Invertir en dividendos, ventajas e inconvenientes

A poco que uno mire en el infinito océano de Internet es sorprendente la cantidad de gente que busca la libertad financiera a través de dividendos. Y en esta entrada me gustaría dar mi opinión al respecto dado que lo considero la formas más larga y arriesgada de conseguir dicha libertad.

Invertir sólo en acciones como plan de jubilación

Descripción del método de inversión en dividendos: básicamente es ahorrar para ir comprando acciones de empresas que paguen dividendos anualmente por las acciones que tengas y a ser posible que la empresa en cuestión tenga el objetivo o “compromiso” de ir incrementando el pago de dividendos cada año. Esta estrategia conlleva varias ventajas e inconvenientes.

Ventajas:

  1. Sencillo: es un método que cualquier persona puede hacer sin grandes conocimientos de Bolsa. Basta con ir comprando cada año más y más acciones y que esas acciones nos vayan ingresando dividendos, los cuales los iremos reinviertiendo en más acciones…
  2. No requiere un trabajo de gestión: como accionista no tienes que lidiar ni con problema de la empresa. Tan sólo es ir gestionando tu cartera, es decir, estar pendiente de la evolución de las acciones y sobre todo de la política de dividendos que la compañía decide cada año.

Inconvenientes:

  1. Duración: Requiere un tiempo muy largo de inversión para ver ciertos frutos. Normalmente la rentabilidad vía dividendos suele rondar el 4-6%. Lo cual ya muchos la consideran una muy buena rentabilidad. Como accionista diré que lo máximo que conseguí de rentabilidad fue del 11% gracias al alto dividendo de SANTANDER durante los años 2012 y 2013 cuando pagaban 0,6€ por acción (actualmente ha bajando al 0,2€ por acción). Esto nos obliga que sacando entre un 4 y 6 % de rentabilidad necesitemos muchísimos años invirtiendo dinero en acciones para realmente tener un pago de dividendos atractivo. Aquí veo mucha gente que utiliza un Excel para predecir o estimar los ingresos para los próximos 20 o 30 años… Cómo no cambia la vida y las empresas en ese tiempo….
  2. Estás en manos de una Junta Directiva: como accionista minoritario no tienes participación en el consejo de la empresa. Estás en manos de que los altos directivos decidan la política de dividendos de la empresa y el curso de la misma. No tienes control. Si una empresa decide no pagar dividendo pues toca aguantarse (ejemplo Telefónica 2012).
  3. No hay negocio que 100 años dure: poner todo nuestro patrimonio en negocios no es lo más estable y seguro a largo plazo dado que las situaciones cambian, las normativas etc, y los primeros afectados son las grandes compañías.
  4. La Bolsa no tiene una tendencia a largo plazo alcista: Esto lo comenté en una entrada y a diferencia de los inmuebles los precios de las acciones no suben siempre a largo plazo. Se mueve siempre dentro de unos máximos y mínimos. Con los inmuebles aunque existen subidas y bajadas en el largo plazo siempre sube.

Mi recomendación es utilizar la Bolsa sólo en la fase de creación de caja y en las edades más tempranas donde puedas asumir más riesgo.

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