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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. However, 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 you earn without putting in much effort. The money will flow in without too much being demanded of you. In some cases it might be long-term recurring income, and in other cases it could be short lived or inconsistent.

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

What qualifies as passive income is up for discussion. Most lists that youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those ideas in this informative article because, in my 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 from others which youre paying.  Selling ebooks or classes will require on-going customer service, plus youll need a consistent traffic supply in order to continue to make sales. It is possible and there are people who've been in a position to do it , but they compose a small percentage of individuals who actually set out to do it.

Ive been blogging fulltime for 10 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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Just about any business can be a source of passive income when youre paying other people to run the business. That is true with both online and traditional businesses. That opens up even more possibilities than that which will be listed here.

Now lets take a peek at some of the best ways to produce passive income. A number 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, consider starting with the approaches that dont need any money, and then use that money that you make to invest. .

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Your first financial priority should be to build up an emergency fund that can cover all your living expenses for a few months. But dont put this money would be a checking 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 click this link 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 simple, and can be done online. .

Some companies consistently pay dividends for their shareholders. As a shareholder, you can re-invest the dividends to buy more shares of the inventory, or take the dividends in cash. Reinvesting will allow you to own more shares, which contributes 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 exchange in general.

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

For much more detail on the topic read Investing in Dividend Stocks in Investopedia. For a list of these stocks, see moved here this collection from Dividend.com go to my blog 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 matched up via a site or marketplace. Instead of going to a bank, the debtor receives a loan by an investor.

In some cases the borrower might not be able to be eligible for a loan via a traditional bank. And in many circumstances the debtor gets a better interest rate than they might receive from a bank. As an investor, you can earn a good return as well.

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