Welcome to my Weekly Recap November 30th Edition where I discuss some of the key events of the past week and provide an update on what I’m doing with my finances.
TFSA Limit Increase
Finally, it looks like the TFSA limit will increase! Starting in 2019, the new contribution limit is $6,000! I love sheltering my investments and the dividend income that they produce in my TFSA. If you’re looking to build an investment portfolio in a TFSA check out Questrade. If stocks and mutual funds aren’t your thing, you can always park some cash in TFSA and earn decent interest on it through Tangerine. Wanna become a TFSA millionaire? Check out my post on it here.
Investment Update
Well most of the Canadian banks have reported earnings and they were pretty good. I am overweight the sector and have been aggressively buying this dip, especially Bank of Nova Scotia. I think January’s dividend income will definitely kick ass. And that’s what makes the passive income journey so much fun. Even when I don’t have lots of new money to invest, my nest egg keeps on growing thanks to periodic dividend increases and reinvesting that dividend income.
When you just start out investing, these dividends are literally only pennies. But after a few years, that dividend income takes off and soon enough you get a few hundred bucks a month. And not long after that you’re making thousands of dollars in dividends each month.
Yes, the sky’s the limit when it comes to dividend investing if you stick with it. Don’t believe me? Think about Warren Buffett. His company earns nearly a billion dollars a year in dividends. That’s nearly $6,800 a minute! Or $9.7 million a day! Now we can’t all become Warren Buffett’s but earning a few thousand bucks in dividends each month is definitely within reach for most of us.
If you want to get in the game and start earning passive dividend income, you’ll need to open an online discount brokerage like Questrade. Never heard of it? Check out my Questrade Review and step-by-step guide on opening an account. If you’re not sure about which stocks or ETFs to buy, take some time and do some research.
For starters, you can check out my passive income reports where I discuss the stocks that I own and am currently buying as well as where my dividends come from. These reports aren’t meant to serve as stock recommendations. Do your own research before buying any stock. I just provide some information about stocks that I’m comfortable owning for the long term.
New Canadian $10 Bill
Last week the new Canadian $10 bills entered into circulation and I quickly went out to the bank to pick up a few. Every time a new bank note comes out I always put a few of them away as part of my collection. The bill features Viola Desmond a Canadian Civil Rights icon and what makes the bill unique is that it is Canada’s very first vertical bill. Check out the images below.
Images courtesy of the Bank of Canada
Basement Reno Update
Nothing new this week. I confirmed that the carpet installation will take place in early December and the baseboard will be installed soon after. Now I can focus my attention on other things around the house…
Have a great weekend and thanks for reading my Weekly recap November 30th Edition.
Please note this post contains affiliate links. As a Questrade and Tangerine affiliate this blog receives a small commission for purchases and signups.