So, after going back and forth a few times, I’ve once again decided to increase the Minimum Contribution to my portfolio. At the time of this writing, I have committed to contributing a minimum of $500 per month. This amount of money is still far short of what it used to be, but it is a significant step up from the roughly $50-$100 that I was contributing in the past. With everything going on, the question is, why now?
Why Increase The Minimum Contribution Now?
Like many of my investment considerations, the decision was made based on a re-evaluation of my financial circumstances. As you know, I have A LOT going on right now. I still haven’t closed on the condo and construction has slowed because of COVID-19.
In fact, part of the reason why I had to reduce my contributions was because I was saving up to buy the condo. I sold my stocks to help me afford the down payment and closing costs. I can write about this more in future posts. But because of the coronavirus, the mortgage market is tightening up a lot. The bank I had secured the mortgage from pulled out. So, I’m in the process of trying to secure funding for the condo. Other banks that I am looking into have far more stringent requirements, which makes it far more expensive for the borrower (namely, myself). Crazy times we live in, indeed.
But, notwithstanding that issue, I feel I have my down payment and closing costs ready to go. So, all I’m doing now is crossing my fingers hoping that we will get to a closing date very soon. While I still add a little bit of money to my condo fund every month, I feel I can now increase the contributions to $500 to my dividend portfolio.
It also doesn’t hurt that I think the market is on sale right now.
Conclusion
So, there you have it. Not a long post. I just wanted to update you on what’s going on. There is actually a lot more to talk about but I’ll save those for future posts.
What do you think of this post? Do you think the market is on sale right now? Let me know your thoughts by commenting below.
The post Minimum Contribution Increased Again appeared first on Dividend Portfolio.
