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Weve already covered the basics, but lets break it down even farther. In a technical sense, passive income is money earned from an enterprise in which a person is not actively involved in. The same as active income (money earned from performing a service), passive income is taxed by the IRS just in a slightly different manner. .

If youre familiar with the term dont put all your eggs in one basket, then you know that it applies to just about any area of your life includingand especiallyyour finances. In addition to retirement becoming an ever-elusive target, no one has guaranteed job security so by diversifying your income you can feel more secure about saving for your future.

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There are four main ways to earn a passive income: investing money, investing time, renting things out, and getting paid to perform activities you do.

Invest with a robo-advisor. An option that requires little to no effort, a robo-advisor is a digital platform that offers algorithm-driven financial planning services by collecting information about clients financial situation and goals.

Invest in dividend paying stocks. Dividend-paying stocks are a great way to build long-term riches since you get paid a portion of the companys earnings just for owning the stockexchange.

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Purchase a rental property. Have some space youre not using Rent it out to some long-term tenant or capitalize on the growing demand for short term lodging by listing it on an accomodation-sharing website.

Participate in crowdfunded property. Investing in real estate has a large financial barrier to entry. If youre not there yet, consider a crowdfunded real estate venture which allows you to invest in a small percentage of real estate.

Invest in a Real Estate Investment Trust (REIT). REITs are companies which manage income-producing properties in many different sectors. They trade on major stock exchanges so anyone can invest in a portfolio of property assets.

Buy royalties. Music royalties include a percentage of the money earned from the sale or use of a song. Even if youre not a musician , music royalties are often up for auction and will send a monthly check your way.

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Invest in index funds. Index funds are similar to mutual funds, but instead of having a portfolio manager produce selections it's all up to an asset management company. This type of investment is a fantastic option since its relatively hands-off and includes a low turnover which means lower transaction prices.

Become a silent partner. The next page sole responsibility of a silent partner is to offer a business with funds. Silent partners are rarely involved official source in an operational capacity, making it a fantastic form of passive income.

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Invest in cryptocurrencies. Cryptocurrencies are buzzing with opportunity at the moment, and it is possible to earn a passive income simply by holding certain cryptocurrencies.

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Start peer reviewed lending. Get matched up with a borrower online to begin peer-to-peer lendinga easy approach to lend money to businesses and individuals. You can earn higher returns than comparable transactions through traditional financial institutions.

Open a high-yield savings account. If youre already putting money into a savings account on a consistent basis, consider opening a high-yield savings account. This distinctive kind of account provides a secure way to make a consistent income.

Develop a mobile program. In case you have the programming skills and a one-of-a-kind thought, turn it into an program! The app marketplace is rife with opportunity for apps of all kinds.

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Start (or buy) a site. With a little entrepreneurial spirit and a great deal of imagination, you can create a successful blogit just might take a little while. Prepare to work hard in the beginning, but via numerous revenue channels such as running advertisements, sponsorships, and affiliate marketing your work will more than cover off. .

Affiliate marketing. There are numerous ways to use affiliate marketing in addition to having a blog. Although a large audience helps, even some regional businesses offer a word-of-mouth referral program for referring friends and family to their businesses.

License a business idea. In case you've got a fantastic idea for a business or product, but dont have enough time to start it yourself, then consider licensing that idea. Interested companies are willing to pay royalties in exchange for the right to use your idea.

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Purchase a vending machine business. Youve probably never thought twice about who owns all those vending machines, but the vending machine business can be a lucrative passive income source! Once you find the company website right spot, employ someone to restock the machines to you and you've got your own business going. .

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