We are now through the first quarter of the year. Many of the companies that increase their dividend payment would have done so by now, or at least announced it. I have had a number of dividend increases in place already and received the highest monthly dividend income so far. While the Canadian markets have not been kind, my dividend holdings have been generous.
In March, I have earned $1,125.38. I need to point out that unlike the past few years, where I had my RESP and TFSA contributions invested in early January, this year I have not been able to do so. As such, the increase over the same month in the past quarter represents mostly the dividend increases from my holdings. I have essentially received a 9% raise, which is pretty amazing.
Using the Rule of 72, it would take 8 years to double my dividend income. I should expect to earn at least $20,000 in 8 years without adding money, but since I am still in the accumulation years, I would like to reach at least $30K in 8 years.
I have some US cash on hand to invest in my RRSP, and I am currently looking at the credit cards companies. They are actually recent companies from a stock market perspective. Do you hold a credit card stock?
Disclaimer: Please note that this blog post represents my opinion and not an advice/recommendation. I am not a financial adviser, I am not qualified to give financial advice. Before you buy any stocks/funds consult with a qualified financial planner. Make your decision at your own risk - see my full disclaimer for more details.