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Initially 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 potential to make enough passive income you could quit your job or retire early.
In some cases 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.
What qualifies as passive income is up for discussion. 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 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 by others that youre paying. Selling ebooks or courses will require on-going customer support, and youll need a consistent traffic supply in order to continue to create sales. It is possible and there are individuals who've been able to do it passively, but they make up a small percentage of people who really set out to get it done.
Ive been blogging fulltime for 10 years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I just dont consider them to be more passive, in most 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. That look here opens up even more chances than that which will be listed here.
Now lets have a peek at a few of the greatest ways to produce passive income. Some of these are investments that will require 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 make to invest. .
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Your 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 much greater 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 simple, 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 inventory, or take the dividends in cash. Reinvesting will allow you to own more stocks, which leads 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 track record of success. Because of this, these investments tend to be considered less risky than the stock exchange in general.
Dividend stocks can be a terrific investment regardless of whether you want to reinvest all of the dividends on hold on to the stock for quite a long time, or use the income generated throughout the dividends.
For far more detail on the topic read Investing in Dividend Stocks at Investopedia. For a list of these shares, visit this collection from Dividend.com and this collection from DividendValueBuilder.com.
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Peer-to-peer lending (or P2P) is becoming extremely popular in recent decades. Creditors and lenders can be matched up via a website or market. Instead of going to a bank, the debtor gets a loan from 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 much site web better interest rate than they might get from a bank. As an investor, you can earn a great return as well.