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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 it compounds and grows faster. But with some time, its potential to make enough passive income you could quit your job or retire early.

 

 

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Passive income can be a bit of a divisive topic. In general, passive income is any money you earn without putting in much effort. The money will flow in without too much being demanded of you. In some scenarios it might be long-term recurring income, and in other instances it could be short lived or inconsistent.

In some circumstances youll need to put in some effort up front, but then it wont require just as much effort in the long run when youre making the money.

Exactly what qualifies as passive income is up for discussion. Most lists that youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those ideas 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 from 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's possible and there are individuals who have been in a position to get it done , but they make up a small percentage of people who really set out to do it.

Ive been blogging fulltime for 10 years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I simply dont consider these to be passive, in most cases. .

 

 

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Just about 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 chances than that which will be listed here.

Now lets have a look at a few of the greatest ways to produce passive income. Some of them are investments which will require some money to begin with. Others wont need any money click to find out more to begin. If you dont have the money to invest now, consider starting with the methods that dont need any money, and then utilize that money that you make to invest. .

 

 

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Your first financial priority should be to build up an emergency fund that can cover all your living expenses for a few months. But dont put this money would be 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 money market account with an online bank that will earn a lot 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 1.85% 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 this stock, or take the dividends in cash. Reinvesting will allow you to 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. As a result 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 each of the dividends on hold on to the stock for quite a long time, or use the income generated through the dividends.

For far more detail on the subject read Investing in Dividend Stocks in Investopedia. To get a list of these shares, visit 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 decades. Borrowers and lenders can be matched up via a site or marketplace. Instead of going to a bank, the debtor receives a loan from an investor.

In some cases the borrower may not have the ability to be eligible for a loan through a traditional bank. And in many cases the debtor gets a much better interest rate than they could get from a bank. As an investor, you can earn a great return as well.

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