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Discussion Starter #1
Just looking for a little bit of a list on what kinds of alternative income streams there are out there. E.g. dividends, etc. I'm looking for ways to bring in additional income but can't really seem to come up with many, as best I've got so far is rental income, and dividends. I know there are more out there, but I just can't seem to make them come to mind this morning.

I'm currently experiencing my own little bust (reduced income, etc.) due to the job market in our city, but things look like they might be turning around in the near future. I've met some of my personal goals of building up (and continuing) to invest in my RSPs, and TFSA (it was maxed for 2010), and now I'm looking to continue to build on my assets, and bring in additional income.

Since everyone here is just so damned smart I thought I'd picked your brains for some recommendations. So show me what you've got? Please and thank you?
 

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Well...one of the things you COULD invest in is your human capital. This doesn't produce income in the immediate or near terms, but can produce big gains over time.

A variation on this theme is to spend time and effort learning more about investing, so that you maximize any funds you are putting away.
 

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Just looking for a little bit of a list on what kinds of alternative income streams there are out there. E.g. dividends, etc. I'm looking for ways to bring in additional income but can't really seem to come up with many, as best I've got so far is rental income, and dividends. I know there are more out there, but I just can't seem to make them come to mind this morning.

I'm currently experiencing my own little bust (reduced income, etc.) due to the job market in our city, but things look like they might be turning around in the near future. I've met some of my personal goals of building up (and continuing) to invest in my RSPs, and TFSA (it was maxed for 2010), and now I'm looking to continue to build on my assets, and bring in additional income.

Since everyone here is just so damned smart I thought I'd picked your brains for some recommendations. So show me what you've got? Please and thank you?
Judging from your post on short-term rentals, it's you who should be handing out tips on bringing in additional income :)

Seriously though, the only truly passive income we receive is from our portfolio. We receive some additional income from our sideline activities but our main income source is our day jobs.
 

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you could, if you were inclined in this direction, collect extra $$$ from some of your investments by selling covered calls and, in some cases, cash-secured puts.

my first options mentor was an overseas banker who looked at my small portfolio & said "I think you should make your money work harder for you."
 

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Discussion Starter #7
Well...one of the things you COULD invest in is your human capital. This doesn't produce income in the immediate or near terms, but can produce big gains over time.

A variation on this theme is to spend time and effort learning more about investing, so that you maximize any funds you are putting away.
Tell me more? I'm still in that inbetween state of having enough money saved to really start making changes, or gain forward momentum, and just garnering assets. Anything in particular you'd recommend, or just some across the board investment education/learning?

you could, if you were inclined in this direction, collect extra $$$ from some of your investments by selling covered calls and, in some cases, cash-secured puts.

my first options mentor was an overseas banker who looked at my small portfolio & said "I think you should make your money work harder for you."
This sounds very interesting, but I am time constrained during the day. I can't monitor things all the time. Did this, or does this, work for you? What kind of time investment and learning is required for this?
 

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"Investing in your human capital" just means upgrading your skills and knowledge base, typically by pursuing more education, a certification, etc. If you want more money, you can generate it in a number of ways. One way is to earn more.

A variation on this theme is to learn more about investing, so that you can earn more from your financial capital. Humble pretty much covered off what I would suggest in that area. However, the learning curve is somewhat steep (depending on where you are starting) and...options trading isn't for everyone.
 

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Discussion Starter #9 (Edited)
Makes sense. I'm already investing in myself as much as I can right now. I'm persuing two more degrees, and finishing up two certificate programs this year. I can safely say that I am a lifelong student.

Options trading scares me right now. I know I don't have a level of knowledge that makes me even remotely comfortable with the idea. Although I'm certainly not against learning. Any recommendations on where to start?

**Edit**
I found this thread about Options trading, however I can't seem to find that great thread/post-it with all the recommended reading. I always like to start there just to see what other books I can pick up and learn from.
 

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this morning i posted a message with my 3 best suggestions for a beginning option trader. You can see the thread - it's right alongside. Would you be kind enough to look over there so i don't have to copy my message again ?

as moneygal says, options are not for everyone. They are tricky little puzzles to solve. Very fun, in fact. In the end, they are capable of delivering as much income as the dividend on an underlying. Even better, such income gets taxed as capital gains, which - now that they are lowering the dividend tax credit by annual increments - is now the preferred kind of income.

i certainly don't spend all day. More like a couple of hours, at intervals during a morning.

there is, i believe, a virtual option trading model on the cboe website (cboe.com).
 

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dear michika

i posted my message about options before i quite realized who you are. You're that plucky girl hoping & planning to hang onto her house while having a bit of a difficult patch at the moment, while employment for both in the couple is passing through an on-again off-again phase.

i don't know your age & i certainly hope i'm not meddling. But i can't help feeling that a good path for you is to keep up the investment in human capital & keep searching for the right job. You've mentioned you are studying for degrees & diplomas, can't do more in this regard, that's great.

speaking off the top of my head, i do believe that the moment when one or both of you settle into satisfying permanent jobs will be a milestone. Having temporary boarders who are employees of a company that you know, who are temporarily in town, and who otherwise would be billetted in hotels sounds like a terrific initiative. I don't really see options trading as suitable for a young homeowner who is a) studying, b) working part-time, c) searching for that special solid fulltime job, d) renovating her basement in her spare time, and e) looking after the numerous wants & needs of paying guests.

not that options trading itself is particularly time-consuming. It's not, once one knows how. But the learning curve is steep, as moneygal says, and perhaps later, after you've got your house & job financials locked down, would be a better time to study these tricky little derivatives.

wishing you the best of everything
(signed)
one who also likes champagne
 

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Discussion Starter #12
Definitely not meddling. I think you probably just saved me time that can be better spent elsewhere. I appreciate it, its very helpful!

I think for now I'll keep looking towards gathering more dividend paying stocks, and keeping with what I'm currently doing. My time will free up significantly over the next few months as I finish up my last couple of courses. Only six more exams and I'm two certificates, and one degree richer! Common December! Then maybe once things are less dynamic, I can once again look around for more income streams.

Thank you everyone for your feedback. I'll definitely keep it on hand for when I have more time to dedicate!
 

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Just be patient.

As long as you find a means to stay above water for the time being and not incur heaps more of debt, you'll be fine. Be patient, your sacrifice and hard work now WILL pay off in the future.

Good luck!
 
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