I’ve been thinking about two different approaches to investing: 1) Focus on dividend income, building a portfolio that generates stable cash flow 2) Focus on total return, and later withdraw from the portfolio In theory both can lead to similar outcomes, but the way you think about risk, stability and income is very different. For example: - dividend investors often track yield, growth and income stability - total return investors focus more on allocation and rebalancing I’m curious how you personally think about this. Do you focus directly on income, or do you treat income as a byproduct of total return? And if you’re in the dividend camp, do you still care about total return in the background?