One of my goals was to earn $200 in dividends this year. This goal was ill advised or poorly and incorrectly thought out. I did no sort of calculation or even deep thought when picking a number for the goal. I thought based on the dividends I received from my mutual funds in the four months I owned them that I could easily reach $100. At the time my mutual funds were paying out $4.69 in dividends each month which were reinvested in the fund. So with that mutual fund and the plans I had to buy dividend paying stocks I thought it would be a piece of cake to make $100 so I bumped it up to the next impressive number, $200.
This goal I now see is perhaps out of reach. It is possible I could put all my money in some stock, ETF, or REIT which would pay a very high yield and I would make the $200 but I am not willing to sacrifice my longer term goals of dividend growth to chase a number I might as well have picked out of a hat.
In January I made $7.57 in dividends. For February I made (imagine a drum roll) $7.57. Again $3.77 came from my mutual fund TFSA and RRSP and $3.80 came from my TFSA ETF. That sentence had a lot of acronyms. The ETF will pay $3.80 each month. It is the mutual fund which has me baffled. I am hoping that the dividend has only decreased with the time of year. I am not sure that makes sense but it is at least possible that the dividend fluctuates seasonally. If the dividends from my mutual fund increase back to where they were at the end of 2011 then it would help a lot with my goal.
Another thing that will help with my goal is the individual dividend stocks I have begun to buy now. I now have a stock that pays a quarterly dividend of eleven cents per share. I will receive the first of those payments on March 26. So in March, June, September and December I should have higher dividend earnings to report. That is of course only with that first stock I bought. As I get more money I put it towards more stocks, which will pay at different intervals. I prefer monthly payments but only because I like seeing the money in my account rather than just knowing that it is coming in three months.
After the first two months of the year I am still on pace for $90.84 in dividends. This does not take into account the dividend I am guaranteed to receive from my stock on the 26th, any of the other three payments from that stock or any dividends that I will receive from future purchases. So I think it is safe to say that I will surpass $100 and that $200 is not as unreasonable as I assumed last month, but still not as easily attainable as I first thought.