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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 faster. However, with some 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 just as much effort in the future when youre making the money.
What qualifies as passive income is up for debate. Most lists that youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those thoughts in this informative article because, in my own opinion, they all require too much 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 require on-going customer support, plus youll need a consistent traffic supply in order to continue to create sales. It's possible and there are people who have been able to get it done , but they make up a small percentage of individuals who really set out to get it done.
Ive been blogging full-time for 10 decades and Ive sold ebooks and classes in the past. Theyre great ways to make money, I just dont consider these to be more passive, in most cases. .
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Nearly any business can be a source of passive income if youre paying other people to run the business. This is true with both online and traditional businesses. This opens up even more possibilities than that which will be recorded here.
Now lets have a peek at a few of the best ways to make passive income. Some of them are investments that will need some money to start with. Others wont need any money to begin. In case you dont have the money to invest now, consider starting with the methods that dont require any money, anchor and then use that money that you make to invest. .
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Your very first financial priority should be to build up an emergency fund that will cover all of your living expenses for a couple 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 better return for you.
My wife and I keep 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 easy, 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 the inventory, or take the dividends in money. Reinvesting will let you own more shares, 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 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 whether or not you want to reinvest all the dividends on hold on to this stock for a click to investigate long time, or make use of the income produced through the dividends.
For far more detail on the subject read Investing in Dividend Stocks at Investopedia. To get a list of those shares, see this collection out of Dividend.com and this collection from DividendValueBuilder.com.
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Peer-to-peer lending (or P2P) is becoming extremely popular in recent years. Creditors and lenders can be matched up via a site or marketplace. Instead of going to a bank, the debtor gets a loan by an investor.
In some cases the borrower may not have the ability to be eligible for a loan via a traditional bank. And in many cases the borrower gets a better interest rate than they could get from a bank. As an investor, you can earn a good return as well.