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At first you may only be making a tiny 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 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.
Exactly what qualifies as passive income is up for debate. 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 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 constantly require on-going work, either by yourself or by others that youre paying. Selling ebooks or classes will need on-going customer service, plus youll need a consistent traffic supply in order to continue to create sales. It's possible and there are people who've been in a position to get it done , 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 make money, I just dont consider them 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 recorded here.
Now lets take a look at a few of the best ways to make passive income. Some of them are investments which will require some money to start with. Others click this wont need any money to get started. If you dont have the money to invest now, consider starting with the approaches that dont require any money, and then use that money you earn to invest. .
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Your very first financial priority should be to develop an emergency fund that can cover all your living expenses for a few months. But dont put this money would be a checking or savings account at a local bank that 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 much greater return for you.
My wife 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 1.85percent 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 for their shareholders. As a shareholder, 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 greater dividends in the future (ideally).
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The companies that consistently pay dividends tend official source to be large companies with a long track record 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 great investment whether or not you want to reinvest each the dividends on hold on to the stock for a long time, or use the income generated throughout the dividends.
For far more detail on the subject read Investing in Dividend Stocks at Investopedia. For a list of these shares, see this collection out of 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. Borrowers and lenders can be matched up through a website or market. 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 might receive from a bank. As an investor, you can earn a good return too.