Getting ahead with your finances can be difficult, and without a solid and consistent income then it might be nothing more than a pipedream. True financial security is something that can only be achieved when you’re earning above your means, and that’s not always achievable with the daily job that you’re currently working at. Instead, you might seek out methods of making a passive income on top of the work that you’re already doing. They’re small things that can help you make money effortlessly.
Selling Talents
Everyone has something that they’re either interested in or good at, and sometimes those skills are things that can be sold to someone interested in the benefits. For example, if you’re interested in photography – you can accept paid photography jobs in your free time. Alternatively, you could consider selling stock photos – which would then be used for professional use from those that have paid for them.
Teaching is something that you could also do in your free time, and you don’t have to interact with anyone while you do it. Selling your skills to sites like skillshare can be a great way to spread your passion while making money on the side. Of course, any money that you make through these kinds of interactions would need to be taxed, and you can use our Canada tax calculator to help you figure out what you’ll be paying extra.
Start A YouTube Channel
If you’re not that familiar with how the platform works, then this might sound a little bizarre to you. However, starting a YouTube channel is something that can prove to be quite beneficial financially. If you’re posting content that a lot of people are coming to see, be it entertainment, education, or something you like posting – you could monetize those videos eventually and make money from people watching them. The amount of work you put into it is up to you, and many creators tend to go unnoticed without a good angle.
Investing
Of course, not everyone has the means to invest their money into something that’s going to show them a decent return. Things like real estate will naturally bring in money over time, but requires a huge investment beforehand. However, if you have the money to invest, this could be a smart investment to make for a more financially secure future. It’s a lot of work and can take time to find the property you’re interested in investing in, but if everything goes to plan – it can be a good income to be able to rely on
High-Yield Savings
There are not many options for passive income that are simpler than putting your money into a high-yield savings account. You’re not going to be making huge amounts of money as a passive income, but over time your money will surely increase with minimum risk. You don’t have to worry about making any mistakes, you can just simply have your money building interest until you’re ready to take it out. It requires a large amount of money to make money from this, but it may be worth considering.
Renting Rooms In Your Home
If you’re living in a building on your own, or you find that your apartment has far too much space for you to make use of, have you considered renting that space out to someone else? You’re not going to be the only person paying rent anymore, and while you’re giving up the total privacy of your apartment – it could be worth considering. Consider that your rent would be divided considerably depending on how much you’re renting out and that alone would be a great way to change your income passively.
Renting Out Your Car
You can use your car to make passive income when you’re not using it, if you’re willing to trust others with it. There are services that allow others to rent a car, and you can receive money for allowing others to use your car when you don’t need it. Car sharing is a growing industry, and it’s perfect for those who don’t use their car much and can’t necessarily justify paying for it with all the time it sits in their garage.
Cryptocurrency
Cryptocurrency might not sound like a great investment to make if you’re looking for passive income, but a lot of the time, when you make a lot of small investments – it can be easier to make an income from it. Patience is important when it comes to crypto investments, and as long as you’re educated in the investment process, you have a good chance of seeing high returns on your investment if you’re willing to wait.
Invest In A Business
If you’ve got a large sum of money ready to go, you might consider being a business investor to help you make money. There’s a level of risk to investing in a business, and you don’t want to do it unless you know that the business you invest in is going to bring you money in the future. The usual agreement is a percentage of future earnings belongs to you if you can provide the money they need to help their business take off.
Selling Your Intellectual Property
Sometimes we sit on ideas that we have, not knowing that they’re actually great and worth developing into something greater. While you might not have the tools to bring your great ideas to fruition, others might, and would possibly be interested in paying for the rights to take that idea to the next level. You could patent your ideas and potential inventions and sell those rights to those who may value them.
Become An Influencer
If you’re up to date with social media trends, then you’ll know what it means to be an influencer. Sharing the interesting parts of your life, and going out of your way to please your audience. Doing this can get you a large following, one that sponsors would want to capitalize off of. You can use this to your advantage, and sponsors would pay you to promote their products with your influence. This money would still be taxed, and may even count as salary. You can check what numbers to expect on this Ontario salary tax calculator, to help make sure that future taxes won’t surprise you.
