If you’re looking for ASX shares with big dividends, you could add WAM Capital Limited (ASX: WAM), Telstra Corporation Ltd (ASX: TLS) and Flight Centre Travel Group Ltd (ASX: FLT) to your watchlist today.

Telstra – trailing dividend yield: 5.9% fully franked

Telstra is a first choice dividend share for individual and self-managed superannuation funds (SMSFs). The company is a market leader in mobiles, networked applications and more.

However, remember there is no such thing as a free lunch in the share market, so it’s vital investors consider the risks before buying in. Indeed, given the risk-adjusted outlook for Telstra, at $5.26, I think it is a hold and not a standout buy today.

WAM Capital – trailing dividend yield: 6.2% fully franked

WAM Capital is a $1 billion listed investment company or LIC. An LIC invests money on behalf of its founding shareholders and charges a fee for managing the money. WAM Capital is one of the leading LICs in Australia, having returned an average of 17.7% per year since 1999.

Like all shares on the market, WAM Capital’s dividends are not guaranteed. Although the company has a superb track record of outperformance investors must approach an investment in WAM Capital shares with a long-term outlook.

Flight Centre Travel Group – trailing dividend yield: 3.7% fully franked

Synonymous with holidays in Australia, the Flight Centre brand has gone from strength to strength over the past decade, despite the ever-present threat of technological disruption. Flight Centre’s network of physical stores has nearly doubled since 2005 as its multi-brand strategy made inroads into the North American and European markets.

While disruption and a cyclical downturn are key risks, anyone seeking exposure to Australia’s travel and tourism sector may do so via Flight Centre.

Foolish takeaway

It is more important than ever for you to ensure you have a diversified share portfolio, whether you’re seeking income, growth or both.

The Australian share market – and many mum and dad portfolios – are highly concentrated towards the big banks and major mining companies. However, having a concentrated portfolio is a dangerous strategy when markets turn sour.

Spreading your wealth among other shares like those above could be a good way to grow your wealth for many years. At today’s prices, I think Flight Centre offers the best value, but WAM Capital is probably the best bet for the coming decade.

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Motley Fool Contributor Owen Raszkiewicz has a financial interest in Flight Centre shares. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.