I'm on an investing mission. I want to grow my passive investment income to match my expenses so I can achieve financial freedom. While I have a long way to go, I'm making steady progress each time I make a new income-generating investment.

I recently invested about $600 to buy even more shares of W.P. Carey (NYSE: WPC). Here's why the diversified REIT is one of my favorite places to generate dividend income these days.

W.P. Carey pays a very attractive dividend. The company currently yields around 6.3%, putting it several times higher than the S&P 500's dividend yield (recently 1.6%). That allows me to generate a lot more income from my investment. My roughly $600 investment will produce about $38.50 of annual dividend income. For comparison, a similar investment in an S&P 500 index fund would only produce about $9.60 in yearly dividend income. 

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Source Fool.com