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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 in a slightly different way. .

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 do activities you already do.

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

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

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Purchase a rental house. 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 real estate. Investing in real estate has a high financial barrier to entry. If youre not quite there yet, consider a crowdfunded property 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 real estate resources.

Buy royalties. Music royalties include a percentage of the money additional info 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 own way.

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

Become a silent partner. The sole responsibility of a silent partner is to offer a business with capital. Silent partners are seldom involved 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's possible to earn a passive income simply by holding certain cryptocurrencies.

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Start peer-to-peer lending. Get matched up with a borrower online to start peer-to-peer lendinga simple approach to lend money to businesses and individuals. You can earn greater returns than similar 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 type of account offers a secure method to make a consistent income.

Grow a mobile program. In case you've got the programming skills and a one-of-a-kind idea, turn it into an program! The program marketplace is rife with opportunity for apps of all kinds.

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Start (or purchase ) a blog. Having a small entrepreneurial spirit and a lot of imagination, you can create a prosperous blogit just might take a little while. Prepare to work hard in the beginning, but via multiple revenue streams like running advertisements, sponsorships, and affiliate marketing your work will more than cover off. .

Affiliate marketing. There are several methods to use affiliate marketing in addition to having a site. Although a large audience assists, even some local businesses offer a word-of-mouth referral application for referring friends and family to their businesses.

License a business idea. If you have a additional resources fantastic idea for a business or product, but dont have time to start it yourself, then consider licensing which idea. Interested companies are willing to pay royalties in exchange for the right to use your idea.

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

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