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Passive income is where you get paid over and over again for work which you did once. I've got multiple income streams which are passive, so many of which I shall mention below.

By choosing the ideal 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 so many opportunities out there to create residual income in network marketing. Nonetheless, this is NOT one of those shady things. These are legit ways for you to earn money while you sleep with 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 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 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 just 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 that has a minimum investment of $5.

Their intention is to produce real estate investing accessible to everyone and that's exactly what they're doing.

Dividend income is money paid to investors of stocks in the form 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 each 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 pick solid stocks so that 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 with a company like Lending Club can get you much 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 offer $10 bonds and cover a 5 percent return. One unique thing about these is that your money is liquid, so that you can take it out at anytime.

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This means if for some reason you need your money back, you can get it quickly and easily.

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

One way to speed up your debt payoff would be to lower your interest rate. If you have high-interest debt you want to get a lower interest rate on, have a look at Credible, which features loan rates as low as 4.99% for refinancing your credit card you could try these out 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 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 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 get a check each month for doing nothing. Note that spending some time developing an effective marketing plan is essential. Obviously, the longer you spend marketing your books, the more money youll earn.

Do you have 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 a place to stay instead of staying in 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 will 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 spare bedrooms.