Although I agree and follow this method at least partially, it should be understood by the readers that this is a VERY long term method and you will have to invest A LOT over that entire period (and guess right) to be able to live off dividends.

For example: Using your Verizon example, if you buy $6,000 of VZ (roughly 100 shares), you will get back 100x2.51/12 = $20.91 /month. Easy extrapolation says you need $600,000 in cash invested in Verizon (for example) to get $2k / month in dividends.

The average person is going to have to live well below her means for a couple of decades to get there.