Would you like to give yourself a raise or have another reliable source of income?
Here is the problem. Consumer prices are rising quickly but wages are not. See for yourself in the article from HuffPost Canada. In Canada the wages are more stagnant than ever:
At the same time cost of living is increasing at a much faster rate. Your groceries, car repairs, dinners at restaurants, telecom bills, and so on, are increasing at a much faster rate. Therefore each year we are able to afford less and less.
On top of that home prices have been crazy over the last few years and have increased dramatically as we discussed in our other blogs.
You can consider starting a side business or driving Uber but who has time for that and how much work will it take to really get ahead. You would have to drive a lot of Uber to make an additional $1000 a month!
One way is to determine how to set up a second income stream. An income stream that instead of leveraging your time it will leverage your savings, stocks or home equity. This means that we will earn money passively.
The best way to “find the money” is to look at your equity. Equity means the amount you have paid off a property such as your home, stocks, your cottage, or an investment property. Ideal way to invest is with some savings and some equity from your home. Why have that money sit around for another year and do absolutely nothing?
What would you do if you had significant passive income? It is possible! Would you save more? Would you work less hours? Would you renovate your home? Would you go on vacations more with your family? It’s true, money does not bring happiness. However, having a passive income “cusion” makes life a lot more comfortable! Best of all it would make your life more confortable now... and not just when you retire. It’s time to start living better!
Here are the main criteria you should be looking in passive income:
- It has to be truly passive. It can’t take a lot of your time.
- It has to be very very low risk and invested in something you feel very comfortable. Not a gimmick.
- Your principal must be protected. Be kept very very safe.
- It has to be diversified over a large pool of products/areas.
- The interest rate must beat the bank.
- The manager must the qualified and experienced. Don’t buy from just a sales guy. Go direct.
- It has to pay you monthly just like a business. This means that you can count on a steady check each month.
- An ideal investment would pay you the same amount each month. It would not fluctuate.
- It would be nice if the lock-in period was short 6 - 18 months.
The main things is to leverage the above criteria and then gain focus and take action. By not doing anything you loose the most. How much would you have earned or made your life easy if you invested 2, 3, or 5 years ago?
So how do you move forward and actually map out how this will look like? Our Massive Investing Approach is one great way.
We offer 1 free session to calculate your potential. (Limited to 15min) Take advantage of it, take action and contact us: https://www.mikebeer.ca/
Also, take a look at this site for more information: https://www.mikebeer.ca/second-income