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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 quicker. However, with a few time, its possible to make 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 just as much effort in the long run when youre making the money.
What qualifies as passive income is up for debate. Most lists that youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those thoughts in this informative article because, in my own opinion, they all 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 classes will require on-going customer support, and youll need a consistent traffic source in order to continue to create sales. It is possible and there are people who've been able to do it , but they make up a small percentage of people who actually 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 simply dont consider these to be more passive, in the majority of 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 recorded here.
Now lets take a look at some of the greatest ways to make passive income. A number of these are investments which will need some money to begin with. Others wont need any money to begin. In case you dont have the money to invest now, try starting with the methods that dont require any money, and then utilize that money you make to invest. .
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Your first financial priority should be to develop an emergency fund that will cover all your living expenses for a few months. But dont put this money is a checking account 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 which 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 1.85% 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 inventory, or take the dividends in money. Reinvesting will let you own more shares, 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. As a result of this, these investments tend to be considered less risky than the stock market in general.
Dividend stocks can be a great investment regardless of whether you want to reinvest all the dividends on hold on to the stock for a long time, or make use of the income produced through the dividends.
For far more detail on the topic read Homepage Investing in Dividend Stocks in Investopedia. For 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. Borrowers and lenders can be paired 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 might not have the ability to be eligible for a loan through a traditional bank. And in many cases the borrower gets a better interest rate than they might get from a bank. As an investor, you can earn a good return too.