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

By choosing the right resources 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 make residual income in network marketing. However, this is NOT one of those 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 generate money while you sleep. However, since it costs so much to buy a home, 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 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 real estate investment trusts.

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

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Even though they promote an option to start with $500, once you register for free you can navigate their offerings. They really have a Student Housing REIT which has a minimum investment of $5.

Their goal is to make real estate investing accessible to everyone and that's just what they're doing.

Dividend income is money paid to shareholders of stocks in the form of money in your bank account. Dividend-paying stocks are particularly enticing for individuals wanting to make a living with passive income, as 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 more tips here lending is when you loan additional people 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 outcomes than a common savings or money market account.

If you're looking for a lower risk option, have a look at Worthy. They offer $10 bonds and pay a 5% return. One unique thing about them is that your money is liquid, so that you can take it out at anytime.

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This means if for any reason you need your money back, 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 about a very simple form of passive income. Getting out of debt fast can increase your income even more because youre no longer paying interest to creditors each month.

One method to boost your debt payoff is to lower your interest rate. If you have high-interest debt that you want to find a lower interest rate on, check out Credible, which offers loan amounts as low as 4.99% for 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 such as CIT Bank that pays 19 times more than traditional banks. CIT is currently are paying 1.55percent which is unreal.

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

Once the initial work of creating the publication is done, selling novels can be a great way to produce some severe residual income.

Once your book can be found on a website 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 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 temporary rental on Airbnb.  Millions of individuals use Airbnb to find somewhere 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 following a suspect 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.