Do you have another source of income outside your primary job ?

[canabiz]

Just gauging the community as to what other sources of income you folks have, besides your primary job. And by income, i mean regular monthly cash flow. Some of the ideas that I have in mind include

- dividends income a la Derek Foster

- rental property

- a second job

- owner/partners/shareholders in a business that generate monthly revenue stream ?

Any other ideas ?

[lister]

Working on the dividend income with the aim to eventually leave my current field for another more enjoyable one that'll likely pass less. The dividend income will supplement the difference if necessary until hopefully I can completely stop working and do whatever I damn well please.

I wouldn't mind a second job. I had a couple of possibilities over the past four years but they fell through. They both were ideal as they wouldn't have impacted the primary job at all. Ah well. If I had either of those jobs or any future second job I would have used the income to pay down the mortgage even faster.

There is the possibility of rental income in the future if the mother-in-law buys a place here for us to live in and then our current place can be rented out.

[Lakedweller]

There is significant evidence that individuals/families who have diversified income streams make more money from their primary source. The logic is this:if you depend on your job to pay your bills, you want a low risk, low pay job. If you have other income streams to suppliment your primary income, you can afford to take new jobs with higher rewards.
But this dosen't happen over night. And each person will find different opportunities that suit their own skill set. In our "resort" town we have many houses owned by distant owners that need to be managed. This allows us to visit the houses (all within walking distance) on our own time. We have significant equity in our rental property and personal residence, so we are able to leverage that with guaranteed investments. The largest income source is actually the government for us. We have three children, each gets $100 per month which is invested in RESPs that get an extra 20% from the government. As well the Canadian child tax benefit feels like an income source. Our 10,000 of TFSA is working nicely to provide dividend income.

Sources of secondary income:
Rental Property $400/month
Property Management $200/month
Blog advertising $200/month
Leveraged Loans $150/month
Dividend Income $100/month
Government $510/month
Total $1560/month
This doesn't seem significant but this covers our main monthly expenses if I choose to not work the day job. Right now, this money flows straight into investments and debt repayment.
My next project is a barter exchange.
I also have been kicking around having a small fleet of ice cream sellers (anyone remember Dickee Dee Ice Cream) for the summer months.
The repackaging business is getting hot these days. In high school (15 years ago) I used to count spoons while I watched TV. A local company would give me $0.25 per bundle of 100. It paid my car insurance while most of my friends were still driving their parent's car.
The internet is such a vast resource. If you have any skill at all (writing especially) you can make a decent income from selling your stories or from advertising on a website that attracts significant traffic. But it takes at least a year to get noticed and sometimes you need a miracle/controversy to get you name out there.

[Financial Highway]

I am working on a post (probably for next week) about diversifying your income, I think in today's world depending on just one income is too dangerous.......Although currently I do not have a large amount of secondary income i have a few:

Consulting for TDSB's ELT program.
Blog
Direct Sales
working on building dividend portfolio in TFSA

[CanadianCapitalist]

Our main source of side income is dividends. Currently our dividend income covers about 1/5th of our expenses, so we need quite a bit of capital accumulation left to do

[Four Pillars]

I have a little bit of "side" income from dividends but it is not significant - I think it was $800 last year after taxes.

My blogs are my main side income although their income is not overly significant either.

[Bullseye]

Originally Posted by Lakedweller

There is significant evidence that individuals/families who have diversified income streams make more money from their primary source. The logic is this:if you depend on your job to pay your bills, you want a low risk, low pay job. If you have other income streams to suppliment your primary income, you can afford to take new jobs with higher rewards.
But this dosen't happen over night. And each person will find different opportunities that suit their own skill set. In our "resort" town we have many houses owned by distant owners that need to be managed. This allows us to visit the houses (all within walking distance) on our own time. We have significant equity in our rental property and personal residence, so we are able to leverage that with guaranteed investments. The largest income source is actually the government for us. We have three children, each gets $100 per month which is invested in RESPs that get an extra 20% from the government. As well the Canadian child tax benefit feels like an income source. Our 10,000 of TFSA is working nicely to provide dividend income.

Sources of secondary income:
Rental Property $400/month
Property Management $200/month
Blog advertising $200/month
Leveraged Loans $150/month
Dividend Income $100/month
Government $510/month
Total $1560/month
This doesn't seem significant but this covers our main monthly expenses if I choose to not work the day job. Right now, this money flows straight into investments and debt repayment.
My next project is a barter exchange.
I also have been kicking around having a small fleet of ice cream sellers (anyone remember Dickee Dee Ice Cream) for the summer months.
The repackaging business is getting hot these days. In high school (15 years ago) I used to count spoons while I watched TV. A local company would give me $0.25 per bundle of 100. It paid my car insurance while most of my friends were still driving their parent's car.
The internet is such a vast resource. If you have any skill at all (writing especially) you can make a decent income from selling your stories or from advertising on a website that attracts significant traffic. But it takes at least a year to get noticed and sometimes you need a miracle/controversy to get you name out there.

I'd like to hear more about this.

First off, you have three children under 6? Must be a busy guy! I have two, and do the same, put it right into an RESP.

What are these guaranteed investments you mention? GIC rates are about the same as most HELOC rates right now, maybe slightly higher, so maybe you mean something besides that? Or have lower cost of borrowing?

The rental property, is that $400/month net gain all in?

[MoneyEnergy]

My side income: dividend income and blog income (direct ads, ad exchanges). So far neither will support me without a full-time job, but I'm hoping to just get them up to the point where they will cover my savings and investment program.

[UpNorth]

For extra money, I teach a night class at the local college. Last year I taught one evening a week for four months and made $4000. All of it goes directly towards paying off my student loan. Ironically, going to graduate school both enabled me to earn more money and forced me to take a second job to pay off my degree.

[Alexandra]

Here are my secondary sources of income:

- One rental property, and we gave one of the tenants who is handy a small break on his monthy rent so HE manages the place for us now (yay! I highly recommend this)
- Our own house has a tenant in the basement
- Two leveraged loans
- Limited dividend income
- Goverment cheques - child tax benefit and the RESP matching program
- "free" RRSP matching at work