Author: Matthew DiLallo, The Motley Fool

I want to become financially independent. For me, that means generating enough passive income to cover my recurring expenses. With this in mind, investing in dividend stocks is a big part of my strategy… and this stock fits my strategy perfectly.

Between its yield and its growth prospects, it could produce attractive total returns.

The company produced more free cash flow through the first nine months of 2023 than it did in all of 2022.

It’s an exceptional stock to buy and hold for a potential lifetime of passive income.

In short, it pays a very low-risk, high-yielding dividend.