I believe one of the most important skills one has too learn in order to become a Dividend Tycoon is patience. The act of being patient can result in a higher level of initial income when acquiring a business, whereas impatience may lead to you paying a high price for a business and getting little initial income.
There is no need to rush, as becoming a Dividend Tycoon will in most cases take several years anyway, so why rush into buying a stock at any price. There are many great businesses such as Johnson & Johnson or Unilever, which are always tempting to buy, whatever the price, because you see their products in your house and think you want to own them, and you probably should. But there is a time and place for everything and sometimes it pays to sit on your hands. Sometimes cash is king.
I felt this acutely when the markets took a big dip recently, and even more during the 2008/2009 financial crisis. Wonderful companies being sold off cheaply, but I did not have any cash to participate in the feast. I could have turbo-charged my Dividend income and moved more quickly to becoming a Dividend Tycoon, so it was painful to watch these opportunities slip away. Charlie Munger has said that inactivity is the key, and waiting for a fat pitch, but then loading up.
I would be further ahead on the road to financial independence if I was more patient, but have resolved to not rush into buying stocks anymore, and too keep cash aside for those once in a while market crashes.
This site is not only about what one needs to do to become a Dividend Tycoon, but also about what one needs to not do, and being impatient is not good on your path to becoming a Dividend Tycoon.