So you want big income from ASX dividend shares? Understandable. Dividends are one of the best things about investing in ASX shares.
The cash flow from a dividend share can be used to pay bills, fund your retirement, bolster your portfolio's returns, or else reinvested into even more cash-producing assets for even more income down the road.
But successfully choosing a high-yield share is no easy task. Many shares with big yields turn out to be dreaded dividend traps, which will end up robbing you of cash flow and capital.
So here are three ASX dividend shares that I think can potentially give investors meaningful cash flow, both today and well into the future.
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3 ASX dividend shares to buy today for high income
Harvey Norman Holdings Limited (ASX: HVN)
We all know the 'hardly normal' ASX retailer Harvey Norman. This electronics and furniture retailer has graced Australia's retail scene for decades now. Harvey Norman's share price hasn't exactly been gracing investors of late though. This ASX retailer has had a rough year or two, and its shares are down close to 40% from their 2021 high.
But I think this has left Harvey Norman looking pretty cheap. The low share price has given this company a monstrous trailing dividend yield of 8.16%. That grosses up all the way to 11.66% with Harvey Norman's full franking.
Vanguard Australian Shares Index ETF (ASX: VAS)
This ASX index fund is popular with passive investors, but it should catch the eye of all dividend income investors as well. Because this exchange-traded fund (ETF) covers the largest 300 shares on the ASX, investors will get any dividends it receives from these shares passed right through every quarter as a dividend distribution.
This ETF has paid out a total of $6.36 in distributions per unit over the past 12 months, giving it a trailing dividend yield of 7.3%. The income this ETF pays tends to fluctuate every year.
But you can't go wrong with getting what is essentially an average of the dividends that Australian shares pay out with this ETF, in my view.
Westpac Banking Corp (ASX: WBC)
Finally, let's check out another well-known ASX share in big four bank Westpac. The ASX 200 banks have a well-deserved reputation as strong income payers. Westpac is no different.
Over the past 12 months, this banking giant has forked out its highest dividends since 2020, with a total of $1.25 in fully franked dividends per share.
That gives the Westpac share price a trailing yield of 5.81% today. That grosses up to an impressive 8.3% with Westpac's typical full franking credits. Recently, an ASX broker has come out with a prediction that Westpac will be able to significantly grow its dividends over the next few years too.
