I want to share an update with you.

I’ll provide a couple of income ideas, but I hope more than anything that it’s something you’ll pass along to show more investors the light of a unique income investing niche.

For those unaware, I’m the Chief Strategist of The Daily Paycheck. My goal is simple: Using funds from my original $200,000 real-money portfolio (yes, I invest alongside subscribers using real cash), I’m building a portfolio that delivers a dividend check for every day of the month.

Imagine if you had a goose that laid a golden egg every day — that’s what I’m trying to recreate. Think of how secure you’d feel with having a dividend check every day of the week. It sounds dreamy, but I promise you — it’s closer than you realize.

#-ad_banner-#In April, for example, I raked in $1,416.78 thanks to roughly 30 different dividend payments. I expect to earn a similar amount this month.

I started The Daily Paycheck in December 2009. So far the results have been phenomenal.

The chart below shows my monthly dividend income over the past few months…

In addition to last month’s $1,416.78 in dividends, I earned $1,344.72 in March and $1,183.78 in February.

[If you’d like to learn more about my “Daily Paycheck” strategy — including a few picks to get started — you can read my free report on the topic by clicking this link.]

But what if you don’t have the luxury of a $200,000 portfolio… or even $100,000? Wouldn’t the income from a smaller portfolio be too small to amount to anything?

That’s where the second feature of my strategy can be a godsend.

Once you’re getting your daily paycheck you can do what you want with it — pay bills, go out to eat, buy a new pair of shoes. But if you’re wanting to grow your small checks into big checks, the smartest thing you can do is reinvest your dividends.

This is what I do with my real-money portfolio.

So instead of getting my $1,416.78 this month in cash, I’m actually getting it in the form of more shares. Of course, these shares are then paid future dividends, increasing future payments, and so on.

When you don’t have much cash to invest, the effect of compounding is one of the most profitable strategies you can use to boost your income.

One tip to make your paychecks grow even faster — litter your portfolio with monthly dividend payers and reinvest. (I talked about monthly payers in more detail last time in StreetAuthority Daily). The more frequent payments mean your dividends compound on a monthly basis instead of quarterly, boosting your income that much quicker.

Note: My boss, StreetAuthority co-founder Paul Tracy, is the one who turned me on to the Daily Paycheck strategy. I started using it about four years ago and I’m already seeing monthly dividends totaling more than $1,350 each month. I talk more about how I started The Daily Paycheck portfolio — and how you can start your own too — in a short memo I recently put together. Visit this link to read it now.