Dividend Income Update – February 2014

rising-dividendsAnother month has passed by, and it’s time for me to post an article on my favorite subject: dividend income. The reason why I love to post articles on dividend income is because it’s pure numbers. It’s hard to argue the success of long-term dividend growth investing when you can slowly and surely see dividend income rise over time and get closer to covering one’s expenses.

February was another solid month for me. I’m really grateful that I decided to become a dividend growth investor and start down the path to financial freedom four years ago. It would have been easy to give up after seeing the progress trickle in. But I knew there was substantial power in pennies, especially once you collect enough of them. The pennies that I receive in the form of dividends from my investments have grown from a trickle to a stream. And one day, this stream will be a deluge.

I hope these monthly dividend income reports provide inspiration for any investors out there that are just starting out. It’s easy to see these payments rising month after month and it shows that it’s possible to one day pay for monthly expenses with dividends, which would provide an investor opportunities and freedom to pursue other interests than full-time work. Without further ado:

February 2014 Dividends Received

  • Toronto-Dominion Bank (TD) – $11.81
  • AT&T Inc. (T) – $23.00
  • Vodafone Group Plc (VOD) – $85.56
  • Raytheon Company (RTN) – $13.75
  • General Dynamics Corporation (GD) – $11.20
  • Air Products & Chemicals, Inc. (APD) – $14.20
  • American Realty Cap Properties Inc. (ARCP) – $16.44
  • Kinder Morgan Inc. (KMI) – $73.80
  • The Procter & Gamble Company (PG) – $30.68
  • Realty Income Corp. (O) – $12.75
  • ONEOK, Inc. (OKE) – $14.00
  • Omega Healthcare Investors Inc. (OHI) – $29.40

Total dividends received during the month of February: $336.59.

Oh man, I can’t say how much I love being a dividend growth investor. That was more than $300 I didn’t have to wake up at 6:30 a.m. and trot down to work to earn. Making a wonderful decision just once can have a lasting impact for the rest of your life. For instance, just buying shares in one high quality company one time can provide you a lifetime of income. But if you compound these decisions over and over again…well, that’s when the fun really begins!

And that’s really what you’re seeing with my journey here. I make active decisions every single day to save as much as I reasonably can, and then I use the savings to invest in the most attractively valued high quality dividend growth stocks I can find. I’m working hard now so that I don’t have to work hard later. I know money can work harder than I ever could, so why stand in its way?

This February’s dividend tally was my highest February yet. This is a full 56.4% improvement over the $215.20 I received in February 2013. Another very solid improvement in year-over-year dividend income. I’m just really glad I’m able to continue improving in this manner. Life has a funny way of throwing a wrench in even the best laid plans, but so far I’ve been fortunate to acheive a lot of progress without any major setbacks.

Looking forward, March is going to be a big month for me as a large portion of my portfolio pays out on the third month of every quarter. I’m really excited to close out the first quarter of 2014 on a positive note, as it has so far started out spectacularly. Every month is a stair that leads upward toward financial independence. And I’m hopeful I can keep climbing at a rather vigorous pace.

I was able to cover 18.2% of my expenses this past month via dividend income alone. I feel pretty good about that. That means almost 1/5 of my expenses were paid for without the need to go to work. And every month this percentage climbs ever higher.

One of my goals this year is to receive $5,200 in dividend income during 2014. With two months down and in the books, I’m now 13.2% of the way there with $684.56 in total dividends for 2014. I feel confident that with a strong March I’ll be on pace to reach this goal. It was a challenging goal, but I’m looking forward to meeting some pretty big expectations I placed on myself at the outset of the year. We’ll see how I do!

I’ll update my dividend income page to reflect January’s dividends.

Full Disclosure: Long all aforementioned securities.

How was your February for dividends? Another great month?

Thanks for reading.

Photo Credit: sscreation’s/FreeDigitalPhotos.netΒ Β 

Edit: Added total dividends for 2014

Similar Posts

68 Comments

  1. You’re rocking it once again buddy. At the rate you’re investing new capital you’ll outpace my portfolio very soon. I really should calculate what percentage of our monthly bills are covered by dividend income…..thanks for the idea. Sorry your vacation ended :o/ I’m sure it was very motivating
    -Bryan

  2. That is an amazing increase from last year! That is 18.2% less time that you would have to spend at work if you didn’t want to. I look forward to seeing your massive paycheck next month. This leads me to a question. I have noticed that the majority of companies pay out dividends in the march/june/sept/dec cycle. Do you ever take into consideration when a stock pays its dividends prior to making a purchase in order to slightly even out your payments?

  3. another solid month. Great progress from this time last year. My Feb. was great. March looks like I will break the $100 mark for the first time. cant wait. πŸ™‚

  4. Before you know it, it won’t be just flurries, but instead you’ll be getting a blizzard. Keep on rolling with the contributions and that goal and early FI will arrive pretty quickly!

    As a fun aside, how about the rumors Reynolds might be looking to buy Lorillard. That would be a heck of an acquisition and shake things up quite a bit.

  5. DM great to hear. I had a wonderful February and March will be pretty solid as well. Hoping for a nice pullback at the moment. I have one quick question for you and that is a while ago you talked about how receiving a pay check from multiple sources is better than one. I completely agree with that. However I notice that Vodafone and Kinder Morgan account for roughly half of February’s dividends. Are you going to try and balance that out a little bit?

    Dividend Prodigy

  6. Bryan,

    Thanks, man. It was another solid month all in all.

    Yeah, I always look at what percentage of my monthly expenses are covered by dividends. That way I know exactly how close I am to FI. πŸ™‚

    It’s too bad the vacation was so short, but I was blessed with some really great weather the entire time. This winter has been stunning so far, right?

    Take care!

  7. DM,

    Your progress is very inspiring. The compounding is very real, and it’s starting to become even more pronounced now. I believe February is one of the slower payout months as well? March should be when the heavy hitters step up to the plate… Looking forward to seeing those results!

  8. Dividendasaur,

    That’s a great question there.

    I’ve never actually considered it. I’m pretty good at budgeting, so lumpy dividend payments won’t bother me. If I have a surplus one month I can just carry it over to the following month(s) where a deficit exists. In fact, it wouldn’t bother me if I received my entire year’s worth of dividends all in January and I had to spread it out for the year. However, I’m glad it’s not like that for compounding purposes while I’m actively accumulating assets! πŸ™‚

    Best regards.

  9. FFdividend,

    That will be fantastic to cross over $100 for the very first time. I still remember that happening for me. It felt so wonderful to hit that mark for the very first time. I felt like this whole thing was really working. πŸ™‚

    Cheers.

  10. W2R,

    Thanks so much. I really appreciate your ongoing support. It’s relationships like this that make this all worth it! πŸ™‚

    I have been reading as much as I can about the possible acquisition of LO by RAI. I’ve actually been considering selling my LO stake, or at least lightening it. And this is because I’ve got a bigger allocation to tobacco than I’d really like to and I’m also concerned about the possibility of significant regulation regarding menthol. This could be a great opportunity to exit my position on a high, but I’m also not real excited about exiting a position in a tremendous company with a ton of potential. They’ve been expanding west, expanding their products, and they’re dominating in e-cigs. A lot to like, but I’m not sure about my allocation here.

    Best wishes!

  11. dividendprodigy,

    Glad to hear you had a great month as well. Here’s to an even better March!

    I’m actively interested in evening up my positions. I have bigger allocations to certain companies because that’s where the value has been, but I hope to smooth these weightings out over time as valuations make sense. I’m not interested in chasing a stock simply because my portfolio calls for it, but would rather sit and wait until the price is right. There’s companies like MDT, ITW, TD, BNS, and GE that I’m hoping to have a larger equity stake in sooner rather than later.

    Best regards.

  12. FI Fighter,

    March should be indeed be a huge month. I’m hoping March’s payout puts me on pace to exceed my goal later this year. I’m really excited for how the rest of the year plays out.

    Thanks for the support. Your progress is much more inspiring than my own, so I’m looking forward to seeing you hit FI within the next year! I’ll be living vicariously through you for a little while, if you don’t mind. πŸ™‚

    Take care.

  13. Fantastic, Jason.
    February being a slow month, you are killing it, with $336. I am close to your total (my blog post coming soon) but thats my total passive income.

    Best wishes

  14. Another awesome month! The beauty of it is that it will just continue to grow on its own through dividend reinvestment and dividend growth. I passed $200 for February and have my update scheduled to post tomorrow. It was a great month and like you im ready to get Q1 done with. Well, for the progress with the dividends; for life in general I wish it was still February.

  15. Congrats man! That is awesome. You know what, you should eventually release a book about your journey.

  16. Fabulous work Jason – every month, things will get better and better. Still looking at things as if it was day 0, trying to figure out where to save, cut costs and so on..there is always something!

    cheers
    T

  17. Hi DM,

    your dividend income for february is really nice!
    Next year there are 500 USD… πŸ™‚

    One question:
    The company Kinder Morgan Inc. (KMI) is in your portfolio.
    But I have seen, the payout ratio from KMI is extremly high, if my numbers are correct!

    I have the datas from 4traders.com

    Payout ratio:
    2011: 142%
    2012: 286%
    2013: 140%
    2014e: 130%
    2015e: 135%
    2016e: 128%

    How is that possible to pay higher dividends than the EPS?

    Best regards
    D-S

  18. Money!!! Yay!!!! Big congrats on February, 56% YOY shows lots of hard work, dedication and has been truly amazing to follow!! Thank you for the update πŸ™‚

  19. Nice work! I had a nice Feb to due to KMI and VOD. I saw you mention BNS. That’s high on my watchlist but for some reason I’m not in love with it. (I can’t figure out why just not sold on it) Thoughts on BNS? Also can I request another “watch list” article. I love those and they stir up some create conversations in the comment section. Keep up the good work. Love the new site.
    -Jersey Jerry

  20. That YOY growth from February of last year illustrates the progress you’re making, Jason. Well done, and well earned.

  21. Love these posts, they are the best at showing the true effect of hard work and diligence associated with it.

    Keep it up.

    -Gremlin

  22. Very tough to time things correctly, but maybe to set up a “trigger” of sorts if you get too big of a gain in one holding or sector.

    Either you could do it directly, by paring down some holdings, or indirectly, but allocating new capital in different sectors. Given that you’re still investing ~$25K+/yr. you could probably just do the latter and be alright.

    Life is all about gains in the gym your brokerage account!

  23. Differences between accounting (GAAP) income and cash flow. Example: depreciation. If you invest $10 billion in Y1, and zero for the next 5 years, you will incur ~$2 billion per year in depreciation expense (reduction in income), but your cash flow will be very negative in Y1 and much higher in Y2-Y5.

    Many other types. Search “earnings quality” and you’ll find a lot of material regarding analysis of EPS/Net Income to Operating Cash Flow. This gets a little complex if you don’t understand financial statements, but with a little studying you can learn the basics!

    To answer your question, over the long term EPS needs to be supported by cash flow (and vice versa), so a payout ratio > 100% cannot last forever. Either your EPS/Net Income needs to increase or your payout needs to decrease, in relation to one another.

  24. Hi Ravi,

    thanks a lot for the explanation! πŸ™‚

    “…so a payout ratio > 100% cannot last forever”
    What will happen at KMI?
    Increasing of EPS – or decrease of the dividend?

    If I think they can increase the EPS, I would purchase KMI.
    If I think they will be decrease the dividend – I wouldnΒ΄t purchase KMI.

    Best whishes!
    D-S

  25. Its like Brian Tracy says:” First you have to pay the price.. and after that you will see results.”
    This same “thing” works about everything, from athletics to investor.

    I got my 3,38$ from Starbucks last month, that’s all. Got too much European stocks that usually pays on April or May.

    But got lot of increase on my “growth” stocks, so that covered it up.

    Anyway you keep that money flowing!
    Cheers!

  26. Oil & gas sector is unique, mostly because of depreciation of fixed assets and depletion of reserves (similar to depreciation in theory).

    Basic analysis would say that KMI already owns its assets (oil/gas fields), so future expenses are related to extracting oil/gas. I just looked on yahoo finance, and it’s trading at $32 (near it’s 52 week low of $31), and over the next 5-10 years I don’t see the price of oil/gas declining a lot. Also, from 8/15/11 to 2/18/14 the dividend increased from $.30 to $.41 (~9%/yr)while the price went from $26 to $32. Lots of cash flow, but limited growth since they pay out so much.

    Your guess is as good as mine.

  27. Ravi,

    Indeed. With my annual capital additions I’m confident that over time I’ll acheive a more balanced portfolio. I’m still building my castle, so I don’t mind right now if the east wing is a little bigger than the west wing. It’ll even out in the end. πŸ™‚

    I have sold positions, albeit rarely. You can view all of my sale transactions by clicking on the ‘Recent Sale’ category on the right sidebar.

    Cheers!

  28. R2R,

    Thanks! I’m really fortunate to be able to contribute to my portfolio so consistently. So far I’ve been lucky in that life has thrown me very few curve balls. πŸ™‚

    Congrats on your haul as well. Irrespective of how you received that money, passive income is still passive income! And the more, the merrier. Keep up the great work.

    Best wishes.

  29. JC,

    Thanks for stopping by.

    And you’re right. The great thing about building a snowball like this is that it will continue rolling downhill whether I push or not. This income stream will likely double in 10 years even if I never add another penny. It’s really reassuring to know that even if I stop adding capital I’d have a passive income stream of somewhere around $10k/year in my early 40s. It’s so important to start early and be aggressive.

    I’ll stop by your site here in a few and check out your income report. Looking forward to it!

    Best regards.

  30. Zach,

    Thanks so much! It feels great to see the dividend income march higher and higher every single month. I’m getting pretty close to the point where I could conceivably live off of my dividend income if i were to move to a place like Thailand or Ecuador. Although it’s doubtful I’ll be doing that any time soon, it’s nice to have it in my back pocket.

    Hope all is well with your own dividend ladder! πŸ™‚

    Cheers.

  31. Lila,

    I appreciate the support! Thank you very much.

    I really hope I’m able to write a book one day once I actually reach the mountaintop. I’m confident I’m going to love the view once I’m done climbing this thing, so I’d love to share the journey and view with as many people as possible.

    I hope your journey to financial independence is going just as well as mine!

    Take care.

  32. tales,

    There’s definitely always something. I haven’t lost an ounce of focus. After my recent two-week staycation I’m even more motivated than I was before. Give a starving man a taste of freedom, and look out! πŸ™‚

    Thanks for the support. And congrats to you on your recent dividend haul.

    Best wishes.

  33. D-S,

    Ravi answered your question very well. MLPs, like REITs, aren’t typically valued like a C corp, where you would use earnings. And this is because they have significant depreciation costs that affect earnings, but not distributable cash flow.

    I use a dividend discount model to value MLPs, much like a normal C corp, and this bypasses the earnings quandary.

    Many people value MLPs by either using EBITDA or distributable cash flow (DCF). I’m invested in the general partner (GP) within a MLP structure in KMI, so as long as KMP can continue paying the GP the IDR as well as on its units I’m good.

    When looking at these midstream energy MLPs you want to focus on the asset quality and history of shareholder friendliness via passing along cash flow to shareholders. And with KMP/KMI you have a pretty good history there. But, of course, nothing is a sure thing in life. And that’s why we diversify.

    I hope that helps!

    Best regards.

  34. Ryan,

    Money always gets a big yay from me! πŸ™‚

    Thanks for the support. I’m just really fortunate I’ve been able to continue full steam ahead for the last few years. I’ve been in a great position and I’ve done the best I can to take advantage of it. You never know what tomorrow will bring, so it’s always prudent to make the most of our todays.

    Take care!

  35. Jerry,

    Next February won’t be quite as nice for us after the VOD consolidation. Most of that should be made up for by our VZ dividends and whatever we invest our VOD RoV cash in.

    As far as BNS I like it. It’s got a great history of paying dividends. It has one of the longest dividend records on this planet, as it’s been paying out since 1833. Pretty solid stuff. They weathered the Great Recession pretty well and they’re well diversified internationally. The valuation makes sense and they just recently raised the dividend yet again with their recent history of raising every couple quarters.

    I’ll definitely put a nice list together here pretty soon as I’m anxious to go shopping over the coming days! πŸ™‚

    Cheers.

  36. DB40,

    Thanks so much. I really do appreciate the kind words.

    This is definitely no get-rich-quick scheme, but rather a get-wealthy-after-working-really-hard-for-a-long-time-scheme. πŸ™‚

    Best regards!

  37. Gremlin,

    Thanks! These are my favorite posts to write. Rising dividend income is at the heart and soul of my strategy, so I always look forward to updating the numbers and seeing where I stand.

    Appreciate you stopping by! I hope you’re off to a great start in dividend income for 2014.

    Take care.

  38. investingidiot,

    Even Warren Buffett’s snowball had to start out with that first penny. Keep at it and you’ll be seeing a lot more than that Starbucks dividend! πŸ™‚

    Best wishes.

  39. First time poster and love your concept of early retirement through dividend growth investing. What are your thoughts on someone following a similar strategy through dividend-oriented index funds or ETFs? I realize the major con is losing some gains / income through expense ratios, but the benefit is a portfolio largely on auto-pilot for those that don’t want to track and maintain a specific, self-selected portfolio of stocks. I’ve been considering building positions in VIG and / or DVY for this very reason.

  40. Trey,

    Thanks for taking the time to comment!

    As far as your question goes, I think using an index fund approach is a great idea if you don’t want to manage a large portfolio. I discussed the benefits of dividend growth investing over index investing a while back, but still admitted that index investing is best for most people. It allows you take part in a rising income source without the work.

    I wish you the best of luck. πŸ™‚

    Take care.

  41. It’s all about the Benjam…I mean the dividends!

    Have you noticed a dividend income pattern from your holdings? Our dividend income pattern is very clear by now: the first month of a quarter is low, the middle quarter is alright, and then the third month is very high. None of that matters, of course, because eventually we will just have a β€œbuffer” of cash in our brokerage account so that we can pay ourselves a stable monthly income and ride out these fluctuations.

    I’m thinking of framing a large version of that one card from monopoly that pays you dividends. It’s a beautiful work of art.

  42. Matt,

    I couldn’t agree more. Yet another fantastic piece of pure wisdom.

    I’d love to put something together on the letter. Maybe I will this weekend!

    Thanks for the suggestion. πŸ™‚

    Cheers.

  43. Spoonman,

    If you figure out a way to blow that picture up and get it framed please let me know! I’d love to do the same. πŸ™‚

    I also noticed that pattern, but like you it doesn’t really bother me. Maybe it will smooth out over time as my portfolio evens itself out, and maybe it doesn’t. But I know we’ll just carry over any monthly surpluses to months with deficits. That’s the power of budgeting, baby!

    Best wishes.

  44. Jason,
    Done By Forty has budget porn, I enjoy your dividend porn. I was able to buy and collect HCN, looking into KMI as I think it’s oversold. I do love my Spanish bank SAN and it’s 9% dividend yield and looking to get more.

  45. What do you think of Dividend Funds like the ones vanguard has? Maybe similar values but less work?

  46. Money Monk,

    That’s a great way to look at it. I look at my dividends as a part-time worker, and right now my part-time worker is making $10/hour and working 40 hours per month. He’s going to be much more productive in the future, but I’ll take what I can get.

    I hope you’ve got some passive income rolling in as well!

    Best regards.

  47. Charles,

    Haha. Dividend porn! I like it. I’m all about some dividend porn. πŸ™‚

    Great buys there. I think KMI in particular offers a great opportunity here. I’m a little heavy on it myself right now, however.

    Have fun with your own dividend porn over there!

    Take care.

  48. Nick,

    I compared dividend growth investing to dividend growth index investing here:

    https://www.dividendmantra.com/2013/04/why-i-vastly-prefer-dividend-growth/

    While I concluded that dividend growth investing is the superior strategy for a number of reasons, I also stated that index investing is preferable for most people because of time constraints. I quite enjoy following the companies I’m invested in, reading annual reports, looking at financial statements, etc. However, most people don’t enjoy that. And for those people investing in a small basket of index funds will be more than sufficient.

    I hope that helps! πŸ™‚

    Best of luck to you.

    Cheers.

  49. Hey Jason!
    Hey Jason,

    Really enjoying your website after it was showed to me by a client. One thing I’m curious about- All of your positions in your portfolio are rounded numbers, and seeing as you want to achieve FI from those cash dividends, I’m assuming you don’t do dividend re-investment? Is that a common investing concept in the books you recommended? Maybe I am severely underestimating the power of frugal living and saving to invest new capital. I find this entire blog very inspiring though, as I definitely struggle with maintaining a budget and saving. Thankfully, I’m young enough that I can correct these habits now and set myself up as well as you have. I have created a spreadsheet to track all of my expenses to really look at the numbers and see where I can begin making changes. Congrats on a great site, I will be a frequent visitor and have already shown it to others.

    Cheers,
    Zac

  50. Good stuff here, but if you’re not invested in Vanguard’s HealthCare funds, you’re still missing one of life’s great opportunities. Oh, and I’d recommend Lockheed over any of the other Defense Dept funds; it’s raised its div from 1, to 1.15, to its current 1.33….and if precedent holds, it’ll be raising it again for its June payment. Its EPS surely supports another increase.

  51. Zac,

    For some reason it will not allow me to post my lengthy comment back to you, and I’ve tried 10 times now. But I hope this comment is short enough to publish without a problem – I just wanted to say thanks for the support and spreading the message! πŸ™‚

    Best regards.

  52. Ted,

    I wish I would have invested in LMT before that monster run, that’s for sure. The defense companies have kind of defied logic lately with the fact that they’ve been guiding for light growth in light of defense spending cuts, yet investors clamor for the stock. Really interesting situation there.

    As far as Vanguard funds go, if I weren’t a loyal dividend growth investor I would likely be a loyal Vanguard index investor. Great products with low fees. Fortunately, I’ve already found my holy grail. πŸ™‚

    Cheers!

  53. Pingback: Dividend Buy Of The Month: General Electric Company
  54. Pingback: Dividend Buy Of The Month: General Electric Company | Investor Spread
  55. Hi Mr DM,

    I’m late posting to this discussion, which I hope is okay. I have a question about the Vodafone (VOD) dividend, please.

    The info I’m looking at on VOD shows it paying an annual dividend of $2.06. (Source for this info is the ‘News and Analysis’ page for VOD at Seeking Alpha.) My understanding is that you own 81 shares of VOD? (From your Portfolio post ‘as of’ date March 02.)

    From those two numbers, I’m confused at VOD paying a dividend of $85.56 in February. Can you please tell me where my figuring is in error? I can see I’m missing something, but I don’t know what it is.

    Thank you, and best regards.

  56. Star,

    You’re welcome to post comments whenever it suits you. No need to worry. πŸ™‚

    Your information from SA is incorrect. Vodafone paid out a total of $1.58 in dividends last year. I expect that to be higher this year, but the final dividend has not been announced yet.

    The interim dividend for 2014 was $0.570415 per ADR, after factoring out ADR fees. This was paid on 150 shares, because that’s how many I owned before the share consolidation that took place in late February from the sale of Verizon Wireless assets reduced my share count down to 81 (but opened a position in VZ).

    You can read more about VOD’s dividend history here:

    http://www.vodafone.com/content/index/investors/shareholders/adr_holders/dividends.html

    I hope that helps!

    Best regards.

  57. Thank you, DM. I appreciate you explaining that to me.

    ‘ADR’ is a new term for me – I had to look it up – got a definition at investopedia.com.

    How/why would SA’s info be incorrect? That’s more of a rhetorical question, I guess, but it troubles me that something I had looked at as a reliable source is off by that much. That’s part of learning though. Where do you go to get accurate info on a stock?

    Thank you for “talking” to me about this, and continued best wishes on your dividend-growth journey.

  58. Star,

    It’s not uncommon for third-party sites to have incorrect information on foreign stocks and their dividend payouts. It’s just one of those things.

    I always recommend visiting the actual company’s investor relations site for the most accurate information, especially anything involving financial statements and/or dividends. That’s always my first stop when I want to analyze a company.

    And sorry for not explaining what an ADR was. I incorrectly assumed you knew what that meant. I apologize about that.

    Best regards.

  59. Investor-relations site: got it, thx.

    How kind of you to apologize for not defining ADR – thank you. But as a n00b, it’s my responsibility to learn these basic terms of investing. I wasn’t making a passive-aggressive complaint that you hadn’t explained ADR, and I hope I didn’t sound as if I was. I was sharing that I’d learned something new. Even though I did have to look it up on another site, sigh. πŸ˜› Kidding, I hope you know. I am grateful for what I learn here at your site.

    Thx again.

  60. Star,

    You went to another investing website other than mine?! How dare you! πŸ™‚

    I know you weren’t complaining, but I should have probably picked up the fact that you’re still learning based on your comment. I probably could have explained a bit more. But I’m super glad you’re taking it upon yourself to learn as much as possible. That’s the same thing I did when I first started.

    Every day is a new opportunity to learn even more, and that never ends.

    Best wishes.

Leave a Reply