The price of gas remains high at the pumps right across Canada and the United States. This means the prices of things will continue to rise as businesses pass their costs onto other businesses. This trickles all the way down to the end consumer.
This past week in Canada the Bank of Canada raised the interest rate by 1.00%. The current rate is 2.50%. In the United States, the fed recently raised interest rates by 0.75%. The current interest rate in the states is 1.75%.
Shortly after rates are increased, the banks raise their rates. This usually occurs on the same day. This means interest rates on variable rate mortgages, loans and line of credit increase. Also, mortgage renewals and new mortgages will be at a higher interest rate.
The purpose of raising rates is to help tame inflation and to slow the economy.
The supply chain issues continue to carry on. This also helps to drive up prices even more. The costs of everything continues to higher than even just a few months. I read somewhere the inflation in Canada will be soon at 8%.
There are predictions we will be in a recession later in 2022, while others are saying in 2023.
Passive Canadian Income received $2533.47 in passive income for the month of June 2022. Of this total, $1195.60 was dividend income. The amount of new shares / units dripped came in at 22.
All About The Dividends received $954.58 in dividend income and added over $33.58 in forward dividend income via DRIPs. There is also mention of the purchases that were made during June 2022.
Reverse The Crush received $138.84 in dividend income in June 2022. This is a 48% YoY increase.
Our Life Financial received $2898.07 in dividend income. Combined with her husband, they received $3406.10 in total dividend income and 57.14 % increase YoY.
Moneymaaster received $1273.40 in dividend income and dripped 69 new shares/units to boost his future dividend income.
My Own Advisor and Gen Y Money shared their individual dividend income updates with the world. The blogger behind My Own Advisor, Mark Seed, forward annual dividend income rose over $700 from last month via dividend increases alone. Although their actual amount of dividend income received in June 2022 is not mentioned, there is some great information in their respective posts.
Fire We Go received $2220.81 in dividend income for the month of June 2022.
We all started with $0.00 of passive income and have grown our investments over time. Each "BUY" transaction can provide ongoing dividend income which may also be increased over time.
In Canada and the United States, many brokerage accounts offer commission free trades and/or commission free ETFs. You can get started on your investing journey with very little money.
I am not a financial planner, financial advisor, accountant or tax attorney. The information on this blog represents my own thoughts and opinions and should NOT be taken as investment or business advice.
Every individual should do their due diligence to make their own financial decisions based on their financial situation and tolerance for risk.