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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 make enough passive income that you could quit your job or retire early.
In some cases youll need to put in some effort up front, but then it wont need just as much effort in the long run when youre making the money.
Exactly 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 post because, in my own opinion, they all 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 which youre paying. Selling ebooks or classes will require on-going customer support, plus youll need a consistent traffic source in order to continue to make sales. It's possible and there are people who've been able to do it passively, but they compose a small percentage of individuals who really set out to do it.
Ive been blogging full-time for ten years and Ive sold ebooks and courses in the past. Theyre great ways to make money, I simply dont consider them to be more 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. This opens up even more chances than what will be listed here.
Now lets take a look at a view publisher site few of the greatest ways to produce passive income. Some of these are investments which will need some money to start with. Others wont need any money to get started. If you dont have the money to invest more information 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 very first financial priority must be to develop an emergency fund that can cover all of your living expenses for a couple 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 that will earn a much greater 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 1.85% 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 to their shareholders. As a trader, you can re-invest the dividends to buy more shares of this stock, or take the dividends in cash. Reinvesting will allow you to own more stocks, which leads 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. 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 all of the dividends on hold on to this stock for quite a long time, or use the income generated throughout the dividends.
For much more detail on the subject read Investing in Dividend Stocks in Investopedia. To get a list of these 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 matched up through a website or marketplace. Instead of going to a bank, the borrower gets a loan by an investor.
In some situations the borrower may not be able 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 good return too.