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Initially you may only be making a tiny amount of money passively, and you might even want to re-invest that money so that it compounds and grows faster. But with a few time, its potential to create enough passive income that you could quit your job or retire .
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 which 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 opinion, they all require too much effort to be considered as passive.
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Blogging will always need on-going work, either by yourself or by others that youre paying. Selling ebooks or courses will need on-going customer support, and youll need a consistent traffic supply in order to continue to make sales. It's possible and there are people who have been in a position to do it , but they make up a small percentage of individuals who actually set out to do it.
Ive been blogging fulltime for ten decades and Ive sold ebooks and classes in the past. Theyre great ways to make money, I just dont consider them to be passive, in most 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 recorded here.
Now lets take a look at some of the best ways to produce 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 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 build up an emergency fund that can cover all your living expenses for a couple months. But dont put this money is a checking or savings account at a local bank that pays you a terrible interest rate. You can open a high yield savings account or navigate to this website money market account with an online bank which will earn useful site 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 1.85% 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 to their shareholders. As a shareholder, you can re-invest the dividends to purchase more shares of the stock, or take the dividends in money. Reinvesting will allow you to own more stocks, which contributes 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. As a result of this, these investments tend to be considered less risky than the stock exchange in general.
Dividend stocks can be a great investment regardless of whether you want to reinvest each the dividends on hold on to the 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 those shares, 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 years. Creditors and lenders can be paired up through a website or market. Instead of going to a bank, the debtor gets a loan from an investor.
In some situations the borrower may not be able to qualify for a loan through a traditional bank. And in many cases the debtor gets a much better interest rate than they might receive from a bank. As an investor, you can earn a good return too.