One of the best things about investing in the stock market is that we can find great passive income. I think there are great ASX dividend shares that have very high dividend yields.
Businesses with high dividend yields aren’t necessarily the best choice because those payouts could be at risk of reduction.
The following businesses have a track record of giving shareholders regular dividend increases.
Future Generation Australia Ltd (ASX: FGX)
This is a listed investment company (LIC) that enables investors to gain exposure to a portfolio of fund managers’ funds who work for free and generally target smaller companies with plenty of growth potential.
These fund managers work for free to enable Future Generation Australia to donate 1% of its net assets each year to youth charities.
Some of the fund managers involved include Paradice, L1 Group Ltd (ASX: L1G), Vinva, Firetrail, Wilson Asset Management and Eley Griffiths.
Future Generation Australia has been using some of the investment profits it has made to pay out a growing dividend. It has increased its payout every year for the last decade â not many ASX dividend shares can point to a record like that.
The latest annual dividend it announced was 7.2 cents per share, representing a grossed-up dividend yield of 7.9% at the time of writing, including franking credits.
Impressively, the ASX dividend share has donated $49 million since its inception, which is an excellent initiative.
Shaver Shop Group Ltd (ASX: SSG)
Shaver Shop is one of the leaders in Australia in the retail of shaving products. It has 126 stores across Australia and New Zealand.
Its core product range comprises electric shavers, clippers, trimmers and wet shave items It also retails products such as oral care, hair care, massage, air treatment and beauty categories.
Pleasingly, the business has increased annual dividend per share every year since 2017 aside from FY24 when it maintained the payout.
The last two dividends paid by the business come to 10.3 cents per share. At the time of writing, Shaver Shop offers a grossed-up dividend yield of 10.9%, including franking credits.
Shaver Shop is pursuing a few different growth avenues including opening more stores across Australia and New Zealand, it’s growing its own brand (Transform-U), and it’s working with shaving brands to offer exclusive products.
I think this ASX dividend share is one of the best options for a dividend yield of more than 10% with its track record.
The post 2 ASX dividend shares with yields above 7% appeared first on The Motley Fool Australia.
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Motley Fool contributor Tristan Harrison has positions in Future Generation Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Shaver Shop Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.