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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 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.
Passive income can be a small divisive topic. In general, passive income is any money you make without putting in much effort. The money will flow in without too much being required of you. In some cases it could be long-term recurring income, and in other cases it could be short lived or inconsistent.
In some circumstances youll need to put in some effort up front, but then it wont require 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 thoughts in this post because, in my own 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 which youre paying. Selling ebooks or classes will need on-going customer support, and youll need a consistent traffic source in order to continue to make sales. It is possible and there are people who have been in a position to do it , but they compose a small percentage of individuals who really set out to do it.
Ive been blogging full-time for 10 decades and Ive sold ebooks and courses in the past. Theyre great ways to make money, I just dont consider them to be more passive, in the majority of cases. .
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Just about any business can be a source of passive income if youre paying others to run the business. This is true with both online and traditional businesses. This opens up even more chances than what will be listed here.
Now lets have a look at a few of the best ways to make passive income. A number of them are investments that will require some money to start with. Other folks wont need any money to begin. If you dont have the money to invest now, try starting with the approaches that dont require any money, and then utilize that money you earn to invest. .
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Your first financial priority should be to develop an emergency fund that can cover all of your living expenses for a few months. home 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 that will earn a lot better return for you.
My spouse and I keep our emergency fund her latest blog 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 quick 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 buy 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 see this companies that consistently pay dividends tend to be large companies with a long history 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 each the dividends on hold on to this stock for a long time, or use the income generated throughout the dividends.
For much more detail on the subject read Investing in Dividend Stocks at Investopedia. To get a list of these stocks, see 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 via a website or marketplace. Instead of going to a bank, the debtor gets a loan by an investor.
In some cases the borrower might not have the ability to qualify for a loan via a traditional bank. And in many cases the debtor gets a better interest rate than they might get from a bank. As an investor, you can earn a good return as well.