In one sense, there’s no such thing as easy money. However, once you have money accumulated to invest, it can be easy to make more. That’s the key to generating passive income.

Some investment options require constant monitoring. You might not be able to hang onto them for long. However, others are excellent long-term picks.

Want decades of passive income? Here are three stocks to buy now and hold forever.

1. AbbVie

AbbVie (NYSE: ABBV) is one of the biggest biopharmaceutical companies in the world with its market cap hovering around $345 billion. Its product lineup includes four blockbuster drugs and several others with the potential to generate sales of $1 billion or more.

You might not be overly impressed by AbbVie’s forward dividend yield of 3.17%. However, the company’s dividend track record is impressive. AbbVie has increased its dividend for 52 consecutive years, making it a member of the elite group of stocks known as Dividend Kings.

The main knock against AbbVie is that its revenue and earnings have fallen due to biosimilar competition for its top-selling drug Humira. Investors have nothing to worry about, though. AbbVie expects to quickly return to growth thanks to other rising stars in its lineup, including the two successors to Humira — Rinvoq and Skyrizi.

I would even argue that AbbVie’s handling of the loss of patent exclusivity for Humira underscores why this is a great stock to generate passive income over the long term. The company’s strategy to extend Humira’s marketplace dominance while it invested in developing new drugs and made shrewd acquisitions shows that it should be able to successfully navigate future patent cliffs.

2. Brookfield Infrastructure

Brookfield Infrastructure‘s (NYSE: BIP) (NYSE: BIPC) name sums up its business: infrastructure. The company owns cell towers, data centers, electricity transmission lines, pipelines, rail, semiconductor manufacturing foundries, toll roads, and more.

Because of its roots as a limited partnership (LP), Brookfield Infrastructure pays distributions instead of dividends. Whatever you call them, they’re attractive. The forward distribution yield for the LP (which trades under the BEP ticker) is 5.12%, while the yield for the corporate entity (which trades under the BEPC ticker) is 4.04%.

Those distributions are highly dependable, too. Brookfield Infrastructure has increased its distributions for 15 consecutive years. The company expects to keep that trend going with annual distribution growth of between 5% and 9%.

Brookfield Infrastructure also has a solid, repeatable strategy for long-term growth. The company acquires infrastructure assets that are attractively valued. It then enhances the businesses’ value using its operational expertise. Finally, the company sells mature assets with limited growth potential to fund new investments.

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3. Verizon Communications

Most Americans are likely at least somewhat familiar with Verizon Communications (NYSE: VZ). The company is one of the largest telecommunications providers in the world.

Verizon offers a forward dividend yield of 6.27%, the highest of the three stocks on this list. The telecom giant has increased its dividend for 18 consecutive years. With Verizon’s improving free cash flow, I expect this streak of dividend hikes will continue.

Income investors aren’t the only ones who have something to like with Verizon. The stock should also appeal to value investors with its low forward price-to-earnings ratio of 9.3.

Admittedly, Verizon probably won’t deliver sizzling organic growth. However, the company is well positioned to grow via acquisitions. As a case in point, Verizon plans to buy Frontier Communications for $20 billion in an all-cash transaction. This deal will greatly expand Verizon’s fiber footprint in the U.S.

Should you invest $1,000 in AbbVie right now?

Before you buy stock in AbbVie, consider this:

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Keith Speights has positions in AbbVie, Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners, and Verizon Communications. The Motley Fool recommends Brookfield Infrastructure Partners and Verizon Communications. The Motley Fool has a disclosure policy.

Want Decades of Passive Income? 3 Stocks to Buy Now and Hold Forever was originally published by The Motley Fool