Top Passive Income Sources Recommended by Financial Planners
Financial planners are seeing a rise in passive income sources for their clients, with real estate, dividend investing, digital products, and online platforms like YouTube channels and podcasts leading the way.
According to financial planner Brent Weiss, house hacking – buying a home with the intention of renting out a room or unit within the property – has become a popular way for clients to generate passive income through real estate. This method allows individuals to pay off their mortgage while creating additional income for their families.
Dividend investing is another traditional method that financial planner Akeiva Ellis has seen her clients utilize for passive income. By investing in companies that offer dividends to shareholders, individuals can earn a steady stream of income in addition to potential capital gains.
Moreover, digital products such as printables, worksheets, guides, ebooks, and online courses have become a lucrative source of passive income for many clients, as noted by Ellis. These products require minimal maintenance once set up and can generate income consistently.
Additionally, financial planner Andrew Westlin has observed a trend among clients generating passive income through platforms like YouTube channels, podcasts, websites, and apps. While these sources may require more time and effort, they can be enjoyable and rewarding for individuals who are passionate about creating content.
Overall, the pursuit of passive income requires upfront investment of time and money, but financial planners believe it is a worthwhile endeavor for those looking to diversify their income streams and build long-term wealth.
