Thursday, 1 November 2012

October Income Update

Along the way to becoming a millionaire I'm hoping not to have to work for a living anymore. Income from the ISA is going to have to take up a lot of that slack. Income is generated from the dividend paying shares held in the ISA and those dividends in October included:

Invesco Perpetual UK Smaller Companies Trust (IPU)
Raven Russian Preference Shares (RUSP)
Natwest Preference Shares (NWBD)
Legal & General (LGEN)

A huge (!) total of £30.99 this month. I'm happy to continue holding all four of these as all of them are up since purchase and there hasn't been anything significant to make me think they were bad ideas. Raven and Natwest are essentially massively high interest earning cash accounts. The market has decided that the risk of these two collapsing is passing and so along with the 9% interest they pay each year (in two chunks of 4.5% for NWBD, quarterly chunks for Raven) there has been a good capital increase as well. Legal  & General bothers me slightly, not in terms of the business, but that I have three insurance companies in the portfolio (Beazley and RSA). Too much exposure to the insurance industry me thinks.

In other good news, something seems to be happening with Ithaca Energy. Up 12% today. Good stuff. I'm now up on it by 30% in total so may decide it is time to cash in on the good fortune, although I still believe it to be a really good prospect long term.