Last week I passed one of the first goals or milestones I set for this year. $7,500 total invested. At just over a year into this project that is a significant amount for a side hustle. My portfolio has grown into something larger than what I’ve invested. As of this writing it’s just over $8,000. It hasn’t beaten the S&P 500 – not even close – but this project was always about income and not growth. Another income stream. A passive income stream. I’m just glad that I haven’t lost money considering the mistakes I’ve made. I expect I’ll hit $40 dollars a month in dividends next week.
Slowly, but surely I am moving toward long-term, sustainable dividends. Mostly dividend aristocrats. Stocks with a long term history of solid bookkeeping, solid business practices, and dividend increases. Psychologically it is difficult not to chase yield, but as the excitement of earning dividends every month wears off it has become easier. My mentality is shifting toward unloading the poor stock choices, like PSEC and GOF, and reinvesting them in better companies.
I have a short list that I am looking at right now. I’m still attempting to balance out the payments so they’re roughly equal on a monthly basis. And I am still picking up a few monthly payers that I like because I do still want to hit $100 a month in dividends quickly. But once I do, I think I’ll lean into purchasing good companies at a fair value for the next $100 a month in dividends. They’re more expensive and it will take longer, but those dividends will grow, increasing my monthly income along with them.