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At first you may only be making a small 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 possible to create enough passive income that you could quit your job or retire early.
In some circumstances 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 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 always need on-going work, either by yourself or from other people which youre paying. Selling ebooks or classes will need on-going customer service, and youll need a consistent traffic source in order to continue to make sales. It's possible and there are individuals who have been in a position to do it passively, but they compose a small percentage of individuals who really set out to get it done.
Ive been blogging fulltime for ten years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I just dont consider these to be more passive, in most cases. .
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Just about 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. 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 produce passive income. A number of these are investments that will need some money to begin with. Others wont need any money to begin. In case you dont have the money to invest now, try 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 must be to build up an emergency fund that can cover all your living expenses for a couple months. But dont put this money is a checking or savings account at a local bank which pays you a terrible interest rate. You can open a high yield savings account or money market account with an online bank which 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 1.85% 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 to their shareholders. As a shareholder, you can re-invest directory the dividends to purchase more shares of the inventory, 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 track record of success. As a result of this, these investments tend to be considered less risky than the stock market in general.
Dividend why not try these out stocks can be a great investment whether or not you want to reinvest all 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 subject 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) has become extremely popular in recent years. Creditors and lenders can be matched up through a site or marketplace. Instead of going to a bank, the borrower receives a loan by an investor.
In some cases the borrower may not have the ability to qualify for a loan via a traditional bank. And in many circumstances the borrower gets a better interest rate than they might receive from a bank. As an investor, you can earn a good return as well.