Are dividends your thing? Then you'll love these 2 high-yield ASX shares

I'd recommend these two high-yielding stocks to anyone who loves a good dividend.

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Are dividends from ASX income shares your thing? I wouldn't blame you. There aren't too many feelings in the world of investing that are better than receiving that passive income paycheque in your bank account from your dividend shares.

But finding high-yield dividend shares on the ASX can be a risky business. More often than not, a share with a high dividend yield is there for a reason – and not a good one. Many would-be investors have fallen for the dreaded dividend trap. This entails buying what looks like a high-yield share only to lose money when that share ends up slashing its payouts (or cancelling them entirely).

So today, let's discuss two high-yield shares that I think are worth holding for the long term for anyone who loves a good ASX dividend.

2 high-yield ASX shares for all the dividend lovers out there

Telstra Group Ltd (ASX: TLS)

Telstra has long been loved for its ASX dividends, and it's not hard to see why. The ASX 200 telco has funded generous and fully franked shareholder payments for decades. I think Telstra is particularly attractive right now. Its dividends per share have been steadily rising for the past couple of years. And yet the Telstra share price has been falling since June 2023.

Whilst this hasn't been pleasant for long-term shareholders, it has boosted the dividend yield available to new ones. Today, you can grab Telstra shares with a trailing dividend yield of 4.64%. That's 6.63% grossed up with Telstra's full franking.

Telstra is a company with a remarkably resilient earnings base. Just think about what it would take for a typical customer to downgrade or cancel their mobile or internet connections in our modern age. As such I view Telstra as one of the most reliable dividend shares on the ASX.

Fortescue Ltd (ASX: FMG)

ASX 200 iron ore miner Fortescue has been a dividend superstar for the past few years, no other way to put it. Record iron ore prices between 2020 and 2022 fuelled an absolute income bonanza for the lucky shareholders of this company.

Although Fortescue's more recent payouts haven't quite been as lucrative as those we saw in 2021, I think there is still plenty of income potential with this stock. The Fortescue share price has dropped sharply since January. But again, this has had the effect of boosting the trailing dividend yield on display here.

Right now, Fortescue is trading on a yield of 8.4%. Taking into account Fortescue's typical full franking, this grosses up to a whopping 12%.

Fortescue's dividends do depend on the price of iron ore, so there's no guarantee (as with any dividend) that Fortescue will continue to dole out cash payments of this magnitude in 2024. But I still think this stock will continue to be an income winner for years to come.

Motley Fool contributor Sebastian Bowen has positions in Telstra Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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