Where To Find Other Sources Of Income

When trying to save money, eventually you’ll come to a point where you have cut as many expenses as you can and there are no additional steps you can take to free up money from your current income. The next step to saving more could be to look for other sources of income. These are a few ways to make extra income that I’ve either done or at least looked into.

One of the most obvious has to be getting a second job. While this can eat into your free time, it’s an immediate way to bring in a dependable, set amount of income. You could try to make it more enjoyable by choosing something you’re interested in. For example, if you are an avid golfer, then work in a golf store. Not only will you enjoy the job more, you may have a discount that will benefit you as much as the pay cheque.

When you invest in dividend paying stocks, you can receive 3-6% annually in dividends from some of the top financial and utility stocks. REITs could also fall into this category, though with their various types of disbursements they might be best inside your TFSA.

Rental property can be a great form of income, as long as it’s cash flow positive, meaning that the rent you bring in more than covers all the expenses. You don’t want your only hope of making money to be on the future value of the property. With the exception of the occasional real estate bubble, the appreciation on a house makes a terrible investment.

Sell things around the house that you don’t use anymore. This could be done with a garage sale or online at Ebay, Kijiji or Craigslist. If you get comfortable with selling on these sites, you could even buy things at other garage sales that are undervalued and sell them online yourself. If you enjoy a certain hobby, like crafts or woodwork, you might be able to make something that you can then sell online.

There are many opportunities to make money online if you like to write. You can either have your own blog or write on sites like HubPages, Suite 101 or eHow (eHow is not available to Canadians).

While not all of these ideas will make a lot of money, even bringing in an extra $100 a month to invest and earn 7% will give you extra savings of around $117,000 in 30 years!

Written by Tom Drake

Tom Drake is the owner and head writer of Canadian Finance Blog. While you’re here, consider signing up for the RSS feed or email subscription. Both deliver the latest articles directly to you! You can also follow me on Twitter for all the latest posts or to send me any comments or questions!

8 Responses to Where To Find Other Sources Of Income

  1. When talking about alternative ideas to make money, there are much more alterantives than the ones listed. You can use freelancing to a great extend. It is possible to make any amount of money freelancing. Also the opportunities like ebay, it is a great opportunity. I would like you to think about blogging. Well blogging takes time to materialze. It takes a lot of effort to bring genuine traffic.
    There are many more opportunities that we miss. If you know there are sites that offers to make you rich for uploading fies. These files when downloaded, you receive money.

  2. Excellent points , but I have always thought that the problem is not to find a way to make money but the mindset of the person behind… that is the main problem.. 99% of people, lack discipline, they cannot even stick enough time to something in order to let it work.

  3. There are many opportunities to make money which has given in this article.When trying to save money, eventually you’ll come to a point where you have cut as many expenses as you can and there are no additional steps you can take to free up money from your current income.

  4. Hi, these are great tips. I have another one for the readers: Blogging!

    I started blogging about two years ago. I started out with a standard wordpress.com blog, because it’s free.

    Then I started showing ads and writing about products to sell.

    Now, two years later I have an extra income every month. About 900 US Dollars or so.

    When you google “earn money blogging” you will soon see the earning potential. And it’s not hard to do either…

    Hope this tip helps…

    Dennis

  5. Freelancing is definitely a great way to make extra money. My discovery of websites such as Elance and Fiverr is what gave me my idea to make a website so that people can essentially outsource their chores giving others with the ability to make extra money regardless of what skills they have to offer.

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