I want to become financially independent. My strategy is simple: Make investments that generate passive income. My goal is to grow my investment income to cover my expenses.

I try to make progress toward that aim each week. Earlier this week, I made three income-focused investments, buying a couple more shares of 3M (MMM -0.53%)Ryman Hospitality Properties (RHP -0.59%), and Regions Financial (RF -0.15%). Here's why I added to my positions in these three dividend stocks this week.

1. 3M: This king should stay on its throne

3M has an elite track record of paying dividends. The industrial giant has an unceasing streak of making dividend payments. It has paid them without stopping for over 100 years. Further, it has paid a higher dividend each year for the last 65 years. That has it in the elite group of Dividend Kings, companies with 50 or more years of growing their dividends. 

There are some concerns about whether 3M will be able to maintain its dividend in the future. The company has faced a barrage of legal issues, creating uncertainty over its liability. That has weighed on its share price, pushing its dividend yield to 5.9%. 

However, 3M has recently agreed to settle two of its biggest legal issues. While it agreed to pay out a whopping $18.5 billion over the coming years, including $1 billion in stock, it has ample liquidity to cover this liability thanks to its cash, cash flow, and the value of its upcoming healthcare spinoff.

Because of that, 3M should be able to continue increasing its dividend. While the raises will likely be very modest, 3M offers a high yield and significant stock price appreciation potential as it puts the weight of its legal issues in the rearview mirror. 

2. Ryman Hospitality: Built back even better

Ryman Hospitality Properties has rebuilt its dividend after suspending it during the pandemic. The hospitality REIT boosted its quarterly payout from $0.75 per share to $1.00 per share in the first quarter. That's up from a total of $0.35 per share in dividend payments last year. That new rate now exceeds the dividend level it paid before the pandemic. It gives the company a 4.7% yield at the recent price. 

The REIT is in an excellent position to continue increasing its dividend in the future. It recently agreed to acquire the JW Marriott San Antonio Hill Country Resort & Spa from an affiliate of Blackstone for $800 million. Ryman expects the acquisition will be accretive to its adjusted funds from operations per share in the first year. 

Even after that deal, the company has lots of liquidity to continue growing. It has many ways to expand, including acquisitions, expanding existing properties, and growing its Ole Red live music and restaurant brand. These drivers will increase its cash flow, giving it more money to pay dividends. 

3. Regions Financial: A sound financial stock

Regions Financial's stock has slumped due to concerns about the regional banking sector. That has driven its dividend yield up to 5.4%.

However, the bank has delivered solid performance during the turmoil. Its revenue grew by 12% to $2 billion in the most recent quarter, while maintaining strong profitability at $556 million, or $0.59 per share. That recently gave the bank the confidence to increase its dividend by another 20% to $0.24 per share each quarter.

It continued the dividend's rapid growth -- it's up a jaw-dropping 2,300% since getting reset following the aftermath of the financial crisis. 

While Regions' payout isn't yet back to its prior peak, it should steadily move higher. The bank has strong capital and liquidity ratios, which will help buffer it during the current economic uncertainty. Meanwhile, its deposits are holding up much better than most banks, while its loans continue to grow.

Regions' financial strength is enabling it to grow at a time when most banks are retreating. The company's strong financial foundation and continued growth put it in a strong position to keep growing its dividend in the future.

Padding my passive income

I'm slowly building my investment income with each new purchase. 3M, Ryman Hospitality, and Regions Financial fit my strategy because they pay higher-yielding dividends that they should continue increasing in the future. That growth would enable me to achieve my income goal even faster.