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

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

There are many opportunities out there to make residual income in network marketing. However, this is NOT one of those shady things. These are legit ways 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 great way to make money while you sleep. However, because it costs a lot to buy a home, using a crowdfunding system to invest in property can be a more affordable option.

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

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

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

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

Dividend income is money paid to shareholders of shares in the form of cash in your bank account. Dividend-paying stocks are especially enticing for those wanting to earn a living with passive income, as they will get payouts each quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks. .

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

Peer-to-peer lending is when check my blog you loan additional folks money who dont qualify for traditional financing. With investment returns in the 3-8% range, investing money with a company like Lending Club can get you much greater income results than a common savings or money market account.

If you're looking for a lower risk option, check out Worthy. They offer $10 bonds and cover a 5 percent 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 next access it quickly and easily.

The money youre paying in interest to lenders, the more money you have in your pocket every month. Talk about a simple kind of passive income. Getting out of debt quickly can increase your income even more because youre no longer paying interest to creditors each month.

One method to speed up your debt payoff is to decrease your interest rate. In case you've got high-interest debt you want to get a lower interest rate on, check out Credible, which offers loan amounts as low as 4.99% to refinancing your credit card debt.

Are you looking for a low-risk way to produce passive income Then look at opening a high-yield savings account with an online bank such as CIT Bank that pays 19 times greater than traditional banks. CIT is currently are paying 1.55% which is unreal.

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

Once the initial task of creating the book is done, selling novels can be a excellent method to produce some serious residual income.

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

Have you got an excess room that you rarely use Why not rent it out to someone looking for a short-term rental on Airbnb.  Millions of individuals use Airbnb to find somewhere to stay instead of staying in a resort, sometimes even for months at a time.

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You can hire a maid service to clean and prep the room 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 per month renting out their spare bedrooms.