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Passive income is where you get paid over and over again for work that you did once. I've got multiple income streams which 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 create residual income in network marketing. However, this is NOT one of those shady things. All 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 generate money while you sleep. However, because it costs a lot to buy a house, using a crowdfunding platform to invest in real estate can be a more affordable option.

If you want an easy, low-cost method 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 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 small as 5.

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

Their intention is to make real estate investing accessible to everyone and that is exactly what they're doing.

Dividend income is money paid to investors of stocks in the form of cash in your bank account. Dividend-paying stocks are especially enticing for individuals wanting to make a living with passive income, since they'll 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, make sure 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 other people money who dont qualify for traditional financing. With investment returns in the 3-8% range, investing money using a company like Lending Club can get you much higher income results than a typical savings or money market account.

If you are looking for a lower risk option, check out Worthy. They offer $10 bonds and pay a 5% 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 back, 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 each month. Talk about a very simple kind of passive income. Getting out of debt quickly Click Here can increase your income even more because youre no longer paying interest to creditors every month.

One method to speed up your debt payoff would be to lower your interest rate. In case you've got high-interest debt 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 method 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 more than traditional banks. CIT is currently are paying 1.55% that's unreal.

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While this wont make you filthy rich, it will be a safer way to create 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 great method to create some serious residual income.

Once your book can be found on a site like Amazon, you could receive 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 extra room which you seldom use Why not rent it out to someone looking for a temporary rental on Airbnb.  Millions of individuals use Airbnb to find a place 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 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 a month renting out their spare bedrooms.