Want $3,000 in Passive Income? Invest $15,000 in These 3 Dividend Stocks and Wait 6 Years.
The classic strategy of buying quality stocks and holding them for several years can be an excellent way to get rewarded for your patience. Companies that pay their investors dividends and have the potential to grow in value offer a one-two punch of both short-term and long-term benefits. What's more, dividends provide an added incentive not to sell a stock, and can be a great way to supplement income in retirement.
Investing $15,000 in equal parts of Brookfield Renewable (NYSE: BEPC) (NYSE: BEP), United Parcel Service (NYSE: UPS), and Illinois Tool Works (NYSE: ITW) and holding them for six years should produce at least $3,000 in passive income. Here's what makes each of these dividend stocks worth buying and holding for years if not decades to come.
Source Fool.com