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Initially 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. However, with some time, its possible to create enough passive income that you could quit your job or retire .

Passive income can be a bit of a divisive topic. In general, passive income is any money you earn without putting in much work. The money will flow in without too much being required of you. In some scenarios it could be long-term recurring income, and in other instances it could 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 debate. Most lists which youll find online will include things like blogging, writing e-books, or creating your own course. Im not including those ideas in this informative article because, in my own opinion, they all 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 by other people that youre paying.  Selling ebooks or classes will require on-going customer support, and youll need a consistent traffic source in order to continue to create sales. It is possible and there are individuals who have been in a position to do it , but they compose a small percentage of people who really set out to do it.

Ive been blogging fulltime for 10 years and Ive sold ebooks and classes 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 if youre paying others to run the business. This is true with both online and traditional businesses. This opens up even more possibilities than that which will be listed here.

Now lets have a look at some of the greatest ways to produce passive income. Some see post of them are investments which will need some money to begin with. Others wont need any money to begin. If you dont have the money to invest now, consider starting with the methods that dont need any money, and then use that money that you make to invest. .

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

My wife 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 1.85percent 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 for their shareholders. As a trader, you can re-invest the dividends to buy more shares of the stock, or take the dividends in cash. Reinvesting will allow you to own more shares, which contributes 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 history 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 use the income produced through the dividends.

For far more detail on the subject read Investing in Dividend Stocks at Investopedia. For a list of these stocks, visit this collection out of 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. Borrowers and lenders can be matched up through a website 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 important source be eligible for a loan through 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.