals to save for a down payment, I manage to save absurd amounts of money while being single. I wonder why that is?! I’ll just keep on trucking and hopefully I’ll be able to make my goal of $20,000 by the end of the year.
I apologize for the inconsistency with my yearly financial goals but I have to roll with the punches. If I told your everything was just peachy and didn’t change anything, then I would be a total fraud and that’s not my style. I’m hoping that next year will be full of less life changing events and I’ll be able to totally move on with my life. Thanks for reading.
Care to share any of your 2014 financial goals?