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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 it compounds and grows faster. But with some time, its potential 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 need 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 that youll find online will include things like blogging, writing e-books, or creating your own course. Im not including those ideas in this post because, in my opinion, they all require an excessive amount of effort to be considered as passive.
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Blogging will constantly require on-going work, either by yourself or by other people which youre paying. Selling ebooks or classes will need on-going customer support, and youll need a consistent traffic source in order to continue to create sales. It's possible and there are individuals who have been able to do it , but they make up a small percentage of individuals who really set out to do it.
Ive been blogging fulltime 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 passive, in the majority of cases. .
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Nearly 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 that which will be listed here.
Now lets take a peek at some of the best ways to make passive income. Some of them are investments that will need some money to start with. Others wont require any money to get started. In case you dont have the money to invest now, consider starting with the methods that dont require any money, and then use that money you make to invest. .
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Your very first financial priority must be to build up an emergency fund that will investigate this site 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 that will earn a lot better return for you.
My spouse and I keep our emergency fund in Get More Info 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 for their shareholders. As a trader, you can re-invest the dividends to buy 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 great investment regardless of whether you want to reinvest each of the dividends on hold on to this stock for a long time, or make use of the income produced throughout the dividends.
For much more detail on the topic read Investing in Dividend Stocks in Investopedia. For a list of those 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 matched up via a site or market. Instead of going to a bank, the borrower receives a loan from an investor.
In some cases the borrower may not be able to qualify for a loan via a traditional bank. And in many circumstances the borrower gets a better interest rate than they might get from a bank. As an investor, you can earn a good return as well.