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Initially you may only be making a small amount of money passively, and you might 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 that you could quit your job or retire early.
Passive income can be a small divisive topic. In general, passive income is any money that you make without putting in much work. The money will flow in without too much being required of you. In some scenarios it might be long-term recurring income, and in some other instances it could 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.
What qualifies as passive income is up for discussion. 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 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 need on-going work, either by yourself or from other people 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 make sales. It's possible and there are individuals who have been able to do it , but they compose a small percentage of individuals who actually set out to do it.
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 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 others to run the business. This is true with both online and traditional businesses. This opens up even more possibilities than that which will be recorded here.
Now lets take a look at some of the greatest ways to i loved this make passive income. A number of these are investments which will require some money to begin with. Others wont need any money to begin. 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 of your living expenses for a few months. But dont put this money would be 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 that 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 1.85% 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 the stock, or take the dividends in money. 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 to be large companies with a long history 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 terrific investment whether or not you want to reinvest all of the dividends on hold on to the stock for a long time, or make use of the income generated through the dividends.
For much more detail on the topic read Investing in Dividend Stocks in 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 site or market. Instead of going to a bank, the debtor receives a loan by an investor.
In some situations the borrower may not have the ability to be eligible for a loan through 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 too.