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Everyone should have multiple income sources
These days, with lifestyle expenses soaring, everyone should be creating multiple revenue streams. One income just doesn’t cut it any more. On top of your job, two more ways you can bring in money are developing a side hustle and creating a passive income strategy.
Let me tell you about our team of advisors. As a client, you need an advisor to trust when it comes to your future. Your financial plan. We’re all in different stages of life; starting a business or a family, saving for your new home, restructuring your debts, optimizing your cash flow, building your investments or transitioning into retirement.
We have to start somewhere. Set up a virtual or in-person meeting with your advisor today.
Starting your own business not only creates extra cash, but it can provide a wealth of tax deductions to offset that revenue. Ask your FORTAX Financial Advisor to show you the many financial benefits.
You can begin small, with a side hustle that you build at a comfortable pace. Such as working as a pet sitter or using your car to make deliveries. However, one of your best assets is leveraging your own talent.
Create and sell crafts, or freelance your professional expertise through Upwork or Fiverr. Pursue a personal passion and sell a related product. Or expertly buy used products and then flip them. It’s a powerful feeling, using your talent solely for your own financial benefit.
A search online will reveal more great money ideas. Create a membership-based website, online courses, or develop a niche-focused blog or YouTube channel.
Revel in a steady stream of royalties through writing a book or script, selling stock photos, or composing music. You could also buy the royalties of another person’s work and add it into your portfolio.
Royalties are one type of passive income. This revenue tactic is about leveraging your assets to create an automatic, steady flow of money. At first, you need to devote a lot of time into getting it started; but once it’s set up, the cash will continue coming in without a lot of extra work.
Another passive income plan is focusing your investing strategy on dividend-producing stocks. Your FORTAX Financial Advisor can help. Use your existing wealth to develop such a portfolio and, once it’s established, reinvest some of that additional revenue into creating even more dividends.
Your home is another asset to tap. Its property value has been increasing from the day you bought it. Leverage this asset and get it working for your future.
One way is to borrow against its rising value and buy rental property. Get an estimate of how much equity is available. With that new down payment approved, start connecting with realtors and searching for promising real estate. Through carefully planning this purchase, the rental revenue can pay down the new mortgage on your growing asset. While it also produces income for you.
It’s not necessary to start big. Creating a corporation isn’t essential in order to become a landlord. You just need a property with great investment potential. Perhaps a small condo, or property in a low-cost community. Do it on a manageable scale, and then grow your investing when the time seems right.
Be sure to start with some good advice and careful, strategic planning. Your FORTAX Financial Advisor can help you understand the tax and other financial implications. You will also need an accountant with related expertise.
Many provinces have landlord’s associations. Their members have the skills to evaluate a potential opportunity. They know many shrewd tactics for attracting solid tenants. You will also need a contractor to do property maintenance.
Before getting started on developing multiple revenue streams, do your homework and carefully work out a smart, winning strategy. Connect with entrepreneurs who are already working on their wealth and ask lots of questions. Don’t plan to fail; give yourself the best chance at success.
Be your greatest asset and create multiple streams of income for your own benefit. Your FORTAX Financial Advisor can show you how to get started.
Is it time to talk about your future? Do you have financial questions about your business, family, or investments? Call your financial advisor today to setup a virtual or in-person meeting.