October was a while ago, so I apologize for the lateness of this post. I’ve been crazy busy with not only family-related stuff, but also buying a house (which unfortunately didn’t go through… or maybe fortunately… more on that in a future post). Starting back in September, I thought I’d talk in a little more detail about my monthly dividend income. As you probably know if you’ve been following me, dividends make up the bulk of my passive income. And while I’d like to diversify a little more in the future, I think this is going to remain the case for a little while longer. The great thing about dividend-income, over the long term, is that it has a tendency to keep growing and growing without almost any effort!
Dividends I got this month
My total dividend income in October was a record $102.01, which is quite a bit above my current monthly average of $88/month. At the same time last year, my total div income was a much smaller $44.07. That means my October dividend income grew by a whopping 231% in just one year! As you can imagine, I’m really happy about this — and just goes to show what someone can accomplish with a little effort and discipline.
Total: $102.01 CAD
Another great part about longterm dividend investing is the possibility of dividend increases — and my portfolio saw one such increases in October from Brookfield Infrastructure. In this case the company’s quarterly dividend was increased to $0.39/share, which represents a total 6.09% increase from when I first bought it.
Short term Plans
I wish I could say I was in a financial position to buy more stocks in the next couple of weeks, but my savings rate in October was pretty bad due to an unforeseen trip to Vancouver for family-related reasons. Back then I had hoped that I would be back on track by November, but this doesn’t look like it’s going to be the case. That having been said, I’m expecting a modest windfall in the next couple of months which I’ll put almost entirely into my portfolio. Furthermore, after a THIRD failed attempt at buying a house, I think I’ve pretty much given up on the entire endeavour. Consequently, the money I’ve put aside for a down payment (around 30k) will slowly be incorporated into my portfolio. This should increase my dividend income considerably!
What to expect in November
November should be another great month, since I’m predicting at least $65 in dividends. Even if I miss the mark (due to fluctuating currency rates and foreign tax deductions), I should get a decent $60+ into my investment account, which again, is around my monthly dividend income average.
|Royal Bank of Canada||$24.90|
Total: $65.08 CAD
October was my best month yet, and despite a few set backs, I’m really happy about where my portfolio is going. Even though I’ve only been doing this for a year, I’ve already seen a lot of growth in terms of both gains and dividends. A year ago I was making less than $10/month in dividends, whereas now I’m breaking the $100/month threshold, which although relatively small compared to others out there, is a psychological barrier that feels great to finally pass. I hope this inspires others out there who are also just starting out that real progress is possible with just a little effort.
If you want to look at my dividends/stock in more detail, feel free to check out my dividend page above.
Thanks for reading,