I used to look forward to payday because that was when I would be able to make some discretionary spending again, after needing to keep to basics only for a week or so. Now, however, payday means the opportunity to buy a new stock and slowly grow my dividend stock portfolio.
The choice this month fell on 3M (MMM), which I believe needs no further introduction. I have wanted to add this dividend aristocrat to my portfolio for a while now, and in the past month the stock price has fallen quite a bit. From about $180 one month ago to about $160 today.
They pay an annual dividend of $5.88 a current yield of about 3.65%.
They are in the industrials sector, even though most know their logo from consumer goods such as scotch tape and post-it notes. The last stock I bought, Caterpillar, is also in the Industrials-sector, and I hadn’t actually planned to add two positions in the same sector in a row, but the other stocks I considered for this months’ purchase were all priced a bit higher.
They might go down further, or they might climb again, I don’t care too much. I do care, however, that their 61 years of consistently raising their dividends gives me confidence that owning these shares will grow my passive income. To me, that’s the most important thing.