Who wouldn’t like an additional income stream! And if you can achieve this extra cash without working 9 to 5, all the better. Today we’ll be learning about passive income. It doesn’t mean “no hard work” just different work. Nancy also takes your financial questions.
We’re getting our personal finance expert to give her opinion on a recent Bank Rate.com article on Passive Income Ideas. https://www.bankrate.com/investing/passive-income-ideas/
According to data from the U.S. Census Bureau, 20% of American households earn passive income either through dividends, interest, or rental properties. Among those households who do have passive income, the median amount is $4,200 per year.Florida is home to a larger share of retirees who tend to depend on passive income to cover their living expenses.https://www.chamberofcommerce.org/cities-whose-residents-make-the-most-passive-income/#:~:text=According%20to%20data%20from%20the,amount%20is%20%244%2C200%20per%20year
Remember, according to the IRS: Compensation for purposes of contributing to an IRA doesn’t include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation.https://www.irs.gov/taxtopics/tc451
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