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Initially 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 a few time, its potential to create enough passive income you could quit your job or retire early.
In some cases 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 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 post because, in my own opinion, they all require too much effort to be considered as passive.
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Blogging will always require on-going work, either by yourself or from others that youre paying. Selling ebooks or courses will need on-going customer service, plus youll need a consistent traffic supply in order to continue to make sales. It's 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 do it.
Ive been blogging fulltime for 10 years and Ive sold ebooks and courses in the past. Theyre great ways to make money, I simply dont consider them to be more passive, in most cases. .
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Just about any business can be a source of passive income Source when youre paying other people 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 take a look at some of the greatest ways to make passive income. Some of them are investments that will need some money to start with. Others wont need any money to begin. If you dont have the money to invest now, consider starting with the methods that dont require any money, and then utilize that money that you earn to invest. .
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Your first financial priority must be to build up an emergency fund that can cover all of your living expenses for a couple months. But dont put this money is a checking account 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 better return for you. see this page
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 quick 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 purchase more shares of this stock, or take the dividends in cash. Reinvesting will let you own more shares, which leads check out this site 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 market in general.
Dividend stocks can be a terrific investment whether or not you want to reinvest all of the dividends on hold on to the stock for a long time, or use the income produced throughout the dividends.
For far more detail on the subject read Investing in Dividend Stocks at Investopedia. For a list of these stocks, visit this collection from 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. Creditors and lenders can be matched up via a website or market. Instead of going to a bank, the borrower receives a loan from an investor.
In some situations the borrower may not be able to qualify for a loan via 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 too.