How to Make $165 per Month in Passive Income Right Now

Glass piggy bank

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That TSX extended gains this week, climbing from near 52-week lows in the last week of September. After posting a 13% year-to-date decline, the TSX is down 6.5% year-to-date today and down 14.5% from 52-week highs, putting it in correction territory.

In other words, if you’re looking for dividend stocks that offer solid passive income, you can still grab a huge deal. Including some monthly passive income stocks you can hold forever.

And I mean forever. As long as possible until you need the money. Because these passive income stocks will continue to rise and dish out payments for the foreseeable future.


Now if I wanted to buy a monthly passive income stock, TransAlta Renewables (TSX:RNW) would be at the top of my list. It offers investors growth opportunities in the renewable energy sector. And you can also grab it for its attractive monthly passive income.

The TransAlta share has a great now high dividend yield. Investors can lock in a yield of 6.29% as of now. And while it’s trading at 35.4 times earnings, I’d still call it a safe haven stock. That’s because it would only need 49.23% of its equity to cover all of its debt.

How much of a deal do you get? Investing $15,000 in TransAlta stock today would yield $78.33 in passive income per month! The same investment would have returned just $59.40 at 52-week highs.

SmartCenters REIT

Another passive income stock making waves is SmartCenters REIT (TSX:SRU.UN). This is another solid investment option with strong fundamentals currently offering an ultra-high dividend yield. And while it’s a commercial space, the REIT is currently expanding into other markets.

In addition to commercial space, these markets also include retirement homes, which we will need even more in the coming years. In the face of supply chain disruptions, we have painful now need commercial space. And that’s exactly why it’s a solid long-term hold for those looking for passive income.

And of course you can now get it for a bargain. Shares are trading at just 4.17 times earnings as of this writing, and you can lock in a whopping 7.13% dividend yield. Again, it’s a safe bet, requiring 83.17% of its equity to cover its total debt.

An investment of $15,000 in SmartCentres stock today would yield monthly passive income of $86.48. The same investment would have returned just $69.07 at 52-week highs!

bottom line

So there you have it. Investors can lock in about $165 in passive income per month by investing $30,000 in these two stocks as of this writing. The same investment at 52-week highs would have returned just $128.50 a month a few months ago! So seize this opportunity while it lasts.

Also, since these are long-term holds, you can be assured that they will recover to the highs before the fall. That means a $30,000 investment could potentially turn into $38,274 if these stocks make another 52-week high.

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