If it's monthly passive income you're after, you're likely aware that most ASX dividend stocks only pay out a slice of their profits twice per year.
That money generally lands in eligible shareholders' bank accounts a month or so after the companies report their half-year and then their full-year financial results.
But there are a handful of companies that do pay out on a monthly basis.
So, if you're looking for monthly passive income with a $10,000 investment, here are two ASX dividend stocks to consider.
Image source: Getty Images
Two ASX dividend stocks paying every month
First up, we have the BetaShares Australian Dividend Harvester Fund (ASX: HVST).
This ASX dividend stock is, more precisely, an exchange-traded fund (ETF). As such, it offers investors instant diversity by investing in 40 to 60 high-yielding, blue-chip ASX shares.
Currently, its top three holdings are Commonwealth Bank of Australia (ASX: CBA), BHP Group Ltd (ASX: BHP) and CSL Limited (ASX: CSL).
The portfolio is actively managed and rebalanced every three months or so to offer exposure to higher-yielding ASX dividend stocks. That service comes with a 0.72% annual management fee.
As at 30 November, the ETF had a 12-month trailing yield of 7.1%, 80.2% franked. The 12-month grossed-up yield, which includes franking credits, works out to 9.6%.
The HVST share price is up 2% over the past 12 months. And, of course, the ETF pays out dividends every month.
Which brings us to our second ASX dividend stock that offers passive income investors a monthly paycheque.
Namely, Plato Income Maximiser Ltd (ASX: PL8).
Technically PL8 is a listed investment company (LIC). As with HVST above, this LIC holds a diversified portfolio of blue-chip Australian shares with an income focus.
As at 30 November, PL8 delivered a 12-month grossed-up yield of 7.7%, with its dividend payouts 100% franked.
The Plato Income Maximiser share price has been flat over the past 12 months.
To the maths
If I were to split my $10,000 investment evenly between these two ASX dividend stocks, I'd earn an average grossed-up trailing yield of 8.65%.
That would see me earning $865 a year in passive income. Or (on average) $72 every month.
