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Passive income is where you get paid over and over again for work that you did once. I have multiple income streams that are passive, many of which 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 many opportunities out there to make residual income in network marketing. However, this is NOT one of these shady things. All these are legit means for you to make money while you sleep with something that fits your passion, experience, or skill-set.

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Real estate can be a great way to make money while you sleep. But since it costs so much to purchase a house, using a crowdfunding platform to invest in real estate can be a more affordable option.

If you want an easy, low-cost way to invest in income-producing commercial property, consider using a company like Fundrise.  You only need $500 to begin 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 little as $5.

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Although they promote an option to begin with $500, once you register free of charge you can browse their offerings. They actually have a Student Housing REIT which 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 investors of stocks in the shape of money in your bank account. Dividend-paying stocks are especially enticing for individuals wanting to earn a living with passive income, as they'll 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 you can depend on for dividend income for 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 common savings or money market account.

If you are looking for a lower risk option, check out Worthy. They offer $10 bonds and cover a 5% return. One unique thing about them is that your money is liquid, which means you can take it out at anytime.

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This means if for any reason you need your money back, you are able to access 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 form of passive income. Getting out of debt fast can increase your income even more since youre no longer paying interest to creditors each month.

One method to boost your debt payoff would be to decrease your interest rate. In case you've got high-interest debt you want to find a lower interest rate on, have a look at Credible, which offers loan rates as low as 4.99% to refinancing your credit card debt.

Are you looking for a low-risk method to make passive income Then consider 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 create consistent income and not lose your money since CIT FDIC insured.

Once the initial task official statement of creating the book is done, selling books can be a excellent way to create some serious find more residual income.

Once your book can be found on a site like Amazon, you could receive a check each month for doing absolutely nothing. Note that spending some time developing an effective marketing plan is essential. Evidently, the longer you spend marketing your publications, the more money youll earn.

Do you have an extra room that you rarely use Why not rent it out to someone looking for a short-term rental on Airbnb.  Millions of people 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 room after 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 bedrooms.