1. Starting late in investing doesn't preclude retirement on dividends; building a high-yield dividend portfolio can still secure your retirement. 2. Focus on quality dividend-paying stocks with a target yield of 6%, balancing yield and growth to maintain principal and generate income. 3. Invest in high-quality, undervalued stocks with growth potential to avoid spending principal, ensuring long-term financial stability and leaving a legacy. 4. Use a strategic approach: buy low, sell high, and get paid to wait, leveraging quality, value, growth, and momentum for optimal returns.