I currently own Microsoft (ticker symbol "MSFT"). It pays a quarterly dividend of 16 cent per share or a yearly dividend of 64 cent. That equals a 2.58% return not including commissions. While it is not a huge return, it is a better return that I would receive at a bank.
A second stock I am holding is ARMOUR Residential Reit Inc (ticker symbol "ARR"). It pays a monthly dividend of 12 cent per share or a yearly dividend of 1.44 dollars. That equals a 18.73% return not including commissions.
There is a Chinese proverb that says "The journey of a thousand miles begins with the 1st step." I love receiving dividend income. While the passive income generated from this stock holdings is not significant, Holding them is helping to take steps forward on the path to success.
In my opinion it is the best way to convert earned income into passive income.
That's all I have for now. If you have dividend paying stocks that you like please post them in the comment box.