I hit my goal last week after a somewhat poor performance the week before. I didn’t earn a ton, but I hit my $50 goal. I bought 3 more shares of GOF. As I said previously GOF is a closed end fund and, at least for now, it aligns with my goal of getting $100 a month in passive income as quickly as possible. And although I consider most of the assets in my portfolio somewhat risky and even speculative, I think they will help me achieve my goal.
I haven’t stopped researching additional assets either. I’ve looked at Treasury Inflation-Protected Securities or TIPS. They’re usually decent when inflation is high, which it is, but it may calm down and they may not do so well in the long run. I’ve looked at bonds, specifically corporate bonds and emerging market bonds, but they didn’t really match what I’ve been looking for. Not that I have defined what I’m looking for, but I do hope to have at least some growth in addition to income. And I hope if one fails then it won’t have a huge impact.
Right now I’m looking at SPHD, DIVO, PEY, and BST. The fees are a little high on some of these, but there is both growth and income. DIVO uses a covered call strategy, kind of like JEPI, but it’s slightly different in its execution. BST is another closed end fund. I’d do well to go with SCHD instead of SPHD, but it doesn’t quite match my goal right now either. Perhaps in the future if I purchase 3 different stocks that pay out on different months throughout the whole year I’ll begin to include SCHD, but that would lower my overall yield and so for now I’m biding my time until I reach $100 a month in dividends. After that – if I do set another goal – I’ll likely ease into quarterly paying dividend stocks and focus more on solid companies.