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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 it compounds and grows faster. However, with a few time, its potential to create enough passive income that you could quit your job or retire .
In some circumstances youll need to put in some effort up front, but then it wont require 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 always 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 individuals who've been able to do it 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 make money, I just dont consider these to be passive, in most cases. .
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Nearly any business can be a source of passive income when youre paying others to run the business. That is true with both online and traditional businesses. This opens up even more chances than that which will be recorded here.
Now lets take a look at a few of the best ways to make passive income. Some of them are investments which will require some money to start with. Other folks wont require any money to begin. If you dont have the money to invest check my source 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 build up an emergency fund that will cover all your living expenses for a few months. But dont put this money is a why not try here 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 much better return for you.
My spouse 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 fast 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 this stock, 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 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 terrific investment regardless of whether you want to reinvest all the dividends on hold on to this stock for a long time, or make use of the income generated throughout the dividends.
For much more useful link detail on the topic read Investing in Dividend Stocks at Investopedia. To get a list of those 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 years. Creditors and lenders can be matched up through a website or marketplace. Instead of going to a bank, the debtor receives a loan by 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 borrower gets a much better interest rate than they might receive from a bank. As an investor, you can earn a great return too.