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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 it compounds and grows quicker. But with a few time, its potential to make enough passive income that you could quit your job or retire early.
Passive income can be a bit of a divisive topic. In general, passive income is any money you earn without putting in much work. The money will flow in without too much being demanded of you. In some scenarios it might be long-term recurring income, and in other instances it might be short lived or inconsistent.
In some cases youll need to put in some effort up front, but then it wont need as much effort in the future when youre making the money.
Exactly 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 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 by others which youre paying. Selling ebooks or courses will require on-going customer service, plus youll need a consistent traffic source in order to continue to make sales. It is possible and there are people who have been in a position to get it done passively, but they compose a small percentage of people who really set out to get it done.
Ive been blogging full-time for ten years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I simply dont consider these to be more passive, in the majority of cases. .
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Nearly any business can be a source of passive income when youre paying other people to run the business. This is true with both online and traditional businesses. That opens up even more possibilities than that which will be listed here.
Now lets have a look at some of the best ways to make passive income. Some of them are investments which will require some money to begin with. Others wont require any money to begin. If you dont have the money to invest now, try check my reference starting with the methods that dont require any money, and then utilize that money that you make to invest. .
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Your first financial priority should be to develop an emergency fund that can cover all 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 which will earn a lot better 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 this stock, or take the dividends in cash. 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. 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 of the dividends on hold on to this stock for quite a long time, or make use of the income produced throughout the dividends.
For far more detail on the subject read Investing in Dividend Stocks in Investopedia. For 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) is becoming extremely popular in go to this website recent years. Borrowers and lenders can be paired up via a website or marketplace. Instead of going to a bank, the borrower gets a loan by an investor.
In some cases the borrower might not have the ability to be eligible for a loan through a traditional bank. And in many circumstances the debtor gets a better interest rate than they could get from a bank. As an investor, you can earn a great return as well.