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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 it compounds and grows faster. But with a few time, its possible to make enough passive income 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.
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 post because, in my opinion, all of them 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 from other people that youre paying. Selling ebooks or classes will require on-going customer support, plus youll need a consistent traffic supply in order to continue to make sales. It's possible and there are people who have been able to get it done passively, but they compose a small percentage of people who really set out to do it.
Ive been blogging full-time for ten years and Ive sold ebooks and classes in the past. Theyre great ways to make 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 when youre paying other people to run the business. That is true with both online and traditional businesses. That opens up even more chances than that which will be recorded here.
Now lets take a look at a few of the best ways to produce passive income. Some of them are investments which will require some money to begin with. Others wont require any money to begin. In case you dont have the money to invest now, try starting with the methods that dont require any money, and then use that money you earn to invest. .
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Your first financial priority must be to build up an emergency fund that will 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 which pays you a terrible interest rate. You can open a high yield savings account or money market account with an online bank that will earn a much greater return for you.
My spouse and I keep our emergency fund in a money you could try these out 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 quick 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 the inventory, or take the dividends in money. Reinvesting will let you own more stocks, which leads to more dividends in the future (ideally).
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The companies that consistently pay dividends tend to be large companies with a linked here long track go to these guys record of success. As a result of this, these investments tend to be considered less risky than the stock market in general.
Dividend 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 through the dividends.
For much more detail on the topic read Investing in Dividend Stocks at Investopedia. To get a list of these stocks, see 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 years. Borrowers and lenders can be matched up through a site or market. Instead of going to a bank, the borrower gets a loan by an investor.
In some situations the borrower might not be able to be eligible for a loan via a traditional bank. And in many circumstances the borrower gets a better interest rate than they could get from a bank. As an investor, you can earn a great return as well.