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Weve already covered the basics, 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 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 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 strategies 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 which requires little to no effort, 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 build long-term wealth since you get paid a portion of the companys earnings simply for owning the stockexchange.

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Purchase a rental property. 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 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 which allows you to invest in a small percentage of property.

Invest in a Real Estate Investment Trust (REIT). REITs are companies that manage income-producing properties in many different sectors. They trade on major stock exchanges so anyone can invest in a portfolio of property 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 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 fantastic 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 provide a business with funds. Silent partners are seldom involved in an operational capability, making it a great 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 by simply 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 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 distinctive kind of account offers a safe method to make a consistent income.

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

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Start (or buy) a blog. Having a little entrepreneurial spirit and a lot of creativity, you can produce our website a successful blogit just might take a little while. Prepare to work hard in the beginning, but via multiple revenue channels such 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 blog. Even though a massive audience helps, even some local businesses provide a word-of-mouth referral application for referring friends and relatives for their businesses.

License a business idea. In case you've got a great 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 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 for you and you've got your own business going. .

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