If you’re looking to create a passive-income stream, that can be hard if you have absolutely no money to spare. I get it, and I’ve been there. Inflation and higher interest rates have led many to push aside their futures because right now, it is so stressful. That is why I’m here to help.
Today, I’m going to go over some options of passive-income streams you can start up that don’t cost you anything. Not even very much time! Further, you can turn that cash into more through investing. So, let’s get started.
To be clear, passive income is income that is made when you are doing basically anything else. That means when you’re sleeping, eating, or travelling, you are still making money. That includes investing but can also include what some might call side hustles. But to be clear, these are not side hustles.
Let’s call a spade a spade. A side hustle is a part-time job. It’s one that, sure, you can do on your own time, and you’re your own boss. But a passive-income stream that is super easy to start is renting out a parking spot.
A parking spot is needed by everyone, and yet many have to pay an arm and a leg to park in parking garages. Meanwhile, parking down the street in your driveway that you’re not using could mean you make money, and they save some. Everyone wins! This could rake in hundreds each month.
Start putting it aside
Now, there are other passive-income streams you could consider, and there are certainly plenty based on your wants and needs. But this is a great place to start, with applications such as Rover and Parkable doing most of the work for you. From there, you can then move on to starting to invest that cash.
You’ve already created cash from nothing, but now you can create cash from just the tiniest bit of effort. To do that, I would consider investing in high-yield dividend stock — one that is safe and looks like it will recover quickly during this bear market.
To be clear, you need to look at dividends and returns in this case. Don’t just focus on that dividend yield. While it may give you cash upfront, you are at risk of lower returns in some cases. And when you want to take that cash out, it will certainly sting.
A great option
If you’re looking for a strong option on the TSX today, BCE (TSX:BCE) might be your best choice. BCE stock is the largest of the telecommunications companies by market capitalization. It holds 60% of the Canadian population as clients, with the fastest 5G internet speeds available.
What’s more, it’s diversified across wireless, wireline, media, streaming services, you name it. And this business is only growing as we demand faster internet and more entertainment. So, don’t think the company will suddenly go under after over 100 years in the business.
BCE stock also offers a whopping 7.25% dividend yield, which is far higher than its five-year average of 5.65%. And with shares down 15% in the last year, you’re getting a huge deal on the stock — especially as the dividend stock can deliver high passive income, including returns. In the last two decades alone, shares have climbed 93%. So, consider this top dividend stock with your newfound passive income today.