Ever since my graduate school inculcation into investing, which par for most collegiate courses began with a mathematical overview of fixed income instruments. I have less than no interest in traditional bonds (eg. 30 year Treasuries, Corporate bonds). But I persisted, and the course got better.
I've instead become interested in stocks (both foreign and domestic), preferred stocks, baby bonds, bond funds (both foreign and municipal).
Holding common stocks as a foundational base is good. Foreign stocks, because I'd rather receive income from abroad than the reverse (better to own more of their stuff than they own of yours). Whenever possible, it's good to reinvest the dividends automatically. No transaction fees.
Preferred stocks can be called (redeemed) after a certain period of time at a set price (usually $25). They pay bond-like, constant dividends in the meantime. They don't have ownership voting rights, but that is offset with a larger, more dependable dividend. The trick to preferred stocks is buying them below the call price, that way everything you get is gravy.nds directlynds directly
Like preferred stocks, some baby bonds are callable (usually $25) But unlike preferred stock, baby bonds have maturity dates.
Bond funds offer a basket of bonds with different maturities; so, the maturity risk is mitigated. Like stocks, if the dividends are reinvested, bond funds can provide a stable foundry to a portfolio. I diversify my portfolio even further by having both global/international and AZ municipals from multiple companies.
I like to utilize these tools to craft my portfolio. Ensures that it remains not boring. I'm nowhere near the 'set it and forget it' stage of my life yet.