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At first you may only be making a small amount of money passively, and you may even want to re-invest that money so that it compounds and grows faster. But with a few time, its potential to make 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 make without putting in much work. The money will flow in without too much being required of you. In some cases it could be long-term recurring income, and in other cases it could be short lived or inconsistent.

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

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

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Blogging will always need on-going work, either by yourself or from other people which youre paying.  Selling ebooks or classes will require on-going customer service, plus youll need a consistent traffic source in order to continue to make sales. It's possible and there are individuals who have been in a position to get it done passively, but they compose a small percentage of people who actually set out to get it done.

Ive been blogging fulltime for ten decades and Ive sold ebooks and courses in the past. Theyre great ways to make money, I just dont consider them to be more passive, in the majority of cases. .

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Nearly any business can be a source of passive income when youre paying others to run the business. That is true with both online and traditional businesses. This opens up even more chances than that which will be recorded here.

Now lets take a look at some of the greatest ways to produce passive income. Some of these are investments which will need some money to start with. Other folks wont require any money to get started. In case you dont have the money to invest now, consider starting with the approaches that browse around this site dont need any money, and then utilize that money that you earn to invest. .

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

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

Some companies consistently pay dividends to their shareholders. As a shareholder, you can re-invest the dividends to purchase 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 history of success. Because of this, these investments tend to be considered less risky than the stock market in general.

Dividend stocks can be a terrific investment whether or not you want to reinvest each of the dividends on hold on to this stock for quite a long time, or use the income produced throughout the dividends.

For far more detail on the topic read Investing in Dividend Stocks at Investopedia. To get a list of those stocks, 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. Borrowers and lenders can be paired up through a site or marketplace. Instead of going to a bank, the debtor receives a loan from an investor.

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

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