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

By choosing the ideal 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 create residual income in network marketing. However, this is NOT one of those shady things. All 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 make money while you sleep. But because it costs so much to buy a house, 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 real estate, consider using a company like Fundrise.  You only need $500 to begin and you can invest in more than 48 property products through property 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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Even though they promote an option to start with $500, once you register for free you can browse their offerings. They actually have a Student Housing REIT that has a minimum investment of $5.

Their goal is to produce 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 individuals wanting to earn a living with passive income, as 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 that 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 folks 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 a lot greater 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 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 have in your pocket each month. Talk about a simple form of passive income. Getting out of debt fast 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 home you've got high-interest debt you want to find a lower interest rate on, check out Credible, which features loan rates as low as 4.99% to refinancing your credit card debt.

Are you looking for a low-risk way to produce passive income Then consider 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 work of creating the publication is done, selling novels can be a excellent way to create some severe residual income.

Once your book is available on a site like Amazon, you can get a check every month for doing absolutely 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 temporary rental on Airbnb.  Millions of individuals use Airbnb to find a place to stay instead of staying in 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 spare bedrooms.