Chuck Carlson is a leading expert on dividend reinvestment plans. In The DRIP Investor, he looks at the 10/10 Club -- stocks boosting their payouts by 10% a year for at least 10 years.

"The table below features seven stocks that belong to the exclusive '10/10' club:

➤ Each of the companies has posted higher dividends every year for at least 10 years
➤ Each of the companies has posted annual dividend growth averaging at least 10% over the last 10 years.

"In payback terms, if each of these companies continues the trend of at least 10% dividend growth on an annual basis, their dividend 'payback”' times — in other words, the time it takes for cumulative dividends to equal their investment — will be well under 20 years.

"Please note that all of these companies offer direct-purchase plans whereby any investor may buy the first share and every share directly from the company.

Aflac (NYSE: AFL) - yield: 2.4%
Colgate-Palmolive (NYSE: CL) - yield: 2.1%
Johnson & Johnson (NYSE: JNJ) - yield: 3%
Medtronic (NYSE: MDT) - yield: 1.9%
PepsiCo (NYSE: PEP) - yield: 3%
United Technologies (NYSE: UTX) - yield: 2.2%
Wal-Mart Stores (NYSE: WMT) - yield: 2.1%