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Weve already covered the fundamentals, but lets break it down even further. In a technical sense, passive income is money earned from an enterprise in which a person is not actively involved in. Just like passive income (money earned from performing a service), passive income is taxed by the IRS 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 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 do.

Invest using a robo-advisor. An option which requires little to no attempt, a robo-advisor is an electronic 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 excellent way to construct long-term riches because you get paid a portion of the companys earnings just for owning the stock.

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Purchase a rental property. Have some distance 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 property. Investing in real estate comes with 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 a variety of sectors. They trade on major stock exchanges so anyone can invest in a portfolio of property resources.

Buy royalties. Music royalties come from a percentage of the money earned from the sale or use of a song. Even if anchor youre not a musician yourself, 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 produce selections it's all up to an asset management company. This type of investment is a great option because its comparatively hands-off and has a very low turnover that means lower transaction costs.

Become a silent partner. The sole responsibility of a silent partner is to offer a business with funds. Silent partners are rarely involved in an operational capability, making it a great form of passive income.

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Invest in cryptocurrencies. Cryptocurrencies are buzzing with opportunity at the moment, and it's likely to earn a passive income by simply holding certain cryptocurrencies.

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Start peer reviewed lending. Get matched up with a borrower online to begin peer-to-peer lendinga easy way to lend money to businesses and individuals. You can earn higher returns than comparable 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 special kind of account provides 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 thought, turn it into an app! The program marketplace is rife with opportunity for apps of all kinds.

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Start (or purchase ) a blog. With a little entrepreneurial spirit and a lot of creativity, you can produce a successful blogit just might take a little while. Prepare yourself to work hard in the beginning, but through multiple revenue streams like running ads, sponsorships, and affiliate marketing your job will more than cover off. .

Affiliate marketing. There are several ways to utilize affiliate marketing in addition to having a site. Even though a massive audience assists, even some regional businesses provide a word-of-mouth referral program for referring friends and family to their businesses.

License a business thought. In case you've got a fantastic idea for a business or product, but dont have time to start it yourself, then consider licensing that 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 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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