How to Get Passive Income in Retirement
From a business. If you are looking for ways to build a business, start by doing an evaluation of the areas where you have both experience and passion. You may go back many years to things you did when you were younger and find that an old hobby combined with years of business experience can turn into something exciting and lucrative. This process can help you find business ideas that leverage skills you already have.
From investments. You’ll also want to learn as much as you can about how to invest for income. Each type of investment, such as interest income from bonds, dividend income from stocks, retirement income mutual funds, high yield investments, and annuity income, has its own pros and cons. There is no such thing as a perfect investment so mixing up a portfolio with many different choices is usually the best approach.
From rental real estate. Many people create passive income through rental real estate. It can be an effective strategy, but you need to do your homework before heading down this path. Successful real estate investors look at it as a business, not as a get-rich-quick plan.
From a network marketing business. Many network marketing businesses, also called multi-level marketing, tell you their business model is a great way to build passive income. People can have a tremendous amount of success building these types of businesses, but there is nothing passive about it. Like building any business, it requires lots of hours and hard work.