I've been burned chasing yield before so now I check 6 things on every dividend stock before I buy. If it fails 2 or more I skip it, doesn't matter if it yields 8%.
First is dividend growth. Are they actually raising the payout or has it been flat for years? Stagnant dividends are a red flag. Second is earnings growth. If the business isn't making more money over time they can't keep paying dividends forever. Third is liquidity. Can I get out if I need to? Fourth is institutional ownership. Are the smart money funds holding it or avoiding it? Fifth is consecutive years. How long have they paid without stopping? And sixth is aristocrat or king status. Do they have a real track record of raising dividends year after year?
AT&T and Verizon are the perfect example. Same industry, similar yields on the surface. AT&T cut its dividend. Verizon never did. Verizon passed all 6 of these checks. AT&T didn't. That's not luck.
What's your non-negotiable metric before buying a dividend stock?