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Initially you may only be making a tiny amount of money passively, and you might even want to re-invest that money so that it compounds and grows faster. But with some time, its possible 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 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 cases it might be short lived or inconsistent.

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

Exactly what qualifies as passive income is up for debate. Most lists that 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 too much effort to be considered as passive.

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Blogging will always require on-going work, either by yourself or from others that youre paying.  Selling ebooks or classes 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 people who have been in a position to get it done , but they make up a small percentage of individuals who really set out to do it.

Ive been blogging fulltime for ten decades and Ive sold ebooks and classes in the past. Theyre great ways to make money, I just dont consider these to be passive, in most cases. .

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

Now lets take a peek at some of the greatest ways to make passive income. Some of these are investments you can try these out which will require some money to begin with. Others wont need any money to get started. If you dont have the money to invest now, try starting with the methods that dont require any money, and then use that money that you make to invest. .

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Your first financial priority should be to develop an emergency fund that can cover all of your living expenses for a Related Site few months. But dont put this money is a checking or savings account at a local bank that pays you a terrible interest rate. You can open a high yield savings account or money market account with an online bank that will earn a much better 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 buy more shares of the stock, or take the dividends in money. Reinvesting will let you own more stocks, 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 history of success. Because of this, these investments tend to be considered less risky than the stock exchange in general.

Dividend stocks can be a great investment whether or not you want to reinvest each 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 at Investopedia. To get 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 paired up via a website or marketplace. Instead of going to a bank, the borrower gets a loan by an investor.

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

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