June in Review, First Birthday Celebration, DIY, and Dividend Income
Baby FEN turned ONE!
June was a very fun month for us as we celebrated our daughter’s first birthday. Being new parents we are blessed with a very healthy, active, smart baby. I am sure most parents would consider their kids smart too, in our case it’s true though. Being a little biased doesn’t hurt anyone. To help us celebrate our Baby FEN’s first birthday we invited her grandparents, uncles, aunties, and cousins to come New Orleans. A few couldn’t make it due to scheduling conflicts but they sent their best wishes, and gave Baby FEN “lucky” money. Typically, “lucky” money is given during the Lunar New Year and special occasions. Something that baby FEN did that surprised everyone was that she took the lucky money and handed over me the money as to say “here you go, invest it for me” [more like, “uuhh, ooh..baba”], we trained her well.
Rest assure baby FEN’s money is going straight to her 529 Plan.
DIY for June : Water filtration system
One of the many home projects that we wanted to tackle since we first moved to this house was to install a water filter system, so we don’t have to make weekly trips the water vending machine at our local supermarket to get good tasting drinking water. One of the downside about living in an old city such as New Orleans is that the city water lines and other infrastructure are old and in desperate need of repair. The water filter system we bought was an under-sink system, meant to install under our kitchen sink. The ”aah crap” moment came when we realized the unit is too large to be install under sink because of the odd placement of the drain line. In order to make room for this unit we needed to reroute the entire plumbing system. In addition, we’d have to drill a hole in our granite countertop in order for the water faucet to fit through, which I am not comfortable with doing, if we screw up it could mean thousands of dollar to replace our countertop. I called around and found a handyman that was willing to take the job. He quoted $250 for everything and I quickly rejected his offer. Plan B was to install this unit in our laundry room. The laundry room has all the plumbing and room needed to do the installation. I read the manual and watched a few YouTube videos and it seems very doable. Within minutes, I headed to our Home Depot and bought a few fittings, splitter, waterline, and valves. The installation took about 2 hours as I was fumbling around for a bit at the beginning. I happy to report the water taste much better now. Total cost for the system was approximately $450 dollar. The first year cost will be $1.23/day, and thereafter will be $0.27/day. Most importantly, the time save from going to the vending machine every week is priceless!
Dividend Income for June
One of our money philosophy is to diversify not only our income by more specifically diversify our passive income. If we achieve our goal and are able to retire we plan to have approximately 1/3 of our passive income from dividend. Our dividend portfolio is small at the moment but we are building it up slowly. Along with index funds, we own individual dividend growth stocks. Some companies that we own are Home Depot, Disney, Apple, AbbVie, QUALCOMM, CVS Pharmacy, Starbucks, Boeing, etc… Most of our dividend income are payout every 3 months. Typically March, June, September, and December are big payout months. Our dividend income for June is $170.13. In order to hit our goal of 1/3 of our passive income in today dollars we need to earn approximately $15,000 a year or $1,250 a month. It’s important to note that all dividend payouts are automatic reinvested back into different companies to further take advantage of the power of compounding. We are definitely making progress and moving towards the right direction.