With 2025 quickly coming to an end, it’s time to reflect on our goals from the past year and set our new financial goals for 2026. Looking back, it will be difficult to top this year from a financial perspective.
Earlier this year I had the absolute honor and privilege of speaking with my personal finance idol, David Chilton, on The Wealthy Barber podcast.
Our operating revenues have increased by almost 50% this year. Our investments have increased by almost 23%. And we’ve made a significant change to optimize the way we pay ourselves from our business (salary vs. dividends).
Personally, I had a scary episode of atrial fibrillation in May that sent me to the ER in an ambulance. The good news is that I’ve been feeling great since I got my heart back into rhythm that day. Overall, I lost 15 pounds this year and started exercising more, lifting heavier, cutting back on caffeine, and (mostly) cutting out alcohol. I hope this was just a one-time incident that I can control with good, healthy habits.
I also applied and was approved for British citizenship this year. Don’t worry, we’re not going anywhere anytime soon. Just opening doors for ourselves and our children in the future (Scotland, anyone?).
We exceeded our 2025 goals by contributing $50,000 each to our TFSAs (snowball catch-up method), maxing out our kids’ RESP contributions in January, taking three incredible trips (Cancun, Italy, and Scotland), exceeding our business revenue goals, buying back some time with biweekly cleaning and summer lawn care, and, drumroll please, surpassing the $2 million net worth milestone.
That’s right, barring a catastrophic market collapse in the last few trading days of the year, we will have exceeded our big hairy, bold net worth goal by 2025.
So, what’s in store for 2026?
- Complete our catch-up through the TFSA, with each of us maximizing our lifetime contribution limit by the end of 2026.
- Contribute to our RRSPs for the first time in six years (goal ~$20,000 each).
- Contribute $5,000 to our children’s RESPs in January 2026 (the last contribution year for our 17-year-old child)
- Increase salaries (and reduce dividends) so we can contribute the annual maximum to our RRSPs in 2027.
- Take four (!) trips (Mexico, France/Switzerland, Paris for our 20th anniversary and one surprise trip)
- Apply for my British passport and then apply for British citizenship for our children.
Once we catch up on our TFSA room, all we have to do is come up with the annual dues amount per year ($7,000 each). That frees up tens of thousands of dollars that can go to other purposes.
For us, this coincides with our eldest child starting high school in the fall of 2027. She plans to go to college abroad, so the amount saved in their RESPs won’t help with that. We will have to help with additional funding.
Our mortgage will also come up for renewal in 2027 and, depending on interest rates, we may increase our payments to better align the mortgage payment with a possible early or partial retirement.
Finally, we continue traveling and enjoying all the bucket list experiences we can. My wife’s MS and my recent Afib scare remind us that tomorrow is never promised, so we don’t take our health for granted for a second.
Forget it someday, maybe. Now we’re all about making those memories.
It’s a huge privilege to make a good living doing something I love, work with my wife to grow a business we’re proud of, and still be able to take the time to travel and experience all that life has to offer.
Thank you to everyone who reads, comments, and asks for advice (especially those who pay for it!). We are so very grateful.
Now let me know in the comments how 2025 ended for you and what you have planned for 2026.
#Financial #targets