I Spent All My Money on Bank Stock and now I'm Poor

Hey guys. A quick update on today’s purchase. The markets have been selling off lately so I decided to look for some deals, especially that I had over $1,200 accumulated from dividends in my TFSA account.

During the pandemic, it’s important to buy defensive stocks to be able to sustain any potential downturns. Generally, consumer staples, banks, utilities and tesla would be your best bet. Well, today I decided to beef up my banking sector.

I own most of Canadian bank stocks, but CIBC is my smallest holding compared to other banks. Therefore I decided to add to my CIBC position. I blew all of my cash ($1,200) on CIBC stocks. I bought 12 shares for $99.67 per share. My total position in CIBC jumped from 8 shares to 20 shares. How terrific is that. I feel like I can walk to any CIBC branch, tell them who I am, and ask for my dividend money.

And speaking of the dividends, since the stock price dipper under a $100, the bank is paying out a whooping 5.73%. This purchase will add $17.52 per quarter or $70.08 per year of passive income.

Portfolio Value Update - August 2020

Welcome back! It’s the time to report my August progress. Guys, this report will be super short and straight to the point. So, let’s get started.

Portfolio Value
In August, my stock portfolio value increased by $757 and closed at $88,130. The increase came from stocks appreciation. I did not add any new funds in August. I’m saving some cash for new purchases. The crazy stock market must cool down. If the market remains hot, I will simply save $6,000 for 2021 TFSA contribution to max it out in January.