If you are getting close to retirement and you would like to figure out how to live off of your retirement savings one thing you can do is to put your money into some cash flowing investments and then simply live off of the passive income that they produce.
So, what are some cash flowing investments?
1. Buying Rental Properties
Investing into real estate can be a terrific way of building up your net worth and of gaining some extra cash flow on the side. The idea here is to buy something that people want to live in and then rent it out. Hopefully the rent covers whatever mortgage you may have and then gives you some extra cash flow on top of it.
The great thing about buying and renting properties is that people are always going to need a place to live so there will always be a market for it.
Investing in the stock market can be a great place to grow your money and your long term wealth. But it can also be a great way of gaining a passive income stream as well. Dividend stocks pay you for investing into their stock. By holding onto the stock you can get some nice passive income coming in each quarter.
Stocks that are backed by fundamentally strong companies are also considered to be pretty safe. They are not likely to go bankrupt and will probably increase in value.
3. Starting a Small Business
Investing into a side business can also be a great idea. While it does take a little extra work to have a business it can be well worth it and can even be a good experience to have. Things like network marketing and online businesses can take money and investments up front but can pay out pretty nicely in the future.
Each one of these investments can be a terrific way of growing your wealth and building up some passive income streams. Taking some time in order to do these can lead to financial security and even financial freedom if they start paying you as much or more than your current job.
For more money articles visit Shaun’s site about how to earn extra income