One you have build up some financial investments, you should really look into professional money management. While it is important that you understand what you are investing in and I prefer to self manage my investments, as a minimum you need a professional to manage your insurance needs and as a backup to your own money management efforts.
The Active Way to Passive Investment Income
Research and select financial investments yourself. You could consider dividend stocks or bonds, or mutual funds that include income producing investment assets. You might also look at REITs which are a good way to invest indirectly in income properties. By actively managing your investments you will be in the best position control how your money works for you.
The Passive Way to Passive Investment Income
Alternatively, if you lack the time, expertise or desire to self manage your investments, you can easily turn to a professional money manager. Set the investment criteria together and monitor the performance of the money manager – beyond that your income will be truly passive.
Regardless of which path you choose, it is good to hook up with a professional money management firm, at least to position the firm to manage your assets if you can’t due to death or illness. For example, if you have children and a good life insurance policy, you will want the money to be well managed for your kids if you pass away.