Canadians have three shocking ways to boost passive income sources, preserve procuring power, and survive rising inflation this year.
If you need to avoid a further reduction of your passive income sources, these are ways to boost your passive income sources in 2023
- Stay invested
Investing in passive income sources in surging inflation is better than keeping your cash indolent. Let the passive income sources work for you and grow through the power of investing. Moreover, the passive income sources streams should help you cope with inflation.
The perfect anchor stock in investing your passive income sources is in the Royal Bank of Canada. This bank is the largest and is a reliable passive income source provider.
- Invest your passive income sources in Real estate investment trusts (REITs)
REITs are substitutes for owning physical properties. Invest your passive income sources in Morguard North American, today’s top choice of investors. Invest your passive income sources in REITs because of rising borrowing prices, and the average cost for rental buildings is increasing at a clip.
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And last way is the protection of your passive income sources against inflation
Inflation is a pain in the neck, and we need to protect our passive income sources, but it doesn’t mean there’s no way to protect it. You can create or boost passive income sources to minimize the impact of inflation.
The online investing service to boost passive income sources run for decades. The Motley Fool Stock Advisor Canada is beating the TSX. And right now, Motley Fool Stock Advisor Canada thinks stocks are better bought to boost passive income sources.