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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 that are passive, many of which I will mention below.

By choosing the ideal resources 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 ways for you to earn money while you sleep using something that fits your passion, experience, or skill-set.

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Real estate can be a great way to make money while you sleep. But because it costs so much to buy a house, using a crowdfunding system to invest in property can be a more affordable 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 as you can begin 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 for free you can navigate their offerings. They actually have a Student Housing REIT that has a minimum investment of $5.

Their goal is to make real estate investing accessible to everyone and that is exactly 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 individuals wanting to earn a living with passive income, since 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, make sure that you educate yourself and select solid stocks so that you can depend on for dividend income for many years to come.

Peer-to-peer lending is when you loan other 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 a lot higher 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% return. One unique thing about them these details 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 access it quickly and easily.

The less money youre paying in interest to creditors, the more money you've got in your pocket each month. Talk about a simple kind of passive income. Getting out of debt quickly can increase your income even more because youre no longer paying interest to creditors every month.

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

Are you looking for a low-risk way to produce passive income Then consider opening a high-yield savings account with an online bank like CIT Bank that pays 19 times greater 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'll 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 novels can be a excellent way to create some serious residual income.

Once your book is available on a website like Amazon, you could receive a check each month for doing nothing. Note that spending some time developing an effective marketing plan is essential. Obviously, the more time you spend marketing your publications, the more money youll earn.

Have you got an extra room which 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 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 room after 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.