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Passive income is where you get paid over and over again for work that you did once. I have multiple income streams which are passive, many of which I will mention below.

By choosing the right sources of passive income, you can invest your time the way that you want to. Passive income is a method of buying back more time.

There are so many opportunities out there to make residual income in network marketing. However, this is NOT one of those shady things. These are legit means for you to earn money while you sleep with something that satisfies your passion, experience, or skill-set.

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Real estate can be a terrific way to make money while you sleep. However, since it costs a lot to purchase a home, using a crowdfunding system to invest in property can be a more affordable option.

If you want an easy, low-cost method to invest in income-producing commercial property, consider using a company like Fundrise.  You only need $500 to get started and you can invest in more than 48 real estate products through real estate investment trusts.

Another company to consider is Rich Uncles as you can start investing in real estate with just as small as $5.

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Although they promote an option to start with $500, once you register for free you can navigate their offerings. They really have a Student Housing REIT which has a minimum investment of $5.

Their goal is to make real estate investing accessible to everyone and that's just what they are doing.

Dividend income is money paid to shareholders of stocks in the shape of cash in your bank account. Dividend-paying stocks are particularly enticing for individuals wanting to make a living with passive income, as they will get payouts every quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks. .

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If you are going to go this route, ensure you educate yourself and select solid stocks so you can depend on for dividend income for years to come.

Peer-to-peer lending is when you loan other folks money who dont qualify for traditional financing. With investment returns in the 3-8percent range, investing money using a company like Lending Club can get you a lot navigate to this site greater income results than a typical savings or money market account.

If you're looking for a lower risk option, check out Worthy. They offer $10 bonds and pay a 5% return. One unique thing about them is that your money is liquid, so you can take it out at anytime.

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This means if for any reason you need your money back, you are able to get it quickly and easily.

The less money youre paying in interest to lenders, the more money you've got this hyperlink in your pocket each month. Talk about a simple kind of passive income. Getting out of debt fast can increase your income even more since youre no longer paying interest to creditors every month.

One way to boost your debt payoff would be to decrease your interest rate. If you have high-interest debt that you want to get a lower interest rate on, check out Credible, which features loan rates as low as 4.99% to refinancing your credit card debt.

Are you looking for a low-risk method to make passive income Then consider opening a high-yield savings account with an online bank like CIT Bank that pays 19 times more than traditional banks. CIT is currently are paying 1.55percent which is unreal.

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Although this wont make you filthy rich, it will be a safer way to create consistent income and not lose your money since CIT FDIC insured.

Once the initial work of creating the book is done, selling novels can be a great method to create some severe residual income.

Once your book can be found on a website like Amazon, you can receive a check each month for doing nothing. Note that spending some time developing an Learn More effective marketing plan is vital. Evidently, the longer you spend marketing your books, the more money youll earn.

Have you got an excess room which you seldom use Why not rent it out to someone looking for a temporary rental on Airbnb.  Millions of people use Airbnb to find somewhere to stay instead of staying in a hotel, sometimes even for months at a time.

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You can hire a maid service to clean and prep the space after a guess leaves. This may eliminate work on your end and make it truly passive income. My friend Steve and his wife make over $1000 a month renting out their bedrooms.