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

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Real estate can be a terrific way to generate money while you sleep. But since it costs a lot to buy a house, using a crowdfunding system 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 get started 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 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 free of charge you can navigate their offerings. They actually have a Student Housing REIT that has a minimum investment of $5.

Their goal 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 form of cash in your bank account. Dividend-paying stocks are particularly enticing for individuals wanting to make a living with passive income, as 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 are going to go this route, ensure 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 3-8% range, investing money using a company like Lending Club can get you much higher income outcomes than a typical savings or money market account.

If you are looking for a lower risk option, have a look at Worthy. They offer see this here $10 bonds and pay a 5% 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 some reason you need your money back, you can access it quickly and easily.

The less money youre paying in interest to lenders, the more money you've got in your pocket each month. Talk about a very simple form of passive income. Getting out of debt fast can increase your income even more since 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 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 produce passive income Then look at opening a high-yield savings account with an online bank like CIT Bank that pays 19 times more 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'll 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 great way to create some severe residual income.

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

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 people 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 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.