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

By choosing the right resources of passive income, you can invest your time the way which you want to. Passive income is a method 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 ways for you to earn money while you sleep with something that fits your passion, experience, or skill-set.

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Real estate can be a terrific way to generate money while you sleep. However, since it costs a lot to purchase a home, using a crowdfunding platform to invest in property can be a less expensive option.

If you want an easy, low-cost way to invest in income-producing commercial real estate, consider using a company like Fundrise.  You only need $500 to get started and you can invest in more than 48 property products through real estate investment trusts.

Another company to consider is Rich Uncles as you can begin investing in real estate with just as small as 5.

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Although 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 which has a minimum investment of $5.

Their goal is to make real estate investing available to everyone and that is exactly what they are doing.

Dividend income is money paid to investors of shares in the form of cash in your bank account. Dividend-paying stocks are especially enticing for individuals wanting to make 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're going to go this route, make sure 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 additional people money who dont qualify for traditional financing. With investment returns in the 3-8% range, investing money with a company like Lending Club can get you a lot 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 cover a 5 percent 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 some reason you need your money back, you can get it quickly and easily.

The money youre paying in interest to lenders, the more money you have in your pocket every month. Talk about a very simple form of passive income. Getting out of debt quickly can increase your income even more since youre no longer paying interest to lenders each month.

One way to boost your debt payoff is to lower your interest rate. In case you've got high-interest debt that you want to find a lower interest rate on, check out Credible, which features 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 consider opening a high-yield savings account with an online bank like CIT Bank that pays 19 times greater 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'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 books can be a excellent way to create some serious residual income.

Once your book is available on a site like Amazon, you can receive a check every month for doing 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 make.

Have you got an extra room that you seldom use Why not rent it out to someone looking for a short-term rental on Airbnb.  Millions of individuals use Airbnb to find a place to stay go right here instead of staying at 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 may 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.