When it comes to investing, one thing is for certain: Success doesn't just happen overnight. Delayed gratification is arguably the only reliable path to building generational wealth. Adopting a slow and steady approach to investing like the dividend growth investing strategy and sticking with it is a formula for success.

In the dividend growth universe, no companies are more proven than the Dividend Kings -- those rare few that have boosted their annual payouts to shareholders for at least 50 consecutive years. And buying shares now of one business that is already part of that select club and one that could soon join its ranks could help you on your way to financial freedom.

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1. PepsiCo: An all-time great dividend growth stock

PepsiCo (PEP 0.26%) is a consumer staples company known for satisfying the needs and wants of both its consumer base and its shareholder base. Looking for salty snacks? PepsiCo has you covered with brands like Lay's and Cheetos. Thirsty for something sweet? It has beverages like Pepsi-Cola and Mountain Dew to fulfill that desire. Or how about a sports drink to help you recover after exercise? Gatorade checks that box. Its impressive brand portfolio explains how the mega-cap company hauled in an astonishing $86 billion in net revenue in 2022. 

PepsiCo's growing revenue base has supported dividend growth for 51 years in a row. And that growth streak appears likely to continue for two reasons: First, analysts anticipate that PepsiCo's earnings will grow by an average rate of 7.4% annually over the next five years. Second, the company's dividend payout ratio is on track to come in at around 68% in 2023. This leaves the company with plenty of financial leeway to invest in growth opportunities and repay debt. That's why I believe management should keep boosting the dividend at a high-single-digit percentage rate annually in the medium term.

Best of all, dividend growth investors can pick up shares of PepsiCo stock at a reasonable valuation now. Its forward price-to-earnings ratio is 23.2. For context, that is only a bit more than the average ratio of 22.3 for the non-alcoholic beverages industry. And if any business has earned a small valuation premium compared to its competitors, PepsiCo certainly has.

2. Automatic Data Processing: On its way to becoming a Dividend King

Every business needs to process payroll and handle human resources matters. And in many cases, rather than dealing with those responsibilities in-house, it makes more financial sense for businesses to hand those tasks off to a specialist like Automatic Data Processing (ADP -0.30%). The company completes payrolls for more than a million clients and 40 million workers around the world, including over 25 million workers in the United States.

ADP's business model may not be exciting, but it sure has been predictable and profitable. The essential nature of its services has helped ADP to deliver 48 consecutive years of dividend increases. With its payout ratio poised to come in at around 59% for its current fiscal year (which ends in June), ADP is within its targeted range of 55% to 60%. This payout ratio allows the company to retain the capital needed to widen its footprint in a $150 billion market that's growing at 5% to 6% each year. Analysts expect that ADP's earnings will grow at a compound annual rate of 13.4% over the next five years.

The stock's forward price-to-earnings ratio of 23.9 is moderately above the staffing and employment services industry average of 20.5. But it's hardly an expensive valuation for a company of ADP's caliber.