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At first 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 quicker. However, with some time, its potential to create enough passive income that you could quit your job or retire early.
In some circumstances youll need to put in some effort up front, but then it wont require just 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 ideas in this informative article because, in my own opinion, all of them require too much effort to be considered as passive.
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Blogging will always need on-going work, either by yourself or by others which youre paying. Selling ebooks or classes will require on-going customer support, plus youll need a consistent traffic supply in order to continue to create sales. It is possible and there are people who have been in a position to do it passively, but they compose a small percentage of people who actually set out to do it.
Ive been blogging full-time for ten decades and Ive sold ebooks and courses in the past. Theyre great ways to make money, I just dont consider them to be passive, in most cases. .
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Just about 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 have a look at some of the greatest ways to produce passive income. A number of them are investments that will need some money to begin with. Others wont require 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 utilize that money that you earn to invest. .
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Your very first financial priority should 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 account 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 which will earn a much greater 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 trader, you can re-invest the dividends to buy more shares of click here for more the stock, or take the dividends in money. Reinvesting will allow you to own more shares, 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 history of success. As a result 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 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 topic read Investing in Dividend Stocks in 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 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 be eligible for a loan through a traditional bank. And in many cases the borrower gets a much better interest rate than they could receive from a bank. As an investor, you can earn a great return as well.