By Aida Mounkes

Once you have started to build a nest egg, there are many different ways to help your account to grow. In retirement you want to replace at least 75-80% of your salary as a working employee. Some retirement to only a retirement savings account and Social Security. Did you know, Social Security was never meant to be the only retirement income to come into the home? We are going to look into several other ways to generate passive income to supplement your retirement income.

Investing

Many people consider investing some of the nest egg in to long term investments. Long Term investments are investments made into a stock, bond, or equity for longer than a week. In order to choose the stock or equity, you will need to do your research. There so many stocks it is harder to pick from the pool if you do not know what you are doing. I always research stocks before putting any money in them in a few different areas. YouTube, Google, and Yahoo, are good starting points. Then if you already have a broker, I would watch how the stock is doing with that broker over the course of a week. Then if you have made your decision on the stock, put your money into it.

Flipping Houses

Some people enjoy going flipping houses to generate funds. Flipping houses is making a comeback since 2008 and people are looking into doing that. Remember that doing the work to fix up a house does not have to be as costly as they are on the shows on TV, by doing as much of the fix up yourself. DIY projects on home can make selling the houses very profitable.

Rental Properties

Investing in properties to rent out can be a very profitable venture. However, it is important to your rights as a landlord before renting the property out. Nothing can be more costly than a renter that treated your rental like a frat house. It will need normal fixes but fixing the house after a bad renter can be extremely costly. Remember that you can look into your property from time to time.

These three very common ways to generate passive income. This passive income can help your retirement savings account to grow even farther than you had originally anticipated.

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