The Lazy Investor's way to making a FORTUNE plus 2 great yield stocks

Follow "lazy" billionaire Warren Buffett's advice and spend the most profitable time of your life.

a woman

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The fortunes of many successful investors have greatly benefited by holding stocks in the S&P ASX 200 Index (ASX: ^XJO) because they are tried and true businesses that can stand the test of time. Foolish investing is based on ignoring market chatter and short-sighted trading, yet also "buying what you know" is a cornerstone principle we all should practice.

Some people will put more time into choosing what appliance or car to buy than which stock will help them create wealth. That's why lottery-style speculative stocks are always attracting new money, then serially delivering disappointing results.

Once you have done the groundwork for picking good stocks, then you only need about one hour a week for each stock you hold. Mostly that is just keeping up with announcements and recent news – not calculating figures or high finance maths. That's the lazy investor's way to create and grow a fortune- stay pretty much inactive in trading by investing in income and growth powerhouses that churn out stable returns.

Multi-billionaire investor Warren Buffett could also be called a "lazy investor". He once said: "Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell." When the market drops, pick up bargains in your best stocks.

Here are two great yield stocks to get you started. These could be the ones that give your portfolio a boost and a long-term runway for building your wealth.

—  Suncorp Group Ltd (ASX: SUN)

This general and life insurer is also the fifth-largest bank in Australia. The stock has gained strongly over the past year or so, but I believe there is more to come because the company is projecting better earnings margins and cost savings of $265 million by 2016 from its simplification program. Also, shareholders may be seeing a special dividend in the near future from a capital return. It's offering a fat 5.0% dividend yield fully franked that could be adding to your wealth right now.

Woodside Petroleum Limited (ASX: WPL)

The $34 billion energy producer has strong income streams from its LNG projects that can keep the dividends coming for investors. The market is concerned it doesn't have a lot of new projects coming online soon, yet the company is on the hunt for new investments. It turned down an LNG project in the Middle East because it wasn't satisfied with the potential returns, but that opens more than US$2.5 billion for better acquisitions or buying into existing projects. In the meantime you can enjoy its juicy 5.7% yield fully franked. Big companies like this work on longer time scales, which works great for long-term Foolish investors. Here's to more lazy reading and potentially steady dividend income over the next 10 years for you!

Motley Fool contributor Darryl Daté-Shappard does not own shares in any company mentioned. 

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