Taking inspiration from legendary figure Warren Buffett isn’t the worst thing investors can do. After all, the ‘Oracle of Omaha’ has made a fortune by focusing on a few simple principles.

In this article, I’ll highlight two that I’d follow to aim for consistent dividends.

Focus on blue-chip companies

Buffett’s holding company, Berkshire Hathaway, owns many businesses outright. These range from railroad and candy companies to insurance groups.

Berkshire also holds a massive portfolio of stocks worth over $300bn. In the second quarter, the vast majority of those were firms that pay dividends.

The fourth-largest holding, worth a whopping $25.4bn, was Coca-Cola (NYSE: KO).

The 138-year-old soft drinks powerhouse is the very definition of a blue-chip stock. It’s raised its annual payout for 62 consecutive years, which easily grants it dividend royalty status.

Buffett started buying Coke shares way back in 1988 and still holds them today. Incredibly, Berkshire is now earning a 60% annual yield on its stake, relative to its original $1.3bn cost basis.

In other words, it’s raking in around $776m each year in dividends!

Consider quality consumer staple stocks

Now, I’m not saying I’d fly out and snap up Coca-Cola shares for the dividend. The yield is only 2.7% for investors buying the stock today. And the firm’s near-term earnings could be impacted if the US economy were to enter a recession.

But it’s no accident that Buffett has chosen not to sell his huge Coca-Cola holding. The company’s portfolio of brands is just incredible: Sprite, Fanta, Oasis, Dasani, Costa Coffee, and many more.

As a consumer staples firm, it provides everyday products that ensure stable revenue streams. And its brand strength gives it pricing power to help preserve profit margins over time.

Turning to the FTSE 100

In the UK, top FTSE 100 consumer stocks include Diageo (LSE: DGE) and Coca-Cola HBC (LSE: CCH).

Diageo is the world’s largest spirits company through its ownership of top-tier brands like Johnnie Walker and Tanqueray. The other is a bottling partner for Coca-Cola in Europe and parts of Africa.

Both currently offer a prospective dividend yield of 3.1%. This means I’d expect to receive around £310 a year from a £10,000 investment. While that might not sound exciting compared to some high-yield FTSE 100 shares, these consumer stocks have consistently grown their dividends over many years.

Coca-Cola HBC, for example, upped its payout by 19% last year. Meanwhile, Diageo has been dishing out a rising dividend for literally decades.

Running some figures

Of course, no individual dividend is guaranteed. And each firm would face challenges during a sharp economic downturn, especially if cash-strapped consumers started finding their key brands too pricey.

But let’s assume these two stocks collectively return an average of 8% annually over the next 20 years through dividends and rising share prices. In this scenario, my £10,000 would grow to approximately £46,610.

I reckon that’s a solid outcome. But if I also decided to invest another £500 a month, achieving the same return over the equivalent time frame, then my total would be £331,248. Even when factoring in future inflation, that’s still likely to be a sizeable sum in two decades’ time.

Even better, my returns would be tax-free were I to invest inside a Stocks and Shares ISA.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.