If you’re about to retire or have already done so, then it might be one of the best but also most stressful times of your life. After all, you’ve committed to a life without a paycheque. One that brought with it its own stress, but at least was consistent.
So let’s look at some other consistent ways to create passive income. And what’s more, easy and simple passive income streams you can enjoy for as long as you live!
Buy it, rent it
One of the easiest ways to create income is by renting out stuff people need. But I understand if you don’t necessarily want to rent out your own stuff, or indeed want to rent out part of your own property. Even though this could be quite lucrative.
Instead, try buying something you know people want and renting that out. This might include blow up holiday decorations to rent out during the season as a far lower cost option than purchasing them. It might include a bouncy castle, which again people will use once, but you can rent it out throughout the summer at hundreds of dollars per use!
Do some research and you can certainly find many items that Canadians may want, but don’t have the means to purchase, or simply the storage space! There will be plenty of options that could bring in hundreds if not thousands in cash per month.
Create a passion project
Now before you skip over this one, I’m not talking about started to widdle from home or create crafts and try and sell them online. Instead, consider hiring yourself out. For instance, there are many who may like help with their gardening. If you planned to garden a lot in your retirement, that’s great! But there’s only so much you can do. That’s why gardening for others may be a great way to continue your passions, but get paid for it.
This could also apply to handyman services. If you’re great at fixing things and planned to help your kids out in retirement, again good for you. But there’s only so much they need. So try your hand at hiring yourself out to others who may also need your services at a lower cost than big companies. Again, you could receive a high hourly wage, but on your own schedule.
Of course, invest!
Whenever you earn cash, put it aside in a savings account that can work towards your future. Your retirement is a fun time for you to explore your passions and have fun. But there is another future coming that you need to prepare for, and that’s when health can start to decline.
That’s why investing is a huge benefit for not only creating passive income now, but also for saving for later. So I would choose investments that can reward you sooner as opposed to later. These might include dividend stocks from blue-chip companies.
For example, Hydro One (TSX:H) is a great option these days. It’s a newer utility stock that can lead to immense returns in the future, as well as stability as it expands. Further, it offers a dividend yield at 3.14%, which comes to $1.19 per share annually.
Bottom line
Putting all these passive income streams together, retirees can keep cash coming in for life. Not only during their time in retirement, but far beyond while they live out their days in total relaxation. Not worrying about your financial future in the slightest.
