Small business owner here and have been rocked by COVID market effects and some other external forces. I am trying to build some passive income aside from my business that I can access, if need be, prior to retirement age.
My wife and I are 46 and 47 respectively. We have an office rental that cash flows nicely.
I am wondering if I could begin putting money away in some market investments that could produce more and more income that we could access before 59.5 years if needed. We have saved strongly for retirement when things were going better and prior to any downturn.
Could an option be to pour money into VFIAX and VHYAX, or something like this, and reinvest all dividends and gains for now, but be able to switch to withdrawing them if business times got tough? Basically, generating a few hundred dollar per month as another small passive income stream?
Simply thinking out loud here and any insight would be very much appreciated. Business is steady for now, which is why I am thinking this way while I have the means.
My wife and I are 46 and 47 respectively. We have an office rental that cash flows nicely.
I am wondering if I could begin putting money away in some market investments that could produce more and more income that we could access before 59.5 years if needed. We have saved strongly for retirement when things were going better and prior to any downturn.
Could an option be to pour money into VFIAX and VHYAX, or something like this, and reinvest all dividends and gains for now, but be able to switch to withdrawing them if business times got tough? Basically, generating a few hundred dollar per month as another small passive income stream?
Simply thinking out loud here and any insight would be very much appreciated. Business is steady for now, which is why I am thinking this way while I have the means.
Statistics: Posted by Jagman345 — Mon Feb 03, 2025 7:36 pm — Replies 3 — Views 218