If you're a regular reader of StreetAuthority, you know I love getting -- and reinvesting -- dividend paychecks.

Simply put, my goal is to earn a paycheck every day of the month by owning a basket of solid income securities -- and then grow the size of those paychecks by harnessing the power of compounding through dividend reinvestment.

So far, the results have been very rewarding. From an initial $200,000 investment, I'm earning nearly $16,000 in dividends a year (or more than $1,300 a month) using this strategy. And that doesn't even include a penny from the healthy capital gains I've made from most of my holdings.

But as I said, you may have already heard this before. My goal today is to show you how to get the most out of your income investments using a simple yet effective three-part strategy.

I call it the Dividend Trifecta, and it's the cornerstone of my advisory, The Daily Paycheck. The great thing about the Dividend Trifecta is that it's fully customizable to your own needs. You can use it to multiply your wealth over time, preserve capital -- even bring in a second income to fund your retirement.

Here's how it works...

I have three separate portfolios within The Daily Paycheck, and each helps me achieve one part of the Dividend Trifecta strategy.

My High-Yield Opportunities portfolio offers higher yields but is a bit riskier when it comes to capital preservation. The yields here start at about 7.5% and go up from there. Some of these stocks and funds yield 10% or more.

Although these are riskier, I take special care to choose only those securities that offer ample reward for the risk. Many of my high-yield holdings are long-established closed-end funds, specializing in everything from utilities and real estate to convertible bonds.

My Fast Dividend Growers portfolio has the lowest yield of the three portfolios. But what it lacks in income it makes up for in price appreciation (the average total return for these stocks is 58%). These stocks are increasing dividend payments by up to 15% a year -- making them perfect if you want a rising stream of income but also the potential for hefty capital gains in the process.

The Steady Income Generators portfolio is full of dependable dividend-paying securities. These are some of the most reliable dividend payers on Earth. If you're a conservative investor, then these investments can deliver consistent dividends -- no matter what happens in the market.

When you own all three types of these income investments and reinvest the dividends, you can see some pretty dramatic results. I've received more than $47,000 in dividend paychecks so far in less than 42 months. But because I reinvested, my portfolios are now worth over $290,000 -- nearly a 46% total return since inception.

My three portfolios work together, producing the characteristics I'm looking for -- an overall approach that minimizes volatility and capital risk while maximizing my monthly income.

I've now spent more than three years using this strategy. I love its simplicity. My dividends get reinvested every month without me having to lift a finger. Overall, the portfolio has been roughly 40% less volatile than the overall market. To me, that represents 40% more sleep-filled nights.

The Investing Answer: Your needs may be different than mine. The good news is that this strategy is fully scalable to any size portfolio and can be easily adjusted.

If, for instance, you have less tolerance for capital losses in the short term, you will want to own a smaller percentage of High-Yield Opportunities holdings in your personal portfolio. If you have a very long investment horizon and have lower income needs, you may want to hold a higher percentage of Fast Dividend Growers. And if you have a need for stable current income right now, then you are likely to find that Steady Income Generators will meet your needs.

Before I started using this strategy, I was anxious about creating a portfolio that could support me once I retired. I'm no longer anxious. My Dividend Trifecta strategy is generating more and more income every month. And I know that when retirement comes, I can just flick off the dividend reinvestment switch and start living off the incom

That's the kind of experience I want every Daily Paycheck reader to have.