Buying income producing assets is one of the best ways to increase your wealth. A small number of stocks pay their dividends monthly, and even a smaller number trade below $10 a share. These cheap stocks put cash in your pocket each month. You can reinvest these dividends back into the same company to purchase more shares, or you can keep your cash on the sidelines and use it how you want.

American Income Fund – MRF
American income fund trades below $8 a share and has a annual yield of 9.5%. That’s an outstanding yield for a stock trading below $10 a share. Their earnings per share is positive at .61 and the PE ratio is under 13. MRF is a cexercise/>losed-ended mutual fund that invests in fixed income assets in the US.

Helios Advantage Income Fund – HAV
Helios Advantage is another high yielding stock trading low. Before the open on May 10th, 2010 HAV was trading at 6.54. This stock has an 11% yield, which means you will be getting almost a 1% yield each month (.91%). Helios is similar to American Income fund in that it also invests in American fixed income markets.

Provident Energy Trust – PVX
Provident Energy is, as you guessed, a oil and gas production company. Trading around $7 a share it has a yield of 9.9%. Canadian oil trusts are often popular with dividend investors because they consistently pay out dividends. PVX has been paying solid monthly dividends for the last 5 years.

Inland Real Estate Corp – IRC
Inland Real Estate Corporation is trading under $9 a share and pays an annual dividend over 6%. IRC has positive EPS and a market cap of 740M. The one year P/E ratio is just over 10. Inland real estate focuses on shopping centers and retail properties in the Midwest of the US.