Dividend investing to pay back a loan
I took out a loan, invested that money and am using the dividends to pay it off. I've only just started to do this but I'm documenting this journey so my kids (when they're a bit older) or anyone else can watch and learn from it's success or failure.... or anything that happens in between I'm in my 4th month and while that isn't a huge sample size, it's been going great so far.
These are the companies I invested in:
- Bank of Montreal
- Bank of Nova Scotia
The current interest is $158/month
That leaves me with $188 each month being paid to the principal.
And obviously as time goes on, it will get better... assuming things stay the same (interest rate & dividend payouts).
What do you think of this type of investing?
I've also made videos to document this process. I have a teribble memory so I made these videos so I, and my kids, can reference them in the years to come. Let me know what you think; but please be kind with your constructive criticism
I borrowed money to invest and wanted to document the steps and process. I hope others can learn from my experience.