To generate years of passive income, you could either build a portfolio of individual dividend stocks or simply invest in a dividend exchange-traded fund (ETF). An ETF allows you to buy several stocks at a time without the hassle of managing a portfolio.

A high-yield ETF invests only in securities that pay distributions, but depending on the kind of fund, it may invest in stocks, bonds or even preferred stock to generate income. The fund’s strategy will list the types of securities that it invests in and the general approach it takes.

Dividend-focused ETFs offer easy diversification at a lower cost. YieldMax ETFs use options to generate high income with popular assets like Bitcoin and Nvidia.

I'm on a mission to grow my passive income to the point where it can cover my basic living expenses. That would lift a huge weight off my shoulders because I'd no longer have to work to cover my family's financial needs.