Earning money while you sleep sounds dream-like, yet that’s exactly what passive income streams can offer to dedicated investors and entrepreneurs.
According to financial expert Dave Ramsey, these revenue sources typically demand initial time and resources but can deliver returns for years with little maintenance.
Let’s explore the passive income avenues Ramsey recommends for building long-term financial security.
Pro Tip: Building passive income is smart, but don’t overlook existing burdens like tax debt. Alleviate Tax works directly with the IRS and may help reduce what you owe. If you’re $10,000+ behind, answer a few questions to see if you qualify today!
1. Invest in REITs
If you like the idea of real estate income but want to avoid property management, consider real estate investment trusts (REITs). These trusts own and manage portfolios of income-generating properties, and you can invest by purchasing shares.
REITs generate income through rent and property sales and offer dividends to investors. Publicly traded REITs are listed on stock exchanges, making them an accessible way to diversify your portfolio.
Pro Tip: If you’ve got $100,000 or more to invest, SmartAsset can match you with a fiduciary advisor to build a strategy tailored to your goals.
2. Grow wealth with low-turnover mutual funds
