A common mistake people make when planning for their future is assuming that obtaining a university degree will lead straight to a well-paying job. Having an undergraduate degree increases the overall chances of finding a job, because education is something potential employers look at, and on average university graduates in Canada will earn more than high school graduates. But if building real wealth is one of your goals, the effective way to reach that is to create multiple sources of income. Some common ways to create this extra income includes real estate and rental properties, investing in stocks or bonds or starting a side hustle or working another job.

Note: "Real wealth" does not mean mansions, expensive cars and private jets. It means being able to live your life comfortably, on your own terms without money problems getting in the way.

Side hustles are a good idea because they help you earn more money, add to your resume, and are often fun. They give an opportunity to start utilizing one of your hobbies or passions as a job. For example, if photography is something you enjoy, paid work such as doing portraits is a great way to earn extra money. Another way could be working as a tutor for one of your favourite subjects.

When you are thinking about possible side hustles, think of what you are good at, and explore further to see if it is something you can turn into a second job. Some people even start their own businesses in their spare time, but it can be as easy as working part time at a store you like. Whatever you choose, treat it as an opportunity to be creative and build something you enjoy, because people rarely ever want their spare time taken up by something they do not enjoy.