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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. 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, 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 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 perform activities you already do.

Invest with a robo-advisor. An option which needs little to no attempt, 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 excellent way to construct long-term riches since you get paid a portion of the companys earnings simply for owning the stockexchange.

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Buy 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 large financial barrier to entry. If youre not quite there yet, consider a crowdfunded property venture that 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 real estate assets.

Buy royalties. Music royalties include 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's all up to an asset management company. This type of investment is a great option because its relatively hands-off and has a very low turnover which means lower transaction prices.

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 capacity, 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 is likely 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 begin peer-to-peer lendinga simple way to lend money to businesses and individuals. You can earn greater 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 type of account provides a secure way to create a consistent income.

Grow a mobile app. If you have the programming skills and a one-of-a-kind idea, turn it into an app! The program market is rife with opportunity for apps of all kinds.

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

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

License a business idea. 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 actually owns all of those vending machines, but the vending machine business can be a lucrative passive income source! Once you find the appropriate spot, hire someone to restock the machines to you and you've see this here got your own business going. .

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