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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 which you want to. Passive income is a way of buying back more time.

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

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Real estate can be a great way to generate money while you sleep. But since it costs a lot to purchase a home, 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 since you can start investing in real estate with just as little as $5.

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Although they promote an option to start with $500, once you enroll for free you can browse their offerings. They actually 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 shares in the shape of money in your bank account. Dividend-paying stocks are particularly enticing for individuals wanting to make a living with passive income, as they'll 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 that 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 you loan additional people money who dont qualify for traditional financing. With investment returns in the 3-8percent range, investing money with a company like Lending Club can get you a lot greater go to website 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 provide $10 bonds and pay 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, then you are able to get 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 very simple form of passive income. Getting out of debt quickly can increase your income even more because youre no longer paying interest to lenders each month.

One way to boost your debt payoff would be to decrease your interest rate. In case you have high-interest debt that you want to find a lower interest rate on, check out Credible, which offers loan amounts as low as 4.99% for refinancing your credit card debt.

Are you looking for a low-risk way to make passive income Then consider 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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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 work of creating the publication is done, selling books can be a excellent method to produce some severe residual income.

Once your book is available on a website like Amazon, you can get a check each month for doing absolutely nothing. Note that spending some time developing an effective marketing plan is essential. Evidently, the longer you spend marketing your books, the more money youll make.

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 hotel, sometimes even for months at a time.

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You can hire a maid service to clean and prep the room following a suspect leaves. This will 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.