Ep. 86: Building a Dividend Core — SCHD vs VOO, the Anchor That Survives a Crash, Quality on Sale (MSFT & ADP) & the Honest Income Zoo

6 sources on building a dividend core then being honest about income add-ons: (1) SCHD vs VOO — total returns converge once you reinvest dividends, own both for income+growth; (2) the 3 core dividend-ETF anchors DGRO/FDVV/CGDV — a fund's SCREEN decides crash behavior (DGRO's sub-75% payout + 5yr-growth vs FDVV's trailing-12mo yield-chase that bled ~10% more in 2020; CGDV the active standout beating S&P+QQQ without big tech); (3) Microsoft ~20% off, cheapest since 2022 on earnings but only 7% cheap on FREE cash flow because $100B/yr AI capex eats it — thesis = ROIC on the AI bet; (4) ADP, a 50-year Dividend King with 12.1% 10yr DGR, 3.1% yield, ~10% undervalued; (5) the new SpaceX income ETF XSHP (launched day after the SPCX IPO, synthetic-long-to-200%-NAV, caps upside, zero history) as the 'structure matters more than yield on a story stock' cautionary tale; (6) asset-LOCATION — QQQI (Neos, §1256 + harvesting) belongs in taxable, KQQQ (Curve, active, 85% ROC, higher total return) belongs in a Roth/IRA.