Want $300 in Dividends Every Month? Invest $20,000 in Each of These 3 Stocks

Recurring dividend income can help boost your savings, help pay bills, and/or potentially even allow you to retire early. There's a significant incentive for building up a strong portfolio of high-yielding dividend stocks as the payoff could be huge in the long run.

And while most dividend stocks only pay you every three months, you can create a stream of recurring monthly income by investing in at least three of them that pay at different times within the quarter. If you invest $20,000 into Verizon Communications (NYSE: VZ), Organon & Co. (NYSE: OGN), and Bank of Nova Scotia (NYSE: BNS), you can build up a diverse portfolio while collecting $300 in dividends in every month of the year.

Investing in a top telecom provider like Verizon can be a great move for dividend investors. These businesses tend to generate a steady stream of revenue from their subscribers. While customers may switch back and forth between telecom companies, the bigger players know what levels to push to ensure long-term stability in their operations. Verizon is definitely no exception to that.

While there may be short-term volatility on occasion, historically, this has made for a fairly sound business to invest in. In each of the past three years, the company has generated more than $130 billion in revenue, and its operating profits are normally more than 20% of its top line.

Last month, Verizon increased its dividend for the 18th consecutive year. And with the increase, the stock is now yielding 6.2%. On a $20,000 investment, you'd be collecting a quarterly dividend of $310 every time the company makes a payment -- February, May, August, and November.

Organon is a healthcare company that focuses on women's health. It spun off from Merck in 2021, and since then it has been operating on its own.

Like Verizon, it too has made for a stable business to invest in, with annual revenue normally above $6 billion. Its operating margins are also fairly strong at more than 20%. This year the company expects revenue to come in within a range of $6.2 billion and $6.5 billion.

While Organon doesn't have a long track record of paying dividends, that is already a key reason investors may want to hold this stock in their portfolios. At 6.4%, it offers a yield that is close to five times the S&P 500 average of around 1.3%.

With its current yield, investing $20,000 into the stock would produce approximately $320 every quarter. Organon typically makes dividend payments every March, June, September, and December.