Despite the fact that I spent more than I like last month I still managed to have money left over for investment. I took the $67 I received in royalties and added $63 from my paychecks to it in order to scrape up $130 to invest this month. I plan to stick every penny into a single stock I’ve targeted.
This will increase my annual dividend income by over an hour’s wage.
My Game Plan
- Keep my expenses low to maximize the amount I can invest each month.
- Invest in stocks that fit the criteria I’ve worked out (I’ll write more on this later).
- Reinvest any dividends received.
In time this method will allow the annual dividends to grow to the point where they match the annual income from my day job. I mark my progress by my original hourly wage of $7.25 an hour. Every hour’s worth of dividends I receive takes me closer to freedom.
So far, factoring in the dividend cut from my miscalculation on the one stock, I’ve managed to build my investments to the point where the dividends are close to a single week’s wage. I only have fifty-one week’s worth of wages to go in order to achieve financial freedom.
Not bad for a beginner.
Do you have a plan to achieve financial freedom? Please share your stories in the comments below.