Dividends Received

Total dividends received during the month were $218.33, consisting of:

• $29.04 The Coca-Cola Company (KO)
• $7.57 Vanguard Intermediate-Term Bond ETF (BIV)
• $11.48 Genuine Parts Company (GPC)
• $14.96 Automatic Data Processing, Inc. (ADP)
• $31.68 Kimberly-Clark Corporation (KMB)
• $27.00 Leggett & Platt, Incorporated (LEG)
• $24.00 Cincinnati Financial Corp. (CINF)
• $38.00 Sysco Corp. (SYY)
• $4.90 PowerShares Emerging Mkt Debt (PCY)
• $29.70 Medtronic, Inc. (MDT)

Dividend Stock Purchases

The following securities were purchased during the month:

• 30 Shares Johnson & Johnson (JNJ) providing $64.80 in annual dividend income
• 50 Shares Harleysville Group Inc. (HGIC) providing $72.00 in annual dividend income
• 58 Shares AT&T, Inc. (T) providing $97.44 in annual dividend income
• 40 Shares Automatic Data Processing, Inc. (ADP) providing $54.44 in annual dividend income

Also, I liquidated my position in Vanguard Intermediate-Term Bond ETF (BIV).

Annualized Dividend Income

Including the above purchases, my annual PCP dividend income is now $2,494.16 at the current dividend rates. This is up $293.84 from last month’s $2,200.32 amount. The PCP has never had a monthly decline in annualized dividend income.

Portfolio Returns

• Month: 2.31%
• Year-to-date: 11.98%
• Life-to-date: 15.30% (annualized)

My PCP holdings are always available by selecting the Holdings option from the menu in the header. The next PCP update will be mid-December.

(Photo: sanja gjenero)

Dividends Received

Total dividends received during the month were $166.53, consisting of:

• $24.81 Wal-Mart (WMT)
• $7.78 Vanguard Intermediate-Term Bond ETF (BIV)
• $12.01 Vanguard Long-Term Bond ETF (BLV)
• $16.15 United Technologies Corp. (UTX)
• $8.71 Emerson Electric Co. (EMR)
• $18.36 Johnson & Johnson (JNJ)
• $15.47 Consolidated Edison Inc. (ED)
• $4.94 PowerShares Emerging Mkt Debt (PCY)
• $18.70 McDonald’s Corp. (MCD)
• $39.60 Harleysville Group Inc. (HGIC)

Dividend Stock Purchases

The following securities were purchased during the month:

• 34 Shares Colgate-Palmolive Co. (CL) providing $72.08 in annual dividend income
• 30 Shares Abbott Laboratories (ABT) providing $59.84 in annual dividend income
• 132 Shares Medtronic, Inc. (MDT) providing $118.80 in annual dividend income

Also, I liquidated my position in Vanguard Intermediate-Term Bond ETF (BIV).

Annualized Dividend Income

Including the above purchases, my annual PCP dividend income is now $2,200.32 at the current dividend rates. This is up $13.66 from last month’s $2,186.66 amount. The PCP has never had a monthly decline in annualized dividend income.

Portfolio Returns

• Month: 4.57%
• Year-to-date: 8.49%
• Life-to-date: 13.00% (annualized)

My PCP holdings are always available by selecting the Holdings option from the menu in the header. The next PCP update will be mid-November.

(Photo: sanja gjenero)

My goals were defined in this December 1, 2007 Investing Goals post and updated in my 2010 Investing Goals post. Below is an updated version of the table found in the original post.

The above information covers the current month and year-to-date through the current month.

Click here for a Detailed Historical Progress Table.

For the month, annualized dividend income increased $330, and Yield on Cost (YOC) decreased 0.01%. This month’s changes were a net of new purchases and dividend changes (no sales for the month). Let’s examine each of the these categories:

Purchases: The $399 increase in annual dividend income and 0.02% decrease in YOC related to the following purchases (yield at the time of purchase):

• $79 McDonald’s Corp. (MCD) 3.12%  [Analysis]
• $81 General Dynamics Corp. (GD) 2.64% [Analysis]
• $90 Automatic Data Processing, Inc. (ADP) 3.37% [Analysis]
• $149 iShares S&P U.S. Preferred Stock Index (PFF) 5.67%

Only PFF increased my YOC, while three securities lowered it. As noted in earlier updates, I generally expect YOC to drop each month since most new investments will yield less than my current YOC, and dividend increases will not be sufficient to offset it.

Dividend Changes: The $4 decrease in annual dividend income and the 0.03% decrease in YOC related to the following dividend changes (a=dividend stated in annual terms, q=quarterly, m=monthly):

• ($4) Invest Grade Corp Bond (LQD) $5.53a>$5.48a
• $1 Long-Term Bond ETF (BLV) $3.94a>$3.95a
• ($2) Intermediate-Term Bond ETF (BIV) $3.41a>$3.39a
• ($3) Emerging Markets Sovereign Debt (PCY) $1.65a>$1.64a
• $4 Clorox Corporation (CLX) $0.50q>$0.55q

Sales: The $65 decrease in annual dividend income and the 0.04% increase in YOC related to the following sales:

• ($65) AFLAC Inc. (AFL)

This month I exceeded my 2010 goal of $9,500 in annualized dividend income. With four months to go, I am confident of achieving $10,000 in annualized dividend income by December 31, 2010, assuming minimal dividend cuts.

That’s it for this time. The next monthly progress update will be early October.

(Photo: sanja gjenero)

Consistent Income

Quarterly, semi-annual or annual dividends will produce an erratic income each month. Depending on the mix and payment timing of securities in your portfolio, there may not be two months in which you receive the same amount of dividend income. Stocks that pay monthly dividends will help smooth it out some.

Easier to Budget

Retirees living on a limited income may find monthly payments easier to work with. If most of their bills are due on a monthly basis, owning income securities that pays dividends each month makes it easier to balance the budget.

Compounds Faster

For me the most compelling argument for monthly dividends is the compounding effect. Each dollar I receive today can be immediately put to work earning additional income. Given the choice of being paid now or later, most people will choose to be paid now.

The Monthly Dividend Company

Serious about paying monthly dividends? I would say Realty Income Corp. (O) with its registered trademark of “The Monthly Dividend Company” is dead serious about paying monthly dividends. As stated on the company’s website:

Our primary goal is to provide dependable monthly income to our shareholders. We do this by acquiring and owning retail real estate that generates dependable lease revenue which we pass on to our shareholders in the form of monthly dividends.

We have been paying monthly distributions throughout our 41-year operating history. Since becoming a public company and being listed on the New York Stock Exchange in 1994, we have regularly increased the amount of the dividend. Currently the annualized dividend rate is $1.7235 per share. [5.30% yield]

There are not many individual stocks that pay monthly dividends. For monthly income, an investor will need to look at closed-end-funds, exchange traded funds and trusts. Below is a sampling of these:

Monthly Bond Funds

- iShares Barclays 1-3 Year Credit Bond (CSJ) | Yield: 3.73%
- Vanguard Short-Term Bond ETF (BSV) | Yield: 2.74%
- Vanguard Intermediate-Term Bond ETF (BIV) | Yield: 4.32%
- Vanguard Long-Term Bond ETF (BLV) | Yield: 5.16%

Canadian Trusts

- Baytex Energy Trust (BTE) | Yield: 6.2%
- Enerplus Resources Fund (ERF) | Yield: 9.4%
- Pengrowth Energy Trust (PGH) | Yield: 8.5%
- Penn West Energy Trust (PWE) | Yield: 8.8%
- Provident Energy Trust (PVX) | Yield: 11.6%

Special Purpose Funds

- Enerplus Resources Fund (ERF) | Yield: 9.4%
- Eaton Vance Tax-Adv. Global Dividend Oppor. Fund (ETO) | Yield: 7.7%
- The Gabelli Global Utility & Income Trust (GLU) | Yield: 6.3%
- Pimco Global Stocksplus Income Fund (PGP) | Yield: 10.5%
- LMP Real Estate Income Fund Inc. (RIT) | Yield: 8.2%

For some, monthly dividend payments are worth seeking out. Personally, I will buy a security that pays monthly dividends if it meets my criteria and it is the best option available, but I prefer quarterly dividends due to the lower administrative burden. The important question is not how often a stock pays its dividend, but can it sustain and grow the dividend.

Full Disclosure: Long O, CSJ, BSV, BIV, BLV, ETO. See a list of all my income holdings here.

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(Photo: Steve Woods)

A bond is a debt security in which the issuer agrees to repay borrowed money with interest at fixed intervals. Bondholders have a creditor stake in the company. Technically, bonds do not pay dividends, but instead they pay interest. However, bonds are an important allocation for many income investors, thus I chose to include them in this series. There are certain things an informed investor needs to understand before purchasing bonds.

Interest rates play an integral part in determining the current value of a bond. Interest rates and the price of a bond are inversely related. The longer the time until a bond matures, the more susceptible its price is to changes in interest rates. Consider two bonds, one that has a maturity of 30 years and another with a 7 day maturity. If after both bonds are sold, interest rates go up one percent, the price of both bonds will decline since new investors expect to earn the prevailing interest rate. However, the interest rate decline will affect the price of the 30 year bond more than the 7 day bond, due to the longer period of “lost” earnings. It works the same in the other direction – if interest rates drop the bond holder will sell it at higher price which lowers the yield to the market rate.

In summary, longer-term investments have lower rate volatility at the expense of higher price volatility. Therefore, the term of the bond purchased should be dictated by your long-term investment goals. If your goal is capital preservation, short-term is the most appropriate investment. If an investor is willing to hold a bond until it matures and values lower rate volatility, then a longer-term investment will likely better meet this investor’s needs.

Like preferred stocks, many investors choose not to research and buy individual bonds. Instead, they have opted to make their bond investments in funds. Consider the following bond funds:

Vanguard Long-Term Bond ETF (BLV) – Yield: 5.16%
Vanguard Long-Term Bond ETF seeks to track the performance of a market-weighted bond index with a long-term dollar-weighted average maturity. It maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 15 and 30 years.
- Total Assets: $2.9 billion
- Expense Ratio: 0.14%
- Holdings: 40% US Corporate, 39% US Treasury, 8% Foreign Corp, 5% Foreign Govt, 8% Other
- Distributions: Monthly

Vanguard Intermediate-Term Bond ETF (BIV) – Yield 4.32%
The investment seeks to track the performance of a market-weighted bond index with an intermediate-term dollar-weighted average maturity.The fund maintains a dollar-weighted average maturity consistent with that of the index ranging between 5 and 10 years.
- Total Assets: $9.8 billion
- Expense Ratio: 0.14%
- Holdings: 45% US Treasury, 37% US Corporate, 9% Foreign Corp, 5% Foreign Govt, 9% Other
- Distributions: Monthly

Vanguard Short-Term Bond ETF (BSV) – Yield: 2.74%
The investment seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity. The fund’s dollar-weighted average maturity is not expected to exceed 3 years
- Total Assets: $9.8 billion
- Expense Ratio: 0.14%
- Holdings: 52% US Treasury, 24% US Corporate, 14% US Agency, 8% Foreign Corp, 2% Other
- Distributions: Monthly

Vanguard Total Bond Market ETF (BND) – Yield: 3.98%
The investment seeks to track the performance of a broad, market-weighted bond index. The fund maintains a dollar-weighted average maturity consistent with that of the index, ranging between 5 and 10 years.
- Total Assets: $68.8 billion
- Expense Ratio: 0.14%
- Holdings: 33% Mtg Pass-thru, 29% US Treasury, 19% US Corporate, 7% US Agency, 12% Other
- Distributions: Monthly

Invest Grade Corp Bond (LQD) – Yield: 5.44%
The investment seeks results that correspond generally to the price and yield performance, before fees and expenses, of the iBoxx $ Liquid Investment Grade index. The fund typically invests at least 90% of assets in the bonds of the underlying index, and at least 95% of assets in investment-grade corporate bonds.
- Total Assets: $12.2 billion
- Expense Ratio: 0.15%
- Holdings: 82% US Corporate, 18% Foreign Corp, 0% Other
- Distributions: Monthly

Emerging Mkts Sovereign Debt (PCY) – Yield: 6.44%
The investment seeks investment results that correspond generally to the price and yield (before fees and expensed) of an index called the DB Emerging Market USD Liquid Balanced index. The fund normally invests at least 80% of total assets in emerging markets U.S. dollar-denominated government bonds.
- Total Assets: $520.3 billion
- Expense Ratio: 0.50%
- Holdings: 80% Foreign Govt, 20% Other
- Distributions: Monthly

20+ Year Treasury Bond (TLT) – Yield 3.95%
The investment seeks results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Capital U.S. 20+ Year Treasury Bond index. The fund generally invests at least 90% of assets in the bonds of the underlying index.
- Total Assets: $2.4 billion
- Expense Ratio: 0.15%
- Holdings: 100% US Treasury
- Distributions: Monthly

Some authors have minimized the importance of bonds in a portfolio primarily focused on dividend growth securities. You can ignore them, but as the past decade has shown it may be to your own peril.

Full Disclosure: Long BLV, BIV, LQD, PCY. See a list of all my income holdings here.

(Photo: Steve Woods)

As for my portfolio, I consider asset allocation only when looking at my holdings in total. It would be much too difficult to maintain a good allocation within individual portfolios (income, growth, 401(k), Roth IRA, etc.), while trying to maintain my overall allocation. However, an investor could build a degree of allocation into a portfolio of dividend income securities. Consider the following:

Business Services Sector

• Automatic Data Processing Inc. (ADP)
  Yield: 3.33% | Style: Large Growth | Analysis
• C H Robinson Worldwide Inc. (CHRW)
  Yield: 1.86% | Style: Large Growth
• Expeditors International of Washington Inc. (EXPD)
  Yield: 1.16% | Style: Mid Growth

Consumer Goods Sector

• Clorox Company (CLX)
  Yield: 3.23% | Style: Mid Core
• Coca-Cola Company (KO)
  Yield: 3.04% | Style: Large Growth | Analysis
• Procter & Gamble Company (PG)
  Yield: 2.85% | Style: Large Core | Analysis

Consumer Services Sector

• Genuine Parts Company (GPC)
  Yield: 4.19% | Style: Mid Value | Analysis
• Sysco Corporation (SYY)
  Yield: 3.56% | Style: Large Core | Analysis
• McDonald’s Corporation (MCD)
  Yield: 3.22% | Style: Large Core | Analysis

Energy Sector

• BP Plc ADR (BP)
  Yield: 6.15% | Style: Large Value
• Chevron Corporation (CVX)
  Yield: 3.75% | Style: Large Value
• ExxonMobil Corporation (XOM)
  Yield: 2.56% | Style: Large Value

Financial Services Sector

• Harleysville Group Inc. (HGIC)
  Yield: 3.90% | Style: Small Value | Analysis
• Chubb Corporation (CB)
  Yield: 2.85% | Style: Large Value | Analysis
• Aflac Inc. (AFL)
  Yield: 2.38% | Style: Large Core | Analysis

Hardware Sector

• Diebold Incorporated (DBD)
  Yield: 3.67% | Style: Small Value
• Linear Technology (LLTC)
  Yield: 3.23% | Style: Mid Core
• Raven Industries Inc. (RAVN)
  Yield: 1.90% | Style: Small Growth | Analysis

Health Care Sector

• Meridian Bioscience Inc. (VIVO)
  Yield: 3.27% | Style: Small Growth
• Johnson & Johnson (JNJ)
  Yield: 3.08% | Style: Large Core | Analysis
• Cardinal Health Inc. (CAH)
  Yield: 2.10% | Style: Large Core | Analysis

Industrial Materials Sector

• Nucor Corp. (NUE)
  Yield: 3.40% | Style: Large Core | Analysis
• Emerson Electric Co. (EMR)
  Yield: 2.90% | Style: Large Core | Analysis
• 3M Company (MMM)
  Yield: 2.58% | Style: Large Core

Media Sector

• McGraw-Hill Companies Inc. (MHP)
  Yield: 2.63% | Style: Large Core

Pharmaceuticals Sector

• Eli Lilly & Company (LLY)
  Yield: 5.77% | Style: Large Value
• Abbott Laboratories (ABT)
  Yield: 2.97% | Style: Large Growth | Analysis

Real Estate Sector

• Essex Property Trust (ESS)
  Yield: 5.14% | Style: Mid Core
• Corporate Office Properties Trust Inc. (OFC)
  Yield: 4.29% | Style: Mid Core
• Federal Realty Investment Trust (FRT)
  Yield: 4.06% | Style: Mid Core

Telecommunications Sector

• CenturyLink Inc. (CTL)
  Yield: 8.10% | Style: Large Value
• AT&T Inc. (T)
  Yield: 6.54% | Style: Large Value | Analysis

Utilities Sector

• Integrys Energy Group Inc. (TEG)
  Yield: 6.61% | Style: Mid Value
• Consolidated Edison Company (ED)
  Yield: 5.59% | Style: Large Value
• MGE Energy Inc. (MGEE)
  Yield: 4.45% | Style: Small Core

Bonds

• Vanguard Short-Term Bond ETF (BSV)
  Yield: 2.74% | Style: Short-Term Bond
• Vanguard Intermediate-Term Bond ETF (BIV)
  Yield: 4.32% | Style: Intermediate-Term Bond
• Vanguard Long-Term Bond ETF (BLV)
  Yield: 5.16% | Style: Long-Term Bond

Needless to say, the above will not provide a perfect allocation, but it goes a long way to provide diversity in a portfolio focused only on income securities. In my personal portfolio, I buy the best available dividend securities and use my other investments to balance my asset allocation.

Full Disclosure: Long ABT, ADP, AFL, BIV, BLV, BP, CLX, CTL, CVX, ED, EMR, GPC, HGIC, JNJ, KO, LLY, MCD, MMM, NUE, PG, SYY, T, TEG. See a list of all my income holdings here.

(Photo Credit)

Online Cash Receipts are the collected earnings from my online endeavors. Most of which is advertising on the my various blogs. The  Online Expenses relates to various web related expenses such as registering 3 domains (DividendsValue.com, Dividends4Life.com and TheDiv-Net.com) and paying my annual hosting fee. The Interest Income line is interest earned on cash balances in an ING account I set up for the PCP. The Gain/(Loss) line is for market changes to the PCP (realized and unrealized). January Dividends of $17.20 included:

• $11.20 Genuine Parts Company (GPC)
• $6.00 Wal-Mart Stores Inc. (WMT)

The portfolio was down in January and for the year, but up since its inception. Online earnings in January surpassed the $4,000 mark for the first time. A large portion of the increase continues to be related to the strong interest in D4L-Premium Services. The premium service has continued grow each month. Traffic on Dividend Value set another record in January, breaking the previous record set in December 2009.

During the month of January, I purchased the following securities:

• 32 shares Harleysville Group Inc. (HGIC) providing $41.60 in annual dividend earnings
• 36 shares Sysco Corp. (SYY) providing $34.56 in annual dividend earnings
• 14 shares Intermediate-Term Bond ETF (BIV) providing $48.58 in annual dividend earnings

Including the above January purchases, my annual PCP dividend income is now $817.26 at the current dividend rates. I ended the month with $5,067.69 in cash, enough to purchase several stocks in February. I have purchased at least one stock each month since May 2009. I believe the current cash balance and recent earnings will continue to support the purchase of at least one stock each month.

My PCP holdings are always available by selecting the Holdings option from the menu in the header. The next PCP update will be mid-March.

(Photo: sanja gjenero)

My goals were defined in this December 1, 2007 Investing Goals post and updated in my 2010 Investing Goals post. Below is an updated version of the table found in the original post.

The above information covers the current month and year-to-date through the current month.

Click here for a Detailed Historical Progress Table.

For the month, annualized dividend income increased $267, and Yield on Cost (YOC) decreased (0.08%). This month’s changes were a net of new purchases and dividend changes (no sales). Let’s examine each of the these categories:

Purchases: The $248 increase in annual dividend income and (0.09%) decrease in YOC related to the following purchases (yield at the time of purchase):

• $84 Harleysville Group Inc. (HGIC) 4.05% [Analysis]
• $94 Sysco Corp. (SYY) 3.45% [Analysis]
• $70 Vanguard Intermediate Bond ETF (BIV) 4.33%

All the above purchases lowered my YOC. As noted in earlier updates, I generally expect YOC to drop each month since most new investments will yield less than my current YOC, and dividend increases will not be sufficient to offset it.

Dividend Changes: The $19 increase in annual dividend income and 0.01% increase in YOC related to the following dividend changes (a=dividend stated in annual terms, q=quarterly, m=monthly):

• $1 Canadian National Railway Company (CNI) $0.236q>$0.241q 0.00%
• $1 iShares Invest Grade Bond (LQD) $5.71a>$5.73a 0.00%
• $13 Sysco Corp. (SYY) $0.24q>$0.25q 0.00%
• $4 Emerging Markets Debt (PCY) $1.61m>$1.63m 0.01%

Sales: There were no sales in this month.

After one month, I still expect to achieve my goal of an annualized dividend income of $9,500 by December 31, 2010.

That’s it for this time. The next monthly progress update will be early March.

(Photo: sanja gjenero)

Online Cash Receipts are the collected earnings from my online endeavors. Most of which is advertising on the my various blogs. The year-to-date $147.40 Online Expenses relates to registering 3 domains (DividendsValue.com, Dividends4Life.com and TheDiv-Net.com) and paying my annual hosting fee. The Interest Income line is interest earned on cash balances in an ING account I set up for the PCP. The Gain/(Loss) line is for market changes to the PCP (realized and unrealized). December Dividends of $76.24 included:

• $8.11 Vanguard Intermediate-Term Bond (BIV)
• $9.44 from Vanguard Long-Term Bond ETF (BLV)
• $8.82 Johnson & Johnson (JNJ)
• $16.80 BP plc (BP)
• $8.71 Emerson Electric Co. (EMR)
• $15.34 Consolidated Edison Inc. (ED)
• $9.02 The Coca-Cola Company (KO)

The portfolio was up in December, for the year and since its inception. Online earnings in December once again surpassed the $3,000 mark. A large portion of the increase is related to the strong interest in D4L-Premium Services. The premium service has continued grow each month. Traffic on Dividend Value set a record in December, breaking the previous record set in October 2009.

During the month of December, I purchased the following securities:

• 34 shares McDonald’s Corp. (MCD) providing $74.80 in annual dividend earnings
• 16 shares Johnson & Johnson (JNJ) providing $31.36 in annual dividend earnings
• 40 shares PowerShares Emerging Markets Debt (PCY) providing $64.40 in annual dividend earnings

Including the above December purchases, my annual PCP dividend income is now $688.68 at the current dividend rates. I ended the month with $3,395.78 in cash, enough to purchase two or three stocks in January. Through December, I have purchased 13 stocks this year, including at least one in the last eight consecutive months. I continue to believe the current cash balance and recent earnings will support the purchase of at least one stock each month.

My PCP holdings are always available by selecting the Holdings option from the menu in the header. The next PCP update will be mid-February.

(Photo: sanja gjenero)

My goals were defined in this December 1, 2007 Investing Goals post and updated in my 2009 Investing Goals post. Below is an updated version of the table found in the original post.

The above information covers the current month and year-to-date through the current month.

Click here for a Detailed Historical Progress Table.

For the month, annualized dividend income increased $257, and Yield on Cost (YOC) decreased (0.03%). This month’s changes were a net of new purchases and dividend changes (no sales). Let’s examine each of the these categories:

Purchases: The $252 increase in annual dividend income and (0.02%) decrease in YOC related to the following purchases (yield at the time of purchase):

• $68 McDonald’s Corp. (MCD) 3.61% [Analysis]
• $63 Johnson & Johnson (JNJ) 3.03% [Analysis]
• $121 Emerging Markets Debt (PCY) 6.26%

All the above purchases, except PCY,  lowered my YOC. As noted in earlier updates, I generally expect YOC to drop each month since most new investments will yield less than my current YOC, and dividend increases will not be sufficient to offset it.

Dividend Changes: The $5 increase in annual dividend income and (0.01%) decrease in YOC related to the following dividend changes (a=dividend stated in annual terms, q=quarterly, m=monthly):

• ($3) Vanguard Inter. Bond ETF (BIV) $3.48a>$3.45a -0.01%
• ($2) iShares Invest Grade Bond (LQD) $5.74a>$5.71a 0.00%
• $2 Emerson Electric Co. (EMR) $0.33q>$0.335q 0.00% [Analysis]
• $20 McDonald’s Corp. (MCD) $0.50q>$0.55q 0.01%
• ($17) Eaton Vance Global Dividend Fund (ETO) $1.46m>$1.40m -0.01%
• $4 Emerging Markets Debt (PCY) $1.59m>$1.61m 0.00%
• $1 Vanguard Inter. Bond ETF (BIV) $3.45m>$3.47m 0.00%

Sales: There were no sales in this month.

I exceeded my revised estimate of annualized dividend income of $7,000. However, as anticipated, I fell short of my my original goal of $8,000.

That’s it for this time. The next monthly progress update will be early February.

(Photo: sanja gjenero)