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At first you may only be making a tiny amount of money passively, and you may even want to re-invest that money so that it compounds and grows faster. But with some time, its potential to create enough passive income you could quit your job or retire .

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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 demanded of you. In some cases it could be long-term recurring income, and in some 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 just as much effort in the long run when youre making the money.

Exactly what qualifies as passive income is up for debate. Most lists which youll find online will include things like blogging, writing e-books, or creating your own course. Im not including those thoughts in this post because, in my opinion, they all 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 from other people that youre paying.  Selling ebooks or courses will need on-going customer support, plus youll need a consistent traffic supply in order to continue to create sales. It's possible and there are people who have been able 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 full-time for 10 decades and Ive sold ebooks and classes in the past. Theyre great ways to earn money, I simply dont consider these to be passive, in most cases. .

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Nearly any business can be a source of passive income if youre paying others to run the business. That is true with both online and pop over to these guys traditional businesses. That opens up even more chances than what will be listed here.

Now lets have a peek at a few of the best ways to make passive income. A number of them are investments which will require some money to start with. Others wont need any money to begin. If you dont have the money to invest now, try starting with the methods that dont require any money, and then use that money you earn to invest. .

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Your very first financial priority must be to build up an emergency fund that can cover all your living expenses for a few months. But dont put this money is a checking account 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 that will earn a lot greater 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 fast and easy, and can be done online. .

Some companies consistently pay dividends for their shareholders. As a shareholder, you can re-invest the dividends to purchase more shares of the stock, or take the dividends in money. Reinvesting will allow you to own more my response stocks, which leads to greater 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 whether or not you want to reinvest all of the dividends on hold on to this stock for a long time, or make use of the income generated throughout the dividends.

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

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

In some situations the borrower may not have the ability to be eligible for a loan via a traditional bank. And in many circumstances the debtor gets a much better interest rate than they might receive from a bank. As an investor, you can earn a great return too.

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