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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 potential to create enough passive income 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 future when youre making the money.
What qualifies as passive income is up for discussion. Most lists which youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those thoughts in this post because, in my own opinion, all of them 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 other people that youre paying. Selling ebooks or classes will need on-going customer support, and youll need a consistent traffic source in order to continue to create sales. It's possible and there are people who have been in a position to do it passively, but they compose a small percentage of people who really set out to get it done.
Ive been blogging fulltime for ten years and Ive sold ebooks and classes in the past. Theyre great ways to earn money, I simply 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 other opens up even more possibilities than that which will be listed here.
Now lets have a look at a few of the greatest 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 now, try starting with the approaches that dont need any money, and then use 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 of Discover More your living expenses for a couple 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 lot greater 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 1.85percent APY and CIT savings accounts are earning 1.55% APY. Thats 22x the national average! Opening an account with CIT is fast 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 purchase more shares of the inventory, or take the dividends in cash. Reinvesting will allow you to own more stocks, which leads 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. Because of this, these investments tend to be considered less risky than the stock exchange in general.
Dividend stocks can be a terrific investment whether or not you want to reinvest all of the dividends on hold on to this stock for a long time, or use the income produced throughout the dividends.
For far more detail on the topic read Investing in Dividend Stocks in Investopedia. To get a list of those stocks, see 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 years. Borrowers and lenders can be matched up through a website or market. Instead of going to a bank, the debtor gets a loan from an investor.
In some cases the borrower might not have the ability to qualify for a loan via a traditional bank. And in many cases the debtor gets a much better interest rate than they could receive from a bank. As an investor, you can earn a great return as well.