Dividend Income October 2022 — Chronicling monthly dividend income to document my journey to financial independence. I am not a licensed investment advisor and this post is not investment advice. All opinions are my own.
Another month has passed, so it’s time to report how much dividend income was received from my investment portfolio in October 2022.
I am happy to report that my portfolio put forth another strong month of year-over-year dividend growth. In fact, it was my third highest month ever for dividend income received in one month.
Since there is a lot to cover, let’s dive right into the dividend income October 2022 highlights.
Dividend Income October 2022 Highlights
- Total dividend income received in October 2022 was $126.92 (3rd highest month ever)
- Year-over-year (YOY) dividend income grew by 63% or $49.10 compared to October 2021
- Year-to-date (YTD) dividend income is up to $1,130.89 (January to October 2022)
- 2022 YTD dividend income is 38% or $314.07 higher than last year’s total dividend income
- YTD dividend income is up by 78% or $496.33 compared to the first 10 months of 2021
- Quarter-over-quarter (QOQ) dividend income is up by 8% or $9.87 compared to July 2022
- All-time dividend income since June 2017 is $3,578.99
- Monthly average dividend income in 2022 is $113.09
Dividend Income October 2022 Earnings — $126.92
My investment portfolio generated $126.92 worth of dividend income in October 2022. This happened to be the third highest month ever for dividend income. It’s also the fifth month in a row of receiving $100 or month in dividends.
Compared to October 2021, year-over-year dividend income grew by $49.10, which represents a 63% growth rate.
After October’s dividend haul is factored in, total year-to-date dividend income is up to $1,130.89. This represents a 38% increase over last year’s total dividend income with two months remaining to collect dividends. So I have officially beat last year’s 31% growth rate.
Compared to the previous quarter, July 2022, dividend income is up by 8% or $9.87. Although I’d like to see the rate of quarter-over-quarter growth be a little higher, this is satisfactory.
Overall, it was another month of solid dividend growth. I am pleasantly surprised by the results and am in a great position to accomplish my year-end dividend income target.
Stocks/REITs That Paid Dividends/Distributions In October 2022
Fourteen stocks or REITs (real estate investment trusts) paid dividends or distributions in October 2022.
Below is a breakdown of the stocks or REITs that paid dividends:
- Algonquin Power & Utilities Corp (AQN)
- Telus (Ticker: T.TO)
- Altria Group (Ticker: MO)
- CIBC (Ticker: CM)
- Riocan REIT (Ticker: REI.UN)
- Cicso (Ticker: CSCO)
- SmartCentres REIT (Ticker: SRU.UN)
- Park Lawn (Ticker: PLC)
- NorthWest Healthcare Property REIT (Ticker: NWH.UN)
- Choice Properties Investment Trust (Ticker: CHP.UN)
- Restaurant Brands International Inc (Ticker: QSR)
- Rogers (Ticker: RCI.B.TO)
- Savaria Corporation (Ticker: SIS)
- Nike, Inc. (Ticker: NKE)
As shown above, fourteen positions paid dividends in October 2014. This is down by one position, Bank of Nova Scotia (BNS), since the previous quarter. For the record, I did not sell BNS because I stopped believing in the company or due to the current stock market conditions. I sold it because I sold an entire investment account to purchase another asset (I will divulge more on this in the coming months). In turn, I am using this larger purchase as a chance to consolidate my portfolio, organize accounts, and eliminate overlap. As such, I will likely receive dividend income from less stock positions next quarter.
But back to this month — my big four positions led the way — AQN, CM, T.TO, and MO. Each of these stocks contributed between 18-to-22% of October’s dividend income. My portfolio is going to become even more top heavy moving forward.
Otherwise, the remaining ten positions each contributed between 1-to-4% of October’s income.
Cost To Manage Portfolio YTD — $198.50
Unfortunately, I have spent a lot more on commission costs and investment fees than I wanted to over the year. In total, my investment costs are up to $198.50 in 2022 so far.
Of course, it’s still relatively low cost in the big picture compared to mutual funds. But I will admit that spending nearly $200 on investment expenses in uncomfortably high.
Again, though, these expenses are related to the purchase of another asset. They are not typical.
I am planning to get extremely tight next year with my investment expenses. I expect for my investment costs to be significantly lower in 2023.
Outlook — $69.11 To Achieve My Original Dividend Income Target
I’m only $69.11 away from receiving $1,200 in dividend income in 2022.
Near the beginning of 2022, I set a financial goal to earn at least $1,200 in dividends over the course of the year. And well, it’s basically a forgone conclusion that I will surpass that target. It’s a done deal. I might even still be able to reach $1,300.
With that accomplishment nearly complete, I am already beginning to set my sights on 2023.
Due to some of the recent changes I alluded to above, it’s going to be quite the challenge to grow dividend income next year. Simply put, my forward dividend is currently lower than the $1,130.89 I’ve earned this year. So I’m going to have my work cut out for me to surpass $1,200, or $1,300 in 2023. I certainly won’t be able to post a 38% year-over-year dividend growth rate like I have in 2022.
Of course, I’m still going to aim higher. I will discuss my financial goals for 2023 in more detail in January. But in short, my goal for 2023 will be to earn slightly more than I finish with in 2022. I will settle for a slower growth year. However, I expect the pace of growth to pick up again in 2024. Meanwhile, I will be in a much stronger financial position overall.
Dividend Income October 2022 — Final Thoughts
In summary, my investment portfolio generated $126.92 in October 2022 from eleven stocks and three REITs.
This represents a 63% year-over-year increase compared to October 2021. Moreover, it was the third highest month ever for dividend income received in one month.
As of October 31, 2022, total year-to-date dividend income is $1,130.89. This represents a 38% or $314.07 year-over-year increase compared to 2021. Furthermore, the 38% increase is already 7% higher than the 31% growth rate achieved in 2021. It’s nice to see the pace of dividend growth speeding up.
Otherwise, my investment costs to manage my portfolio are too high this year. But it’s due to an unusual circumstance that isn’t likely to happen again.
To close, it was another solid month of year-over-year dividend growth, year-to-date dividend growth is solid, and I’m on pace to surpass my $1,200 dividend income target in 2022. I am satisfied with this month’s performance and am looking forward to closing out the rest of the year.
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Dividend Income September 2022 — 51% YOY Growth (New Record)
