A new year, a new dividend income target! Last year I was hoping to reach $7,000 but I had to rectify that early and target $6,000. I finished the year slightly short of $6,000 with $5,790.71. This year, as much as I’d like to reach $7,000, I think I will have to target $6,500 in dividend income. It’s a growth of just over $700. To achieve this growth, assuming I can reach 3.5% dividend yield, I would need to add $20,000. I am hoping that my current holdings will provide me with some dividend growth, along with the compounded growth from shares re-invested. With my dividend machine at work, I hope that investing $15,000 will do the trick. Now I just need to invest $15,000 :)
My first dividend income of the year is $407.73! My monthly dividend income are not even after my purchases in the fall. January happens to be one of the of my lowest month. The good thing is that it only goes up since my re-invested dividends buy more shares :) That’s the beauty of compound growth – it’s no wonder Albert Einstein calls it the 8th wonder of the world.
Dividend Paying Holdings
I’d love to have my TFSA contribution made already but that’s not the case. I am going to need to save the money first. In the meantime, I am preparing to efile my taxes and planning my RRSP optimization.
DISCLOSURE: Please note that I may have a position in one or many of the holdings listed. For a complete list of my holdings, please see my Dividend Portfolio.