It used to be a millionaire would have no trouble retiring. Just a few years ago, a five-year Treasury note paid 5%. That meant you could put a million bucks into Treasurys and earn $50,000 a year, risk-free.

Today, that same million dollars earns much less — just $14,000 with the same investment. And it’s a similar story with other traditional places where millionaires put their money for safekeeping…

#-ad_banner-#The average CD yields less than 1%, savings accounts earn next to nothing and even the S&P 500 pays a paltry 2% dividend yield.

Fortunately, there’s a better way to earn significantly more income. In fact, I’m using this strategy to earn the same income stream as a millionaire for just pennies on the dollar. 

If you’re a regular reader of StreetAuthority Daily, you’ve likely heard about my Daily Paycheck strategy before. Simply put, my goal is to build a portfolio of dividend payers so that I can collect one dividend for every day of the year.

In the past year, I’ve collected over $16,000 in dividends… and that’s with a portfolio with securities worth roughly $250,000.

With 5-year Treasuries yielding 1.4%, I’m earning more from my portfolio than I would if I had $1,000,000 invested in Treasurys.

Of course, there’s a difference between investing in Treasurys and using my “Daily Paycheck” strategy. Treasurys are 100% risk-free investments (although inflation certainly can eat into your returns). My portfolio is loaded with master limited partnerships (MLPs), closed-end funds, blue-chip stocks, exchange-traded bonds and a number of other asset classes. 

Yes, it is possible for these investments to fall in value. But what might surprise you is how well a basket of these investments can hold up, even in a tough market.

For example, during the sell-off in August 2011 (after the last debt-ceiling debacle), the S&P 500 lost 5.7% in a single month. That’s a major move for one of the world’s most recognized indices.

But despite all the turmoil, my portfolio only lost just 1.0% — one-sixth the amount of the broader market. To top it off, I also collected over $1,300 in dividends during the month, which helped cushion my returns even more.

I’m not telling you this to brag about my success. I’m merely showing you that in this low interest rate environment, investors looking for steady income don’t have to settle for the below-average returns we’re seeing from traditional income investments.

All it takes is the patience to build a portfolio around stocks that pay a consistent dividend. Once you’ve established your portfolio, you’ll be able to collect hundreds, even thousands of dollars in income each month… income you’d never get from Treasurys.

And the best part is you don’t need $250,000 to get started either. My results are completely scalable. No matter how much you have to invest, you can use this strategy to your benefit.

Right now, the average dividend yield for my portfolio is 6.7%. Depending on the amount you’re willing to invest, the chart on the right shows you how much money you could earn using my strategy.

Don’t get me wrong, this strategy isn’t without risk. If the market suffers another sharp sell-off like the one we experienced in 2011, then no portfolio is completely safe.

But the fact of the matter is it’s simply not as easy to find a dependable income stream as it was ten years ago. The Federal Reserve has slashed interest rates in order to stimulate the economy, but it’s been at the expense of the average American saver.

It could be years before traditional income investments return to their former glory. But as I just showed you, that doesn’t mean all is lost for income investors.

The key is finding stocks that will pay you consistent dividends… and having the patience to let them grow your wealth over the long term.

P.S. There’s plenty more to tell about my Daily Paycheck strategy… That’s why I’ve put together a special report that outlines how I’m earning an average of $1,339 per month in income (and the brokerage statement to prove it). To view this free presentation — and get a few high-yield picks to start your own Daily Paycheck portfolio — you can visit this link.