Dividend-paying growth stocks and covered call ETFs provide opportunities to generate income even in a declining stock market.

We aren't even through September, and the S&P 500 ( ^GSPC -0.13% ) has already produced an 11.2% year-to-date total return (dividends included) at the time of this writing. That puts the index on track for its third consecutive year of higher-than-historical gains. Over the long term, the S&P 500 has averaged a 9% to 10% annualized total return.

Outsized gains have made the S&P 500 relatively expensive , putting pressure on companies to deliver on lofty expectations. Companies that sustain high earnings growth can certainly grow into their valuations over time. But at times like this, it's especially important to make sure you are investing in high-co

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