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And by this, I mean, advice for the actual act of getting investment income (ideally without touching principal).

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[-] elephantium@lemmy.world 3 points 6 months ago

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?

[-] CharlesDarwin@lemmy.world 1 points 6 months ago

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?

[-] elephantium@lemmy.world 2 points 6 months ago

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.

[-] CharlesDarwin@lemmy.world 1 points 6 months ago

Hm, I'll have to look into that last bit. I'm also still in the accumulation phase, just trying to learn more overall...

this post was submitted on 28 Dec 2023
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