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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, many of which I shall mention below.

By choosing the ideal 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 these shady things. These are legit ways for you to earn money while you sleep using something that satisfies your passion, experience, or skill-set.

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Real estate can be a great 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 real estate, consider using a company like Fundrise.  You only need $500 to begin 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 small as $5.

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Even though they promote an option to begin with $500, once you register free of charge 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 accessible to everyone and that's just what they are doing.

Dividend income is money paid to investors of shares in the form of money in your bank account. Dividend-paying stocks are especially enticing for those wanting to make a living with passive income, since 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're going to go this route, make sure 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 using a company like Lending Club can get you much greater income outcomes than a typical savings or money market account.

If you're looking for a lower risk option, have a look at Worthy. They provide $10 bonds and pay 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 creditors, the more money you've got in your pocket every month. Talk 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 boost your debt payoff would be to decrease your interest rate. If you've got high-interest debt that you want to get a lower interest rate on, have a look at 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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While 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 book is done, selling books can be a great way to create some severe residual income.

Once your book can be found on a site like Amazon, you can receive a check each month for doing 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 make.

Do you have an extra room that you rarely use Why not rent browse around here it out to someone looking for a temporary rental on Airbnb.  Millions of individuals use Airbnb to find a place 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 a month renting out their bedrooms.