My Dividend Investing Goals For 2024
Overall, 2023 was a great year for investors.
While I didn't outperform the market, my portfolio still put on a decent show, with my main account gaining 10.59% and my Roth IRA seeing a solid 15% increase — not too shabby.
Along with that, the portfolio hit a record high in crossing the $60,000 mark, and for the first time, my dividends brought in over $2,000 for the year.
Source: My Portfolio Tracking Spreadsheet | Annual Dividend Info
As we close out 2023, and gear up for what's sure to be another interesting ride in 2024, I wanted to spill the beans on my investment goals for the upcoming year.
First on the list is maxing out my Roth IRA. If you read this newsletter here, then you'll know that I recently adjusted my contributions to make this happen.
Going forward, I'm throwing $130 every week into my Roth, split 60/40 between SCHD and VOO. That should get me pretty close to the $7,000 annual contribution limit, and anything leftover will be invested at year-end to hit that cap officially.
At that rate, I'm able to buy about one full share of SCHD every week, so I'm hoping I can build my position up to 100 shares by the end of next year. I'm just over half way there right now, so I think this is totally doable.
Next up, I'm aiming to hit $3,000 in projected annual dividend income by the end of 2024. Currently, I'm at about $2,450, so boosting that by around $550 is on the agenda, and I'm very confident that I'll be able to hit that.
Now, my third goal is a bit different. Ever since I started investing, I've felt a bit scatterbrained in my stock research process, so my goal is to tighten that up in 2024.
I've already started getting this dialed in, and have been working on an all-encompassing, start-to-finish stock research process that I call "The Dividend Database" to keep things organized. This Database is going to help me better understand the companies I'm researching, and will help me build a more cohesive investment thesis.
I'm still fine-tuning the details, but once it's done, I'll roll out the Database for you to incorporate into your own stock research. In the meantime, you can get a sneak peek in this video here.
Anyway, enough about me. I want to hear from you: What are your investment goals for 2024? Write to me here and let me know.
And a big thank you to the 21 readers who responded to last week's newsletter! You can read some of the responses at the bottom of the newsletter in the "Hot Takes" section. 👇
Dividend Investing Democratized
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I just started using getquin a couple weeks ago, and I have a feeling this platform is going to revolutionize the way I track my portfolio.
getquin gives you more features than any other platform I've seen.
From tracking past and future dividends to in-depth diversification breakdowns based on geography, industry, and asset class (cash, real estate, crypto, etc.), everything you could want is right there — all neatly presented on what I think is the most intuitive and user-friendly interface out there.
You can even benchmark your portfolio’s performance against other indices, stocks, and ETFs (like SCHD and VOO) — all in one dynamic dashboard, and in pretty much any currency.
In my opinion, getquin is the perfect blend of sophistication and simplicity, and it reminds me of Robinhood but with more enhanced capabilities. Both the app and the desktop version of the platform have been awesome and easy to use.
One thing that makes getquin unique is the social aspect of the platform. There’s a (seriously) thriving community of over 200k investors on the platform sharing their portfolios, passing around stock research, and supporting each other on the path to financial freedom.
Overall, if you’re looking for something with more functionality than a spreadsheet, and are looking for another great place to connect with like-minded investors, getquin is definitely worth checking out and is free to join.
You can follow me on getquin (@ryne) to see all of my posts, check out my portfolio in real-time, and see all of my purchases + dividend payments as they come in.
IN MY PORTFOLIO 📈
Follow my portfolio on getquin, and track all of my purchases, dividends, and updates in real-time.
ICYMI 🎥
3 Dividend Stocks You Will Always REGRET Buying 🚫
One of the hardest parts about dividend investing is picking the right stocks. Everybody makes mistakes along the way, and hopefully this video will help you avoid making some of those mistakes.
CAREFULLY CURATED 🔍
📺 Is Stock Valuation Important? - The investing community tends to go back and forth on whether or not valuation actually matters. If you adhere to a strict method of dollar-cost-averaging, then valuation may not be so important. On the other hand, Warren Buffett did say, "Price is what you pay, valuation is what you get," so it's not so black and white. This recent live stream from Kevin Burgess dissects the importance of valuation in more detail, and sheds light on some of the various methods to value a company.
🎧 Emotions Do Not Pay Dividends - We are often told to leave our emotions at the door when it comes to investing, but it's easier said than done. In this episode of the Dapper Dividends podcast, Russ Knopf discusses how big of a role emotions do play in your investment decisions, and how these emotional decisions could cost you thousands of dollars.
📚 Long-Term News - In today's day and age, we are met with a perpetual flood of news. Some of it matters, most of it doesn't. You'll be much better off physically, emotionally, and financially if you can learn to filter out the noise.
SINCE YOU ASKED 💬
"How many stocks is advisable to have?"
- Angela | Email
In my opinion, there's no one-size-fits-all approach for how many stocks you should have in your portfolio. A good rule of thumb is not to own more stocks than you can actively keep an eye on. You want to stay in the loop on all your investments, and having too many stocks can make that challenging.
However, when it comes to Exchange-Traded Funds (ETFs), the game changes a bit. I think you can manage quite well with just one or two ETFs.
In my own portfolio, I personally hold two ETFs along with about 20 individual stocks. The key is finding the right balance that suits your ability to stay informed and engaged with your investments.
Have a question? Ask me here to see it featured in an upcoming newsletter.
HOT TAKES 🔥
Last week, I asked readers to share some advice for investors dealing with feelings of doubt and frustration on their investing journey. Here are some of the responses:
Pat said: Staying focused involves consistently reviewing and adapting your investment strategy, maintaining discipline through market fluctuations, and steering clear of impulsive decisions driven by short-term market changes. Always keep in mind that persistence and patience are crucial elements in building wealth over the long haul.
Jeff said: As a 41 year old myself, I would tell your friend to: Define a strategy, set up a portfolio with desired allocations, DCA in, and stay the course! It’s never too late to get started. 40 is wildly young when perspective hits.
Clay said: The journey is as much psychological as anything, as we don't live on a spreadsheet. I like one of Warren's quotes, "I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years." I think what Warren is implying is that after one has done their due diligence, and invested in a business, (not buy a stock) to mentally rest on the fact that you've made the decision and executed on the best information available, and to trust one's judgement. It also helps to refer to one's investment statement, and to stick with the plan. I continually have to remind myself of these things as the biggest fight is within myself to not overreact. The end game is worth the struggle!
Ron said: My advice would not be any different from yours. But I would hope that I could offer inspiration as someone who early retired at the age of 51 and is currently living off of dividends. The journey is never easy or quick, but the end certainly is worth it. My wife and I have been slow traveling the world nonstop since we retired and got rid of all of our possessions. Everyday we say to each other “This sure beats working.” And we say this no matter where we are, the day-to-day difficulties we encounter, or how bad the weather happens to be. Not having to answer to a boss, beg for time off, wake up at a certain time, have to live a daily / weekly schedule that we would not choose are fantastic benefits of being financially independent.
DREAMING OF MORE DIVIDENDS? 💰
That's all for this week's newsletter!
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