And by this, I mean, advice for the actual act of getting investment income (ideally without touching principal).
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I don’t understand the question. What are you looking for beyond transferring your dividend income to your checking account? Is there really anything more to it?
Well, I guess I don’t know about some of the pitfalls and traps for transitioning from investing and not using any of the gains to a place of using dividends, for instance. So suppose I currently have an investment in something like VTSAX, but set to reinvest dividends. Do people just turn that off and then start sending those dividends into a checking account?
Oh, I see. Yeah, I think it’s that simple. Turn off dividend reinvesting and transfer the proceeds to checking.
I’m firmly in the accumulation phase for my own account, so I haven’t done much planning for drawing income.
That being said, there’s also the idea of setting up a bond tent for the first few years of drawing on your investments. That’s something I’m planning to research as I get closer to my investment goals.
Hm, I’ll have to look into that last bit. I’m also still in the accumulation phase, just trying to learn more overall…
