ALLY - Forget Buying a Rental Property: Investing $50000 Into These Passive Income Dividend Stocks Could Make You $2020 In Annual Income
2024-06-15 04:45:00 ET
It seems like everyone wants to own a rental property these days. There are an endless amount of videos with people touting the benefits of passive income , meaning income you can earn by purchasing an asset, holding it, and doing minimal work. While rental properties can generate income, there is a misconception that they generate passive income, as a rental unit takes a lot of work to maintain as a landlord.
This is why dividend income investing -- a true form of passive income -- is superior to buying a rental property. Forget buying a rental unit. If you have $50,000, buy these two passive income stocks and earn $2,020 of growing income payments each year.
Ally Financial (NYSE: ALLY) is one of the largest online-only consumer banks in the United States. It has $145 billion in retail deposits and more than 3 million customers. Ally is able to convince customers to switch from legacy institutions by offering much higher interest rates on bank deposits. For example, last quarter, it paid out a 4.25% savings rate to depositors, which is significantly higher than a legacy bank such as Chase.
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Forget Buying a Rental Property: Investing $50,000 Into These Passive Income Dividend Stocks Could Make You $2,020 In Annual Income