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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 that I will 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 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 these shady things. These are legit ways 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. However, because it costs a lot 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 method to invest in income-producing commercial real estate, consider using a company like Fundrise.  You only need $500 to get started and you can invest in more than 48 property products through property investment trusts.

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

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Although they promote an option to begin with $500, once you enroll free of charge you can browse their offerings. They really have a Student Housing REIT that has a minimum investment of $5.

Their intention is to produce real estate investing available to everyone and that is just what they are doing.

Dividend income is money paid to shareholders of shares in the shape of cash 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, ensure that you educate yourself and pick solid stocks so you can depend on for dividend income for many years to come.

Peer-to-peer lending is when you loan additional people 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 a lot higher income results than a common savings or money market account.

If you are looking for a lower risk option, check out Worthy. They provide $10 bonds and pay a 5 percent return. One unique thing about these 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 can access it quickly and easily.

The money youre paying in interest to lenders, the more money you've got in your pocket each month. Talk about a simple form 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 boost your debt payoff would be to lower your interest rate. If you have high-interest debt you want to find 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 consider opening a high-yield savings account with an online bank like CIT Bank that pays 19 times greater than traditional banks. CIT is currently are paying 1.55% that's unreal.

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While this wont make you see here now filthy rich, it'll 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 books can be a excellent way to produce some serious residual income.

Once your book is available on a site like Amazon, you can receive a check each month for doing absolutely nothing. Note that spending some time developing an effective marketing plan is essential. Evidently, the more time you spend marketing your publications, 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 people use Airbnb to find a place to stay instead of staying at 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 suspect 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 bedrooms.