You work hard for your money. Wouldn’t it be nice if your money started working hard for you? By doing a little up-front legwork and investment, you can create an ongoing income stream that continues, even when you’re in relaxation mode. Here are some possibilities:
- 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 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’s attractive enough to generate high traffic (not an easy task!), then sell links and ad space which produce income.
- Be a peer-to-peer lender. Websites like Lendingloop.ca let you loan money to small businesses who then pay you interest. Yes, there’s a repayment risk, but that’s reduced by making many small loans rather than a few big ones.
- 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.