Passive income is one of my passions. My top financial goal is to grow my passive income to the point where it can cover my recurring expenses. I still have a way to go, which is why I'm usually adding to my passive income sources, not subtracting from them.

However, I recently closed my position in Annaly Capital Management (NYSE: NLY), which I've owned for many years. The main draw was its lucrative dividend, which yields nearly 13%, almost 10 times higher than the S 500. Here's why I finally threw in the towel and sold the high-yielding dividend stock.

Annaly Capital Management was one of the first real estate investment trusts (REITs) I ever bought. I've held those initial shares the entire time. While I have added to my position a few times over the years, I haven't bought more shares in over a decade. Instead, I've just sat back and collected the dividend income.

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Source Fool.com