How would you like for someone else to pay for your child’s college education? This doesn’t necessarily mean grants and scholarships. Instead, it can be through an IDEAL investment that could replace your earned income, help you quit your job, cover the cost of your child’s education and maybe pay for a wedding or two if you have daughters like I do. You might even have some left over for retirement. It’s an IDEAL investment because at Solutions Realty Network, we are using the acronym IDEAL to describe what we’re talking about.
I is for Income
The “I” in Ideal stands for Income. This is passive income, or simply collecting a check. Actually, no one uses checks anymore so it’s more like accepting an ACH direct deposit on a regular basis. Passive income is defined as income received on regular basis with little effort required to maintain it. That sure beats earned income, which is something you need to continue to work for.
Rental Property as Income
One of the most ideal ways to earn passive income is by owning rental property. When you have rental property, the tenant pays for the mortgage, covers the expenses and generates excess cash flow. An IDEAL example is my in-laws. They are retired and their IRA took a huge hit in the stock market. They were taking their distributions as required and spending the money, but the money wasn’t going to last forever. We helped them to purchase rental properties, so now they earn income every month and they have assets that are appreciating in value. Think about what can happen if you start investing in rental properties when your kids are young. Just a handful of properties can generate significant income that allows you to save money for college and retirement while your asset grows in value.
There are a number of great deals in the Atlanta market right now, and our team can do all the work for you, allowing you to achieve income passively.
For more information on the IDEAL savings plan, contact us at Solutions Realty Network. We would love to tell you more.