Building wealth is not something that just happens by accident. Growing your net worth takes time, effort and sacrifice.
But, there are ways that you can strategically use your money to create more streams of income without doing ANY work. Seriously, you can add more to your net worth by setting and forgetting investments that pay dividends!
As I mentioned in my story, I am by no means a seasoned investor. I take a DIY approach with the online brokerage @Questrade and I use ETFs to build a diversified portfolio with minimum effort. I'm not the type of investor that's picking stocks and aiming to make a profit in the short-term. My focus is building long-term wealth and I won't be touching for over 30 years, until I someday retire.
I'm still learning about investing, which is why I don't talk about it too much. I don't feel confident about sharing my knowledge in this, because I'm still learning here, too. And that's totally fine by me!
But, I did want to take the opportunity to share a WTF moment I had when looking at my portfolio the other day.
I had income that I didn't even realize was there!
There's two parts to this. I know what dividends are and I knew that I was receiving them in my portfolio. BUT I didn't ever take the time to total them up to see exactly how much I was earning and I didn't consider it "income" until now.
As I grow my own income streams and my wealth, I'm going to continue to calculate the contribution that my dividends have on my net worth.
Every little bit counts, and by strategically investing in stocks and bonds that pay dividends, you can create a completely passive income stream for yourself NOW to build your wealth, and later, to perhaps even live off of.
I'm going to be continuing to research investment strategies and refine my own portfolio to maximize the money I'm investing into it. I encourage you to do the same and learn whether investing in dividend yielding investments is the right choice for you!