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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, so many of that I will mention below.

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

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

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Real estate can be a great way to generate money while you sleep. But because it costs so much to buy a house, using a crowdfunding platform to invest in property can be a less expensive option.

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

Another company to consider is Rich Uncles as you can begin 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 enroll for free you can navigate their offerings. They actually have a Student Housing REIT that has a minimum investment of $5.

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

Dividend income is money paid to shareholders of stocks in the shape of money in your bank account. Dividend-paying stocks are especially enticing for individuals wanting to make a living with passive income, since 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're going to go this route, make sure you educate yourself and select solid stocks so that you can depend on for dividend income for many years to come.

Peer-to-peer lending is when you loan additional 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 much greater income results than a typical savings or money market account.

If you are looking for a lower risk option, have a look at Worthy. They offer $10 bonds and cover a 5 percent return. One unique thing about them is that your money is liquid, which means you can take it out at anytime.

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This means if for any reason you need your money go back, you can access it quickly and easily.

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

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

Are you looking for a low-risk method to produce passive income Then look at opening a my response high-yield savings account with an online bank such as CIT Bank that pays 19 times more than traditional banks. CIT is currently are paying 1.55percent that's unreal.

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While 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 publication is done, selling books can be a excellent method to produce some severe residual income.

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

Do you have an extra room that you seldom use Why not rent it out to someone looking for a temporary 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 space following a suspect 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 spare bedrooms.