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Passive income is where you get paid over and over again for work which you did once. I have multiple income streams which are passive, many of that I will 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 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 using something that fits 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 purchase a home, using a crowdfunding platform to invest in real estate can be a less expensive 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 get started and you can invest in more than 48 property products through property investment trusts.

Another company to consider is Rich Uncles as you can start investing in real estate with as small as 5.

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Even though they promote an option to begin with $500, once you enroll 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 produce real estate investing accessible to everyone and that is exactly what they are doing.

Dividend income is money paid to shareholders of stocks in the form of cash in your bank account. Dividend-paying stocks are especially enticing for those 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 that 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 other people 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 greater income results than a typical savings or money market account.

If you're looking for a lower risk option, check out Worthy. They offer $10 bonds and pay 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, get more you are able to access 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 quickly can increase your income even more since youre no longer paying interest to creditors each month.

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

Are you looking for a low-risk method 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 more than traditional banks. CIT is currently are paying 1.55percent that's unreal.

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Although this wont make you filthy rich, it'll be a safer way to create consistent income and not lose your money since CIT FDIC insured.

Once the initial work of creating the publication is done, selling books can be a excellent way to create some serious residual income.

Once your book can be found on a site like Amazon, you can receive a check every month for doing absolutely nothing. Note that spending some time developing an effective marketing plan is essential. Obviously, the more time you spend marketing your books, 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 people 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 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 bedrooms.