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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. But with some 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 need as much effort in the long run when youre making the money.
Exactly what qualifies as passive income is up for debate. Most lists which 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 own 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 by 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 create sales. It is possible and there are individuals who have been in a position to get it done , but they compose a small percentage of individuals who actually 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 make money, I just dont consider them to be passive, in the majority of cases. .
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Nearly 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. That opens up even more possibilities than what will be listed here.
Now lets take a peek at a few of the best ways to make passive income. A number of them are investments which will need some money to start with. Other folks wont need any money to get started. If you dont have the money to invest now, consider starting with the methods that dont need any money, and then utilize that money that you earn to invest. .
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Your very first financial priority must be to develop an emergency fund that will cover all 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 terrible interest rate. You can open a high yield savings account or money market account with an online bank which will earn a lot better 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 simple, and can be done online. .
Some companies consistently pay dividends to their shareholders. As a shareholder, you can re-invest the dividends to purchase more shares of this stock, or take the dividends in cash. Reinvesting will allow you to own more stocks, 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 stocks more information can be a terrific investment regardless of whether you want to reinvest each 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 at Investopedia. To get a list of those 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. Borrowers and lenders can be paired up through a site or marketplace. Instead of going to a bank, the debtor gets click to read a loan by an investor.
In some cases the borrower may 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 great return too.