You probably heard this before! Let your money work for you! Well since you had worked hard for your money that idea would be nice; but, how can you accomplish that?
By doing a little up front work and an investment, you can create an ongoing income stream that can continue, even when you are in relaxing mode. Here are some options:
- Buy a revenue property. Sure, there’s an investment of time and money upfront, but once you’ve got the right property, mortgage and management strategy, the monthly income keeps flowing.
- Create an information product. This includes e-books, DVDs, online courses, etc. Obviously, the creation part is a lot of work so is the marketing. But once you’re up and running with a successful product, the income is self-sustaining.
- Sell ads on your website. Build a site that is attractive enough to generate high traffic, then sell links and ad space which produce income.
- Be a mortgage lender. Talk to us, we can help you set up your RRSPs or other cash that are not earning enough. Yes, there’s a repayment risk, but that is reduced by making many small loans rather than a few big ones and it will be secured against an actual property.
- Invest in dividend-yielding stocks. These are stocks that pay dividends on a regular basis regardless of whether the share value is up or down. But you can still lose money, so
- you need to do a lot of research up front.