I think it’s relatively straightforward to build a passive income stream with just a small daily investment. Today, I’m going to explain how I plan to use this approach to cover some of my monthly spending needs.
Building a passive income
The first step on a passive income journey is to build a savings pot. The size of savings required depends on your passive income target. Some investors will want to earn a lot of money every month. Others may have a more moderate target.
I’m targeting a monthly income stream of £500. This will cover the majority of my housing costs, which should help me save more in future.
With a monthly target of £500, or £6,000 a year, I reckon a savings pot of at least £150,000 is needed to achieve this target.
My figures tell me it may be possible to hit this target with just £10 … Read more