For many Australian investors, the idea of earning steady monthly income without having to sell assets is an appealing one.

And with the power of dividend-paying ASX shares, it is more than just a dream — it is an achievable goal.

If you’re aiming for a passive income stream of $1,500 per month, the right strategy could help you get there sooner than you think.

But what is that strategy?

The $1,500 target

To generate $1,500 a month or $18,000 annually from dividends, you will need a substantial portfolio.

Assuming a 5% dividend yield, you would require a portfolio of around $360,000 to hit your target.

Although this might seem like a large figure to target, building to this level can be done gradually…