Last month, I switched things up. Instead of considering posting any net worth updates to share any financial progress I figured I’d write about my projected dividend income for the year.
Going-forward, I think this is a better measure for us. In doing so, this will not only help me stay motivated on my new found plan but it will align directly to my/our larger financial independence goal.
As mentioned last month, our plan is not to work for the man for the next 30 years. Job satisfaction is moderate for both my wife and I but we’d much rather choose when and how we work. Don’t you?
Passive income is our key vehicle to becoming financially independent; done by owning, holding and hopefully never selling dividend-paying stocks.
Last month, I said we were on pace to earn almost $4,200 in dividend income this year. I said, on pace, because I thought our dividend income would increase between now and the end of the year with our participation in DRIPs.
Well, not only did the magic of compounding “do its thing”, we also got a 5% dividend increase from BCE. An extra $100 optional cash purchase in Bank of Nova Scotia (BNS) didn’t hurt us either! All said our projected dividend income for end of 2010 increased to just over $4,200!
Next month, we might add more to our BNS position, maybe another $50 or $100 if we can but even if we don’t, I bet our dividend income will increase again – regardless of what Mr. Market does. I look forward to sharing that with you – more DRIPs in the bucket!