Passive Income Report – July 2022

Throughout these updates we will go over the previous month’s dividend income, as well as our rolling 12 month projected dividend income and our progress towards our goal of having $50,000 in annual passive income. For reference, I received my first ever dividend payment in December 2017, and I immediately realized that they needed to be a prominent part of our any investment strategy.

If you’re interested in seeing June’s post click here.

July was a really great month for us, not only was the weather great but the stock market rebounded and we had a great time being out and about with our kids – successful all around!

We’ve also been taking our health a little more seriously as well and I think that’s led to better moods in the household, this is a trend that we plan to keep going moving forward as it’s not just about your financial health, you also want to be functioning at a high level both pre and post retirement.

Let’s get into the numbers for July:

Dividends Received: $2,088.36

This month totally blew our expectations out of the water, we had been expecting to beat April’s $1,628 figure but not by this much. It was never intended but looking at where we’ve been most heavily investing in 2022 it’s pretty easy to see why this quarterly pay out has grown as quickly as it has as we’ve been steadily pumping money into the likes of BCE, POW, BNS, MO all year long and those all pay out this month.

Here’s a look at our top 5 payers for July:

1) BCE.TO
2)POW.TO
3)BNS.TO
4)TRP.TO
5)CM.TO

Of course there are other stocks that we love in our portfolio (ENB, TD, RY, FTS etc.) but we would almost feel comfortable with a portfolio of just the 5 stocks listed above and that’s something that we strive for in our portfolio – conviction in our holdings.

Now, let’s look at where we’re at for the year so far:

Dividends Received YTD: $9,330.35

So, as we mentioned on Twitter earlier today we had to go back and edit our total for June as Mrs. FIC’s TFSA and RRSP accounts hadn’t updated in our Wealthica account so we ended up missing out on a couple hundred dollars in dividends from last month and also noticed there was an error in the January update that we had to go back and fix so we are further ahead for the year than expected.

For July, the $2,088.36 is a 89% increase over 2021 and that puts us in a great spot to beat 2021’s total output by the end of September which would leave us 3 months to spare to build on our new record year!

We had said last month that we expect to hit $15,000 for 2022 but now that’s looking more like $16,000.

Now, onto our 12 month projections:

Dividend Projections: $19,376.42

$19,376.42 is an increase of about $300 in projected 12 month income, this is from reinvesting dividends and some minimal contributions on our part. Mrs. FIC has been on maternity leave since early May and we’re restocking our emergency/rental house fund that we’ve drawn down over the past few months.

That is where we’ll leave off for this month, if you have any questions or comments feel free to reach out on our social media pages:

TWITTER: @FindependenceC1
INSTAGRAM: @FindependenceCanada

Thanks for stopping by,

FIC.