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At first you may only be making a small amount of money passively, and you might even want to re-invest that money so it compounds and grows quicker. But with a few time, its potential to create enough passive income you could quit your job or retire early.
Passive income can be a small divisive topic. In general, passive income is any money you make without putting in much effort. The money will flow in without too much being demanded of you. In some scenarios it could be long-term recurring income, and in other cases it might be short lived or inconsistent.
In some cases 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.
Exactly what qualifies as passive income is up for debate. Most lists that youll find online will include things like 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 need on-going work, either by yourself or from other people that youre paying. Selling ebooks or courses will require on-going customer support, plus youll need a consistent traffic source in order to continue to make sales. It is possible and there are people who have been able to do it , but they make up a small percentage of individuals who really set out to get it done.
Ive been blogging full-time for 10 years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I just 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 others to run the business. That is true with both online and traditional businesses. This opens up even more chances than what will be listed here.
Now lets take a peek at some of the best ways to produce passive income. Some of these are investments that will need some money to start with. Other folks wont require any money to get started. In you can try here case you dont have the money to invest now, try starting with the methods that dont need any money, and then use that money that you earn to invest. .
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Your very first financial priority should be to build up an emergency fund that will cover all of your living expenses for a couple months. But dont put this money would be 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 that will earn a lot greater return for you.
My wife 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 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 this stock, or take the dividends in money. Reinvesting will allow you to 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 track record of success. Because of this, these investments tend to you can try here be considered less risky than the stock exchange in general.
Dividend stocks can be a great investment whether or not you want to reinvest all of the dividends on hold on to this stock for a long time, or make use of the income generated throughout the dividends.
For far more detail on the subject read Investing in Dividend Stocks in Investopedia. For a list of those shares, 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 decades. Borrowers and lenders can be matched up via a site or marketplace. Instead of going to a bank, the borrower receives a loan from 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 much better interest rate than they might get from a bank. As an investor, you can earn a good return too.