Want $600 in Super Safe Dividend Income in 2024? Invest $8,000 Into the Following 3 Ultra-High-Yield Stocks.

Wall Street has helped investors grow their wealth for more than a century. While there’s no perfect investment strategy, one that stands out as having a phenomenal track record of success is buying dividend stocks.

Last year, Hartford Funds released a lengthy report (“The Power of Dividends: Past, Present, and Future”) that examined, among other things, the performance of income stocks to non-payers over the past half-century. Including data from Ned Davis Research, the researchers at Hartford Funds note that dividend payers have delivered an annualized return of 9.18% between 1973 and 2022. Meanwhile, non-payers have clawed their way to a less-impressive 3.95% annualized return spanning five decades.

What Hartford Funds’ dividend report shows is that it’s not a question of if dividend stocks are a smart buy for patient investors; it’s a matter of which dividend stocks offer the best prospects.

In an ideal world, income seekers are receiving market-topping yields with minimal risk to their principal. But in reality, studies have shown that risk tends to rise in lockstep with yields. While this doesn’t mean high-yield stock are off-limits for income seekers, it does imply that extra vetting is required to find winners.

The good news is that properly vetted companies with high-octane dividends can truly pack a punch for income investors. If you want $600 in super safe dividend income in 2024, simply invest $8,000 (split equally, three ways) into the following three ultra-high-yield stocks, which sport an average yield of 7.51%!

Enterprise Products Partners: 7.68% yield

The first exceptionally safe ultra-high-yield stock that can help you bring home $600 in dividend income in the new year is energy company Enterprise Products Partners (NYSE: EPD). Enterprise has increased its base annual distribution in each of the past 25 years.

For some investors, the idea of putting their money to work in an oil and gas stock isn’t going to be appealing….