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Passive income is where you get paid over and over again for work that you did once. I have 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 method of buying back more time.

There are many opportunities out there to create residual income in network marketing. However, this is NOT one of these shady things. These are legit ways 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 terrific way to make money while you sleep. However, since 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 method 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 real estate investment trusts.

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

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Although they promote an option to begin with $500, once you enroll for free you can browse their offerings. They really have a Student Housing REIT which has a minimum investment of $5.

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

Dividend income is money paid to shareholders of stocks in the form of cash in your bank account. Dividend-paying stocks are particularly enticing for those wanting to make a living with passive income, as 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, ensure you educate yourself and pick solid stocks so you can depend on for dividend income for 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 a lot higher income results than a common savings or money market account.

If you are looking for a lower risk option, check out Worthy. They provide $10 bonds and cover a 5% 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 can access it quickly and easily.

The money youre paying in interest to lenders, the more money you have in your pocket every month. Talk my latest blog post about a simple kind of passive income. Getting out of debt fast can increase your income even more because youre no longer paying interest to creditors every month.

One method to speed up your debt payoff is to decrease your interest rate. If you have high-interest debt you want to find a lower interest rate on, check out Credible, which features loan amounts 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'll 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 excellent way to produce some serious residual income.

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

Have you got an excess 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 a place to stay instead additional hints of staying at a resort, sometimes even for months at a time.

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You can hire a maid service to clean and prep the space after a guess 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 bedrooms.