When putting together this post tabulating my February 2024 Dividend income something dawned on me. I already knew this but in writing this post, it stuck out to me like a black eye or sore thumb.
If you’re relying on one source of income, you’re doing it wrong. In other words, like most people I know unfortunately, they rely solely on the bi-monthly pay cheque from their employer. Take that away, and they are in big trouble to meet monthly expenditures like the mortgage or rent, groceries, cell phone bill, etc.
Too many of my friends live in this rather precarious state, constantly teetering on the edge, forever tethered to their desk at work for fear of being laid off and the struggle that would mean for their daily existence. Even if they are partnered, eliminating one employee pay cheque from the mix, would stretch many households balance sheets.
Yet, like robots, they march to and from work, without ever giving much thought to diversifying income streams to protect themselves in case one of the streams dry up.
February 2024 Dividend & Other Income Sources
My Dividend total for February 2024: $3,350.06
- I earned $119.67 every day from dividends.
- I earned $20.94 per hour from dividends (assuming a 9-5pm job).
- I earned $4.99 every hour of every day of the month from dividends.
However, not included in my Dividend total for February, are other sources of income:
- Mexico vacation property: $6,150.90 USD ($8,414.12 CAD)
- Toronto rental property: $1,850.00
- Interest: $51.97
Adding all sources of income for February 2024 (dividends, interest, and real estate income), my gross income for January was $11,722.29. This amount is excluding income from my day job which would easily more than double this amount.
Eliminating my pay cheque from my day job, would not impact my lifestyle at all. I live well below $11,722.29 per month with a paid off principal home. This buffer of multiple sources of income is my safety cushion should to proverbial “sh*t” hit the fan.
Yes, I am fortunate. I don’t take it for granted. But I also worked hard and planned to build multiple streams of income. Yes, that meant some sacrifice as I watched my friends fly business class and stay at the nicer hotels up the road, while I travelled more on a budget as one example among many. But in the end, it is well worth it. The peace of mind and freedom I enjoy now is worth it.
Do you have multiple sources of income?
If not, what are you doing to build them today?
Year-over-Year Comparison
The percentage change from 2021 to 2024 is a 17.8% increase.
February 2021: $2801.90
February 2022: $2,097.49
February 2023: $2,243.84
Top 3 Dividend Earners
My top 3 dividend earners this month were all in the financial sector and were a whopping 71.22% of my monthly dividend total:
- Bank of Montreal – ($1,295.89) – 38.7%
- National Bank of Canada – ($619.70) – 18.5%
- Royal Bank – ($469.76) – 14.02%
Stock Purchases and New Money
My equity purchases totalled $6,523.12 and I added $3,071.20 of new capital this month.
February 2024 Dividend Breakdown
Financial
- POWER CORP OF CANADA – $165.38
- NATIONAL BANK OF CANADA – $619.70
- First National Financial – $126.58
- Royal Bank – $469.76
- Bank of Montreal – $1,295.89
Telecommunications
- Verizon Communications Inc – $44.57
Bond
- ZFL-BMO Long Federal Bond ETF – $188.42
- ZCS-BMO Short Corp Bond – $7.89
Energy
- EMERA INC – $125.56
Other
- BMO LADDERED PREFERRED SHARE INDEX ETF – $4.95
REITs
- RIOCAN REAL ESTATE INVESTMENT TRUST – $72.45
- SMARTCENTRES REAL ESTATE INVESTMENT TRUST – $122.10
- Artis REIT – $8.10
- CT Reit – $21.33
- Morguard Real Estate Investment Trust – $10.18
- Canadian APT Pptys Reit – $24.17
- Northwest Healthcare Prop REIT – $7.44
- H&R Real Est Inv TR – $7.50
- Primaris REIT – $2.59
- Choice Properties REIT – $25.50