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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 which are passive, many of which I shall mention below.

By choosing the ideal resources 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 many opportunities out there to make residual income in network marketing. However, this is NOT one of these shady things. All these are legit ways 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 make money while you sleep. But since it costs so much to purchase a house, using a crowdfunding system to invest in real estate 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 real estate 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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Even though they promote an option to begin 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 available to everyone and that is exactly what they are doing.

Dividend income is money paid to shareholders of shares in the form of money in your bank account. Dividend-paying stocks are particularly enticing for individuals wanting to earn a living with passive income, since 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, ensure you educate yourself and pick solid stocks so you can depend on for dividend income for years to come.

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

If you're looking for a lower risk option, have a look at Worthy. They offer $10 bonds and cover a 5% return. One unique thing about these is that your money is liquid, so that 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 less money youre paying in interest to creditors, the more money you have in your pocket every 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 lenders each month.

One way to boost your debt payoff is to decrease your interest rate. If you have high-interest debt you want to get a lower interest rate on, have a look at Credible, which offers loan rates as low as 4.99% to refinancing your credit card debt.

Are you looking for a low-risk way to make 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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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 book is done, selling books can be a great way to produce some serious residual income.

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

Do you have an excess room which you seldom use Why not rent it out to site here someone looking for a temporary rental on Airbnb.  Millions of individuals use Airbnb to find somewhere 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 following 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 spare bedrooms.