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Initially you may only be making a small amount of money passively, and you might even want to re-invest that money so it compounds and grows quicker. However, with some time, its possible to create enough passive income you could quit your job or retire early.

 

 

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Passive income can be a bit of a divisive topic. In general, passive income is any money that you earn without putting in much work. The money will flow in without too much being required of you. In some scenarios it might be long-term recurring income, and in some other cases it might be short lived or inconsistent.

In some cases youll need to put in some effort up front, but then it wont require just as much effort in the long run when youre making the money.

What qualifies as passive income is up for discussion. Most lists which youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those ideas in this post because, in my own opinion, all of them require an excessive amount of effort to be considered as passive.

 

 

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Blogging will constantly require on-going work, either by yourself or by others which youre paying.  Selling ebooks or classes will need on-going customer support, and youll need a consistent traffic source in order to continue to make sales. It is possible and there are people who've been in a position to get it done passively, but they make up a small percentage of people who really set out to get it done.

Ive been blogging fulltime for 10 years and Ive sold ebooks and classes in the past. Theyre great ways to earn money, I simply dont consider them to be passive, in the majority of cases. .

 

 

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Just about any business can be a source of passive income if youre paying other people to run the business. This is true with both online and traditional businesses. This opens up even more chances than that which will be listed here.

Now lets take a look at some of the best ways to produce passive income. Some of them are investments which will need some money to begin with. Others wont require any money to get started. If you dont have the money to invest now, try starting with the methods that dont require any money, and then use that money that you earn to invest. .

 

 

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Your first financial priority must be to build up an emergency fund that can official site cover all of your living expenses for a few months. But dont put this money is a checking or savings account at a local bank that pays you a horrible interest rate. You can open a high yield savings account or money market account with an online bank which will earn a much better return for you.

My wife and I keep our emergency fund in a money market account with CIT Bank. At the moment (October 2018) CIT money market accounts are earning 1.85percent APY and CIT savings accounts are earning 1.55% APY. Thats 22x the national average! Opening an account with CIT is quick and simple, and can be done online. .

Some companies consistently pay dividends to their shareholders. As a trader, you can re-invest the dividends to buy more shares of this stock, or take the dividends in money. Reinvesting will let you own more stocks, which leads to more dividends in the future (ideally).

 

 

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The companies that consistently pay dividends tend to be large companies with a long track record of success. As a result of this, these investments tend to be considered less risky than the stock market in general.

Dividend stocks can be a terrific investment regardless of whether you want to reinvest each the dividends on hold on to this stock for a long time, or make use of the income generated throughout the dividends.

For much more detail on the topic read Investing in Dividend Stocks in Investopedia. To get a list of those shares, visit this collection from Dividend.com and this collection from DividendValueBuilder.com.

 

 

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Peer-to-peer lending (or P2P) has become extremely popular in recent decades. Creditors and lenders can be paired up via a site or marketplace. Instead of going to a bank, the debtor receives a loan from an investor.

In some cases the borrower may not have the ability to qualify for a loan via a traditional bank. And in many circumstances the borrower gets a better Recommended Site interest rate than they might receive from a bank. As an investor, you can earn a great return as well.

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