The recent turbulence in the market has provided many income investors first hand experience in managing their income portfolio in a declining market. For some, this may be their first significant and prolonged downturn. Here are some things that will help you succeed and thrive during this bear market:

I. Remember Why You Are An Income Investor

The goals of an income portfolio are different than those of a capital appreciation based portfolio. The good news is an income portfolio consisting of dividend stocks can not only succeed, but excel during a down market.

The goal of dividend investors is to build a steady stream of rising income from solid companies. While everyone else is panicked about their portfolio's decline, income investors see the downturn as an incredible buying opportunity.

II. When The Chips Are Down, Go For The Blue Ones

In what seems to be a perpetually declining market, one of the true bright spots is the ability to strategically pickup some bargains in the bluest of blue chip stocks. Normally, these stocks are difficult to buy due to a built in "safety" premium for times like these. Over-allocate safe stocks and save the risker investments for when they are needed (more later). Here are some traditional dividend stocks that that have a RQ rating of A3 or better with their buy below price:

• Canadian National Railway (NYSE:CNI) - RQ: A2 - Buy Below: $38.78
• Chevron Corp (CVX) - RQ: A3 - Buy Below: $72.91
• Illinois Tool Works Inc (ITW) - RQ: A1 - Buy Below: $47.29
• Johnson & Johnson (JNJ) - RQ: A1 - Buy Below: $67.70
• Kimberly-Clark Corp (KMB) - RQ: A2 - Buy Below: $52.87
• The Coca-Cola Company (KO) - RQ: A2 - Buy Below: $45.35
• PepsiCo, Inc. (PEP) - RQ: A1 - Buy Below: $70.61
• Procter & Gamble Co.