With volatility spiking and stock market indexes like the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) down on the year, investors may be looking for ways to diversify their portfolios and collect some passive income.

Passive income is characterized by its ability to generate revenue without requiring the earner's continuous active effort, making it a desirable financial strategy for those seeking to diversify their income streams or achieve financial independence.

These stocks offer monthly dividends and high yields, making them top investments to generate solid passive income.

As discussed, Target is a Dividend King with more than 50 consecutive years of dividend increases. But the last couple of raises have been less than 2%, meaning that the company is basically making the bare-minimum raise to keep its streak alive. On the earnings call, management said it plans to make a low-single-digit increase later this year.

The option to reward shareholders with dividends is hardly likely to change anytime soon, and investors looking to fortify their personal finances with dividend-paying stocks are certainly making a smart move.

Earn reliable streams of monthly passive income from First National Financial and two other TSX monthly dividend stocks with +5% yields & growing dividends.

The company's cash payout ratio is about 47%, giving it plenty of room to grow its dividend. Here's the bottom line: Amgen is an excellent stock for long-term, income-seeking investors.