Dividend investing may not sound like the most exciting way to accumulate a million dollars.

Recently, growth companies and meme stocks have captured the imagination of new investors as a way to make a quick buck..

However, the reality is that dividend stocks with growing income pay outs could generate impressive total returns in the long run.

As such, they could be worth buying and holding over an extended time period.

Dividend strength

Assessing the fundamental strength of a company is always necessary before making an investment.

Dividends provide some indication of the financial standing of a business, as well as how it could perform in future.

For example, a company which is expected to increase dividends at a fast pace may be in a relatively strong financial position.

Its management team could be anticipating a rise in profitability over the medium term, which can justify high dividend growth.