Those temporary yields lie. Wynn (Nasdaq: WYNN) has issued a pair of $6 dividends, but the casino operator's stock has still shed nearly half of its value since peaking last October.

One-time outlays aren't always disastrous. CME Group (NYSE: CME) declared a $5 one-time bounty last month, and the trading exchange specialist is none the worse for the wear. However, that money could always come in handy given the acquisitive state of CME's industry.

Because there's no free lunch, these huge disbursements result in big tax bills for you, and big ex-dividend price adjustments for the stocks. Unless you're comfortable assessing what a company and its balance sheet will look like after a one-time dividend hit, it's best to stay away.

Add it up
The moral of this story should be familiar: Even yield-hungry investors should remember to buy companies, not dividends. Readers of our Income Investor newsletter will be the first to tell you that. Our newsletter's monthly stock recommendations can't just have attractive yields; they must have attractive prospects, too.

After all, what good is a dividend if the share price falls by more than the sum of your dividend checks? With a little Foolish savvy and a few careful choices, dividend investing can be the perfect strategy for investors who want real profits, rather than imaginary celebrations.