Here’s a Simple Strategy to Make $70,000 in Passive Income | Personal Finance

Whether you’re planning to retire in your sixties or a lot earlier, there’s one thing you’re going to need — passive income. And to maintain your standard of living, you’re probably going to need a significant amount of it.

Social Security isn’t an option for you if you retire too early. Even if you wait until you’re eligible, the benefits won’t be enough for most people. You’ll very likely need other income sources.

There are multiple ways to earn additional money. However, some of these approaches won’t generate the amounts of supplemental income that many people will need. Don’t despair, though. Here’s a simple strategy to make $70,000 in passive income per year.

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Critical prerequisites

You only need simple math to determine the critical prerequisites needed to generate $70,000 in annual passive income. Divide the amount by the percentage you expect to make from your investments. That’s how much you’ll need upfront if you don’t want to withdraw your initial capital.

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