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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 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, 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 do activities you already do.

Invest with a robo-advisor. An option that requires 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 intentions.

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

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Purchase a rental property. Have some space 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 site.

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 real estate 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 many different 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 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 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 has a very low turnover that means lower transaction prices.

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 capacity, 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 is possible to earn a passive income by simply 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 approach 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 offers a secure method to create 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 market is rife with opportunity for programs of all kinds.

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Start (or purchase ) a site. With a little entrepreneurial spirit and a great deal of creativity, you can produce a successful blogit just might take a little while. Prepare to work hard in the beginning, but through multiple revenue channels such view publisher site as running ads, sponsorships, and affiliate marketing your job will more than pay off. .

Affiliate marketing. There are numerous ways to utilize affiliate marketing in addition to having a site. Although a large audience helps, even some regional businesses offer a word-of-mouth referral application for referring friends and relatives for their businesses.

License a business idea. If you have a fantastic idea for a business or product, but dont have enough time to start it yourself, then consider licensing that thought. 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 appropriate place, hire someone to restock the machines to you and you've got your own business going. .

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