My company has a 401k plan where they would take out money from my paycheck and match whatever I put into it. The concept of taking money out of my paycheck every two weeks and put it into a investment is cool. The fact that you can just throw money at something and it will do all the stock selection for you is great I don't like how I can't touch the 401k and that it doesn't produce income. I want the assets I invest in to generate income.
My question is:
Is there any way to automatically take money out of my paycheck every two weeks and invest it in an income producing asset that sends me back (check or Direct deposit) a small amount of whatever income that was generated every two weeks? Could this all be configured with a brokerage account?
Could I theoretically configure my brokerage account to:
Automatically put money towards dividend paying stocks that I specify originally
Send me back a check or a direct deposit of the quarterly payouts configured Bi-weekly
Overall is there any kind of financial product that I can just put money towards that would automatically do all the investing for me and just send me back a check every month or two weeks?