Finish Strong

By | October 17, 2020
Finish Strong

2020 is almost over, and it can’t come fast enough. Although a lot has happened in this year, it’s sometimes hard to keep the momentum going. But, let’s keep rolling the dividends down the proverbial snow hill. That way, for the remaining months of the year, we can finish strong!

2020 Goals

I just wanted to highlight one of my goals for 2020. The plan is to finish the year with a portfolio balance of at least $10000. Currently, my portfolio is around $7000. So, I need another $3000 between now and December 31, 2020. I recently increased my monthly contribution to my dividend portfolio to $750 per month. But, without accounting for any volatility in the market or any dividend payments, that would add only $1500 to my portfolio balance. So, I would still be short $1500.

To break that number down a bit more, that would mean that I would need an additional $800 in November and $800 in December to make it happen. As of right this second, there is a distinct possibility that I will be able to achieve my goals by the end of the year. However, there can be no more surprises, and we all know this is 2020 – a year full of bad news.

Unexpected Expenses

I recently had to deal with an electrical issue on my investment property. I’m still waiting on the bill, but I anticipate it to be around $1000. It’s clear to me that I need a better system to handle unexpected expenses. Starting in 2021, I think I’m going to be dividing my income up into percentages. That means, every month, a certain percentage of my income will go to various goals, including having a dedicated account for maintenance and vacancy costs associated with my real estate. That way, anytime there is an expense, I can just write a check.

Why not just start now? Well, I’m really waiting to close on the condo that I am purchasing. As soon as that is over, and I can breathe a little, then I’ll restructure my finances accordingly.

Words of Encouragement

As we bring 2020 to a close, it’s important to stay focused on our goals. Sometimes, life happens when you make plans, but that’s ok. If you stumble, all you need to do is get back up. If you need to take a break because of the global pandemic and you can’t focus on your investments right now, that’s ok. You’ll get back to it when you can. Whatever you’re going through, I hope you find the support you need to help you get through it. As the idiom says, “after every storm there is a calm.” I hope these words will help encourage you to finish strong.

Conclusion

There you have it. I just wanted reinforce my goals for 2020. It helps to keep me motivated. I also hope that you are able to achieve your goals for the year. Dividend Growth Investing is a long term strategy, but the psychological boost from re-achieving a portfolio balance of $10000 will be amazing.

What did you think of this post? Let me know by commenting below.

8 thoughts on “Finish Strong

  1. P2035

    Good luck with the property. At least are you happy about it? Its something that makes you smile?

    Reply
    1. Dividend Portfolio Post author

      Thanks P2035. It only makes me smile when I don’t have to shell out $1000 for an electrical repair! But, over all, and so far, it’s been a blessing rather than a curse. I hope to be able to replicate the success in the future.

      Reply
  2. Mr. Robot

    Hey DP, thanks for the words of wisdom and encouragement. They are most welcome!

    I have every faith in you that you will make your goals. You are an inspiration to many with the amount of positivity and showing how you rebuild after selling most of your portfolio. Keep going my friend!

    Kind greetings from The Netherlands :-).

    Reply
    1. Dividend Portfolio Post author

      Awesome Mr. Robot, thank you. I wish I was in the Netherlands right now. Maybe one day I’ll get a chance to visit. But I’m glad you liked my words of encouragement.

      Reply
  3. Pingback: Dividend Income Report - October 2020 - Dividend Portfolio

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