How I'd fill an empty ASX share portfolio to build a $500 monthly passive income machine

Looking to start an ASX share portfolio to rake in some handy extra monthly passive income?

If you're new to investing, that may seem a rather daunting task.

But it's simpler than you may think.

Here's how I'd fill an empty ASX share portfolio to build a $500 monthly passive income machine or a very tidy $6,000 a year.

Size matters for my ASX passive income portfolio

In constructing my passive income portfolio, size does matter. Meaning I'll preference larger companies listed on the S&P/ASX 200 Index (ASX: XJO).

As a general rule, ASX 200 dividend stocks tend to be less volatile and provide a more reliable income stream over time than smaller dividend-paying stocks.

I'll also look for companies offering franking credits. This should enable me to keep more of that welcome extra income at tax time.

I'll also be sure to invest in a range of companies operating in various sectors and locations. That kind of diversity will lower the risk of my entire passive income stream taking an unexpectedly large hit should a single sector or company hit a rough patch.

Now, before we look at the five ASX 200 dividend stocks I'd buy to build that passive income machine, do note that the yields we're discussing are trailing yields. Future yields may be higher or lower depending on a range of company-specific and macroeconomic factors.

With that said, while some of the stocks below have struggled this past year, I expect these five ASX 200 companies are well placed for both long-term share price gains and ongoing dividend payouts.

Building that ASX passive income portfolio

The first company I'd add to that ASX passive income share portfolio is Australian energy giant Woodside Energy Group Ltd (ASX: WDS).

Over the past 12 months, Woodside has delivered $1.94 a share in fully franked dividends.

At Friday's closing price of $24.00, Woodside shares trade on a fully franked dividend yield of 8.1%.

With diversity in mind, the second company I'd buy to fill that empty ASX share portfolio is ANZ Group Holdings Ltd (ASX: ANZ).

The ASX 200 bank stock closed Friday trading for $32.45 a share. Over the past year, ANZ has paid out $1.66 a share in dividends, franked at 67.5%. This sees ANZ trading on a partly franked dividend yield of 5.1%.

Moving onto the consumer staples segment for passive income, we have supermarket giant Woolworths Group Ltd (ASX: WOW).

Over the past 12 months, Woolworths has paid out $1.44 a share in fully franked dividends. At Friday's closing price of $29.40 a share, Woolworths stock trades on a fully franked yield of 4.9%.

And I'd buy home furnishings and electronics retailer Harvey Norman Holdings Ltd (ASX: HVN) for income exposure to the consumer discretionary sector.

Harvey Norman has delivered 22 cents a share in fully franked dividends over the past year. At Friday's closing price of $4.59 a share, Harvey Norman stock trades on a fully franked yield of 4.8%.

Which brings us to the fifth company I'd buy to fill an empty ASX share portfolio for passive income, mining giant Fortescue Ltd (ASX: FMG).

Fortescue has paid out $1.97 in fully franked dividends over the past 12 months. At Friday's closing price of $17.73, Fortescue shares trade on a fully franked yield of 11.1%.

To the maths!

Assuming I invest the same amount in each of the ASX 200 dividend stocks above, I could expect to earn a yield of 6.8%.

To earn my $500 a month in passive income, or $6,000 a year, then I'd need to invest $88,236 today.

Now, that's a sizeable sum to invest all in one go.

But that's okay.

I can also invest a smaller amount each month, and I'll reach my passive income goal in good time.

Of course, I'll also hope to see some share price growth from these companies along the way.