My desire is to eventually become financially independent. I want to reach the point where my investments produce enough passive income to cover my basic living expenses. That would remove all the stress of needing to work to pay the bills.

I strive to make progress toward my goal of reaching financial freedom every month. One way I do that is by investing in dividend-paying stocks. I look for high-quality companies with higher-yielding payouts that steadily rise. That combination of yield and growth should help me reach my passive income goal more quickly.

Three companies with those characteristics are Coca-Cola (KO 0.35%), Camden Property Trust (CPT 0.72%), and Vail Resorts (MTN -2.02%). That's why I can't wait to buy more of each this May to boost my passive income.

Satisfying income seekers for decades

Coca-Cola currently has a 2.9% dividend yield. That's more than double the dividend yield on the S&P 500, which was recently around 1.4%.

The global beverage behemoth has an exceptional record of paying dividends. It hiked its payout by 5.2% earlier this year, marking its 63rd annual dividend increase. That kept Coca-Cola in the elite group of Dividend Kings, companies with 50 or more years of annual dividend increases. The company dished out $8.4 billion in dividend payments last year, bringing its total dividend outlay to $93.1 billion since 2010.

Coca-Cola produces plenty of cash to cover its dividend. Last year, the company generated $10.8 billion in free cash flow after capital spending, an 11% increase. That enabled it to cover its juicy dividend and repurchase a net $1.1 billion of its shares.

The company expects to organically grow its revenue by 4%-6% annually while delivering high-single-digit earnings-per-share growth. Meanwhile, Coca-Cola has a strong balance sheet, which enables it to make acquisitions that can accelerate its earnings growth as opportunities arise.

An easy way to collect passive income from real estate

Camden Property Trust currently has a 3.7% dividend yield. The real estate investment trust (REIT) has a solid record of paying dividends. It has paid dividends at or above the previous year's rate for the past decade and a half, growing it by more than 130% during that period.

The apartment landlord focuses on high-growth markets where employment and population are expanding at above-average rates. That drives increasing demand for rental housing, which keeps occupancy high across the REIT's portfolio. It enables Camden to raise rents while also investing in development projects.

Camden is spending $744 million to develop 1,935 rental homes across six communities. It has three more future communities in its development pipeline, representing $667 million in investment to build another 1,325 homes, which it expects to start over the next year. These investments will add additional streams of growing rental income. Camden also has a very strong balance sheet, which enables it to buy operating rental communities and developable land as opportunities arise. These growth drivers should allow the REIT to continue increasing its dividend.

A mountainous dividend

Vail Resort currently boasts a 6.3% dividend yield. The ski resort operator has paid out $1.9 billion in dividends over the past 10 years. The company steadily increased its dividend payments during that period, though it paused paying dividends during the pandemic to preserve cash.

The company owns irreplaceable world-class mountain resorts. Vail increasingly generates recurring and predictable revenue by converting more skiers to its Epic Pass. This strategy has helped drive steady revenue and free cash flow growth over the past decade, with more than 10% annual free cash flow growth.

Vail Resorts also invests heavily in enhancing its existing ski resorts to improve the customer experience and make them more likely to continue buying an Epic Pass. It will also acquire other high-quality ski resorts as opportunities arise. These growth drivers should enable Vail Resorts to continue paying a growing dividend in the future.

Excellent income producers

Coca-Cola, Camden Property Trust, and Vail Resorts have all the qualities I seek in dividend-paying stocks. They have higher-yielding payouts that they've steadily increased. With more dividend growth likely, they'll boost my passive income, which will help me reach my goal of becoming financially independent even sooner. That's why I can't wait to add to my positions this month.