One of the best milestones for investors is the creation of consistent passive income. If you can establish a constant passive income stream, this is a path to considerable wealth generation. Earlier this month, I’d looked at three ways Canadian investors could look to churn out passive income. Today, I want to look at three more ways you can reach this worthy goal.
Create an e-commerce store
Shopify (TSX:SHOP) has grown into one of the most explosive stocks in the North American market. This company offers online retailers a suite of services. Canadians hungry for passive income may want to consider opening an e-commerce store.
Millions of consumers have migrated to digital shopping since the pandemic forced the mass closure of brick-and-mortar retailers. If you have merchandise and a solid idea to go forward with, you can make a very solid income with an e-commerce store. Best of all, you do not have to contend with the kind of overhead involved in a traditional brick-and-mortar location.
Open a high-interest savings account
Historically low interest rates have forced income investors to take more risks since the 2007-2008 financial crisis. However, it does not hurt to stash some cash away in a high-interest savings account (HISA). Unfortunately, most HISAs offered at financial institutions will fail to keep up with inflation. Regardless, better to generate some interest than none.
Start a YouTube Channel
So maybe you don’t have the time or the inclination to write an eBook. There is another option for the ambitious seeking out passive income: starting a YouTube channel. If you generate enough views you can collect consistent income from your channel over the long term. Just make sure you draw in viewers with your content and avoid topics that can lead to demonetization on your videos.