Top Passive Income Sources Recommended by Financial Planners

Are you looking for ways to generate passive income? Financial planners have shared some of the top sources of passive income that their clients are utilizing to build wealth. From real estate to dividend investing, there are various avenues to explore when it comes to earning money without actively working for it.

One popular method that financial planner Brent Weiss has seen his clients turn to is house hacking. This involves buying a home with the intention of renting out a room or separate unit within the property. By doing so, individuals can generate income while also reducing some of the hassles associated with traditional real estate investing.

Dividend investing is another tried-and-true method for earning passive income. Companies offer investors a portion of their profits in the form of dividends, providing a steady stream of income over time. Financial planner Akeiva Ellis has seen this strategy work well for both high net-worth clients and younger investors looking to build wealth.

In addition to real estate and dividend investing, financial planner Andrew Westlin has noticed a trend among his clients towards creating passive income through digital products, such as YouTube channels, podcasts, websites, and apps. While these methods may require more time and effort upfront, they can be enjoyable and rewarding in the long run.

Another popular way to earn passive income is by creating digital products for sale online. Whether it’s a printable, worksheet, guide, ebook, or online course, these products can be set up once and require little to no maintenance. Financial planner Ellis has seen many clients find success with this approach in recent years.

If you’re interested in exploring passive income opportunities, consider seeking advice from a financial advisor. They can help you navigate the various options available and create a customized strategy to help you achieve your financial goals. Whether you’re interested in real estate, dividend investing, digital products, or other passive income sources, there are ways to build wealth over time with the right approach.