Need Cash Now? 1 Passive Income Stream and 1 Dividend Stock for $947/Month

Get off your phone and start making money, all while still watching your favourite trash TV! Then invest for even more cash on hand.

Editor’s note: A previous version of this article misstated Bridgemarq’s monthly payout amount. The article has been corrected.

Ever sit at your desk and think to yourself, “I could totally do this while watching a show at home”?

Honestly, working at home is something that came up a lot in my past jobs. Sitting there entering data, or collecting data, or just doing other mindless work helped pay the bills. But I certainly could have done it while watching The Kardashians (don’t judge me).

The thing is, there aren’t many people who actually want to input data as their full-time job any more. And that’s exactly why there are so many remote data entry positions cropping up all over the internet.

And these, my friends, can be done while watching junk television.

Get into it

If you have a full-time job and find that instead of scrolling your phone while watching a show, you could be inputting data, this passive income stream is for you. Canadians can find remote jobs all over the place. But honestly, what’s so great is that these income streams don’t have to come from Canada.

Sites such as Truly Remote and NoDesk offer options that can be picked up all around the world. What’s more, if you’re looking for a fully remote job to replace your current one, there are options there as well.

But today, we want you to hold onto your full-time job. Instead, you can find a freelance data entry position and see what that gets you. Take on one of these positions and you could make about $20 an hour!

Then, invest it

So let’s say you’re working about 10 hours per week at this rate. That’s $200 per week, about $886 per month, and $10,392 annually. So already you’re making an extra 10 grand just from doing some mindless work in the evenings.

But to increase that income even further, Canadians shouldn’t go out and spend it. Instead, invest that income on a regular basis to create more passive income. This can help set you up for larger goals, including emergency savings, retirement, or even a new home.

Of course, invest part of this cash in something long term and stable such as a guaranteed investment certificate (GIC). You can create a budget and plan that can help you determine your goals with a financial advisor. From there, however, you’ll want some long-term dividend stocks.

A perfect dividend stock to consider

If you want passive income that’s going to last, you’ll want a stock that’s been paying it out handsomely for years now. There are quite a few passive income stocks that pay monthly, but fewer that have been around more than 10 years.

If you’re looking to make the most of your new passive income stream, you’ll want to make sure that cash is only going to rise, not fall. Furthermore, you’re going to want to sleep at night knowing your dividend isn’t going to suddenly slice in half.

That’s why I like Bridgemarq Real Estate Services. (TSX: BRE). The company provides tools to real estate companies and realtors across the country. Those tools have never been more important, which is why the stock has done quite well even in this market environment.

Shares are actually up 13% year to date, providing strength in a volatile market. Growth has been slow since coming on the market, but stable (besides the pandemic rash in March 2020). Since 2008, shares are now up 40% since that time.

It’s dividend yield is currently 9.09%, and it pays 1/12th of that to investors each month. So you can look forward to both consistent dividends, along with consistent growth.

For example

Let’s say you were to put that $10,392 towards Bridgemarq stock each year. Here is what that could look like in the first year alone, and how much monthly income you could be making.

COMPANYRECENT PRICENUMBER OF SHARESDIVIDENDTOTAL ANNUAL PAYOUT
BRE$14.50717$1.35$967.95

You’ve now added almost $1,000 in extra passive income for the year! That brings your total additional income to $11,359.95 a year (or $946.66 a month) — and that doesn’t include any returns you might later realize when you sell your Bridgemarq shares.

So instead of scrolling through your phone while watching your own junk show, make some money! And create a passive income stream for life.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bridgemarq Real Estate Services. The Motley Fool has a disclosure policy.

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