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Posted by Florence on August 10, 2024 at 12:18am 0 Comments 0 Likes
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While you would be earning a decent monthly income, you desire more. In that case, look for various means to generate additional passive income. This income can boost your primary income, letting you do things you have always desired. The passive income can become a primary income source as you retire, allowing you to live your life without being dependent on anyone or financially struggling.
Investing is the most viable way of creating a passive income source. Recurring Deposits are an old-school investment option that never fails. You need to make regular deposits for a tenure in the Recurring Account. You earn a competitive interest rate on your deposits. This interest-earning can function as a passive income. Hence, you can consider investing in an RD.
How to invest in an RD?
How does an RD investment work?
Let’s consider an example to better understand an RD investment's workings. You plan to invest in RD to gather an amount to make a Car Loan downpayment. You invest R. 5,000 for a tenure of five years. Here is how the investment will work:
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