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Initially 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 make enough passive income you could quit your job or retire early.

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 cases it might be long-term recurring income, and in some other cases it might 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 such as blogging, writing e-books, or creating your own course. Im not including those ideas 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 constantly require on-going work, either by yourself or by other people that youre paying.  Selling ebooks or courses will need on-going customer support, and youll need a consistent traffic supply in order to continue to make sales. It is 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 do it.

Ive been blogging fulltime for ten years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I simply dont consider them to be more passive, in most cases. .

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Nearly 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. This opens up even more possibilities than that which will be recorded here.

Now lets take a look at a few of the greatest ways to produce passive income. Some of these are investments which will need some money to start with. Others wont require any money to begin. In case you dont have the money to invest now, try starting with the methods that dont need any money, and then utilize that money that you make to invest. .

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Your very first financial priority must be to develop an emergency fund that can 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 which 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 lot greater 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 1.85% 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 inventory, or take the dividends in money. Reinvesting will let you own more stocks, 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 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 quite a long time, or make use of the income generated through the dividends.

For much more detail on the subject read Investing in Dividend Stocks at Investopedia. hop over to these guys For a list of those shares, see 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 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 be able to qualify for a loan through a traditional bank. And in many cases the debtor gets a better interest rate than they could receive from a bank. As an investor, you can earn a great return as well.