Goal Revision

 I started documenting our net worth journey 5 years ago for two simple reasons:

1. Doing at least a monthly update would force me to evaluate our progress and keep me accountable.

2. I wanted an archive so that I could look back at the journey. 

Originally my goal was an investment portfolio of $1,000,000 and an annual passive income of $40,000. Well like most long term goals I feel that this one needs to be adjusted. We've easily surpassed the goal of a $1,000,000 retirement portfolio net worth. However, we're only half way toward my goal of $40,000 of passive income. The reason for this is that 66% of our retirement portfolio net worth is tied up in our rental houses. Unlike most landlord I'm aggressively paying down the principal on the rentals. Basically, all of the excess cash flow that they generate is being invested back into the properties. I also bought "fixer-uppers" so I've had to invest both my sweat and the rental revenue back into the properties. So far this strategy has been paying off handsomely (on paper anyways) and we've approximately doubled the value of our properties. With that in mind I've outlined my financial goals going forward:

1. Retirement Equity Portfolio of $1,000,000
2. Rental Portfolio Value of $1,200,000
3. Annual Passive Income of $60,000 (rental income + dividends combined)

The revised goals are much more aggressive however, I feel that they are attainable within the next 5 years. As with my previous goals I will continue to omit the value of our primary residence, cottage, workplace defined benefit pension plans and children’s RESP.