Looking for some extra cash, but have no idea where to start? Or even more likely, don’t want to (or can’t) put in much effort? We’ve got you. Here are some of the best passive income streams you can use to help fund your future, and some investment strategies to match.
Buy a vending machine
If you have a bit of cash that you can afford to invest in something, don’t invest in an apartment to rent out in this market. Instead, consider purchasing a vending machine! While you’ll need permission to set them up, it’s an incredibly easy and lucrative way to make cash.
All you’ll have to do is purchase the machine and keep it stocked each day. Place it in high traffic areas such as hospitals, malls, office buildings, or even schools if they’ll allow it (universities are a great option here). You’ll collect cash daily, and soon it will pay for itself!
Get into face painting
As a mother of two, when I tell you that face painting will always be in demand I am so not joking. The lineups that children will stand in to look like a princess or spiderman are absolutely absurd. So, get in on the action!
You can market yourself out easily through online platforms, and the learning curve is not steep. Again, trust me as a mother who now does her own kids’ face paint. Plus, you can charge around $10 per kid. That can easily make you hundreds from one job!
Ever have a friend ask for cash and pay you back? There are lots of those friends out there, and ones that will pay interest. Enter peer-to-peer lending. You can use services such as LendingTree that set you up with someone who will state in writing that they will pay you back, with interest.
Collecting this interest can also be an easy solution to creating just a bit of extra cash. But lend out a lot, and you could make incredible interest!
Now if you really want cash upfront and often, with minimal effort, dividend stocks are the way to go. These companies pay out cash on a regular basis, some even every month like a paycheque! This can be used to fund future investments, or to help pay your bills.
A great option right now would be Canadian banks. They have always recovered from economic downturns, and right now offer absurdly high dividend yields. Take Bank of Montreal (TSX:BMO), with a current dividend yield of 5.41%. You can grab cash on a quarterly basis, and look forward to growth as the company continues to expand its United States operations and exchange-traded funds (ETF).
BMO stock also trades at just 10.6 times earnings, with shares still down 15% in the last year. There has already been some signs of improvement, so you may want to grab the opportunity to earn larger returns in the short term. But you’ll be almost guaranteed long-term rewards as well.