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Weve already covered the fundamentals, 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 just in a slightly different manner. .

If youre familiar with the phrase dont put all your eggs in one basket, then you know that it applies to virtually any area of your life includingand especiallyyour finances. In addition to retirement becoming an ever-elusive goal, no one has guaranteed job security so by diversifying your income you can feel much 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 offers algorithm-driven financial planning services by collecting information about clients financial situation and goals.

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

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Purchase a rental property. Have some distance youre not using Rent it out to a 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 there yet, consider a crowdfunded real estate venture which allows you to invest in a small percentage of property.

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 assets.

Buy royalties. Music royalties come from a percentage of the money 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 is up to an asset go to my blog management company. This sort of investment is a fantastic option since my blog its comparatively hands-off and includes a low turnover that means lower transaction costs.

Become a silent partner. The sole responsibility of a silent partner is to provide a business with capital. Silent partners are seldom involved in an operational capability, making it a fantastic type 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 easy approach to lend money to businesses and individuals. You can earn higher 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 kind of account provides a safe way to create a consistent income.

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

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Start (or buy) a site. Having a little entrepreneurial spirit and a lot of imagination, you can create a successful blogit just might take a little while. Prepare to work hard in the beginning, but through numerous revenue streams like running ads, sponsorships, and affiliate marketing your job will more than pay off. .

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

License a business thought. In case you have a fantastic idea for a business or product, but dont have time to start it yourself, consider licensing that idea. Interested companies are willing to pay royalties in exchange for the right to use your idea.

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Purchase 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 lucrative passive income source! Once you find the appropriate place, hire someone to restock the machines to you and you've got your own business going. .

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