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

There are many opportunities out there to make 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 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 so much to buy a home, using a crowdfunding system 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 little 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 available to everyone and that's just what they're doing.

Dividend income is money paid to shareholders of stocks in the shape of money in your bank account. Dividend-paying stocks are especially enticing for those 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 are going to go this route, ensure that you educate yourself and pick solid stocks so that you can depend on for dividend income for years to come.

Peer-to-peer lending is when you loan additional folks money who dont qualify for traditional financing. With investment returns in the 3-8percent 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're looking for a lower risk option, have a look at Worthy. They provide $10 bonds and cover a 5 percent return. One unique thing about these 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, 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 each month. Talk about a simple form of passive income. Getting out of debt fast can increase your income even more since youre no longer paying interest to lenders every month.

One way to boost your debt payoff is 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 method 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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Although 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 try this publication is done, selling novels can be a great method to produce some serious residual income.

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

Have you got an excess room which you rarely use Why not rent it out to someone looking for a temporary 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 space following a guess leaves. This will 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 spare bedrooms.