DF
DIVIDEND 15 SPLIT
stock TSE

Wanted to share a strategy I've been running for a while now, maybe get some 2c on.
TFSA is sitting at around 100k. Long term goal is to basically have enough of a TFSA to live off monthly divys. Did a bunch of research into CEFs and high yield ETFs. In the range of 12-14% yield, preferably monthly payouts. Often these are split corps. Avoiding ones tied to a single company like the Harvest ones, just don't like that risk.
Generally I hold between 6 and 8 different ones. Each month, these are heavily checked. How is the NAV looking, discount/premium, leverages etc. if things start to dip or look risky, I swap them out. So things like FFN, DFN, DF etc. have all been in or out at some stage.
Currently, I have BK, BANK, UTES, LFE, QQQY and QQCL. Payout is \~14%, around $1200/month. But, these also mostly have some growth too. Divys get reinvested, but I also have the option of withdrawing them, if I need to.
So far, heavy monthly monitoring (I have a checklist for each security) is key to protecting the gains etc. Basically, in my head, there's enough diversity there and frequent checking to avoid a big fall. But the return is looking solid and good long term projections, provided I keep an eye on things and adjust my holdings as things change.
Just wondering if anyone is doing something similar or any thoughts on this as a strategy?

Wanted to share a strategy I've been running for a while now, maybe get some 2c on.
TFSA is sitting at around 100k. Long term goal is to basically have enough of a TFSA to live off monthly divys. Did a bunch of research into CEFs and high yield ETFs. In the range of 12-14% yield, preferably monthly payouts. Often these are split corps. Avoiding ones tied to a single company like the Harvest ones, just don't like that risk.
Generally I hold between 6 and 8 different ones. Each month, these are heavily checked. How is the NAV looking, discount/premium, leverages etc. if things start to dip or look risky, I swap them out. So things like FFN, DFN, DF etc. have all been in or out at some stage.
Currently, I have BK, BANK, UTES, LFE, QQQY and QQCL. Payout is \~14%, around $1200/month. But, these also mostly have some growth too. Divys get reinvested, but I also have the option of withdrawing them, if I need to.
So far, heavy monthly monitoring (I have a checklist for each security) is key to protecting the gains etc. Basically, in my head, there's enough diversity there and frequent checking to avoid a big fall. But the return is looking solid and good long term projections, provided I keep an eye on things and adjust my holdings as things change.
Just wondering if anyone is doing something similar or any thoughts on this as a strategy?