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At first you may only be making a small amount of money passively, and you may even want to re-invest that money so it compounds and grows faster. However, with some time, its potential to create enough passive income that you could quit your job or retire .

Passive income can be a bit of a divisive topic. In general, passive income is any money you earn without putting in much effort. The money will flow in without too much being required of you. In some cases it might be long-term recurring income, and in some other instances it might be short lived or inconsistent.

In some circumstances youll need to put in some effort up front, but then it wont need as much effort in the long run when youre making the money.

What qualifies as passive income is up for discussion. Most lists which youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those thoughts in this post because, in my own opinion, they all require an excessive amount of effort to be considered as passive.

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Blogging will constantly need on-going work, either by yourself or by other people that youre paying.  Selling ebooks or courses will require on-going customer support, and youll need a consistent traffic source in order to continue to make sales. It's possible and there are individuals who've been in a position to do it , but they compose a small percentage of individuals who really set out to do it.

Ive been blogging fulltime for ten decades and Ive sold ebooks and courses in the past. Theyre great ways to make money, I simply dont consider them to be passive, in most cases. .

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Nearly any business can be a source of passive income when youre paying other people to run the business. That is true with both online and traditional businesses. That opens up even more possibilities than what will be recorded here.

Now lets take a peek at some of the greatest ways to produce passive income. A number of them are investments that will require some money to begin with. Others wont need any money to begin. In case you dont have the money to invest now, consider starting with the approaches that dont need any money, and then use that money that you earn to invest. .

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Your very first financial priority should be to build up an emergency fund that can cover all your living expenses for a few months. But dont put this money would be a checking account or savings account at a local bank that pays you a terrible interest rate. You can open a high yield savings account or money market account with an online bank that will earn a lot better return for you.

My wife and I maintain our emergency fund in a money market account with CIT Bank. At the moment (October 2018) CIT money market accounts are earning 1.85% APY and CIT savings accounts are earning 1.55% APY. Thats 22x this link the national average! Opening an account with CIT is fast and easy, and can be done online. .

Some companies consistently pay dividends for their shareholders. As a trader, you can re-invest the dividends to buy more shares of the stock, or take the dividends in money. Reinvesting will let you own more shares, which leads to greater dividends in the future (ideally).

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The companies that consistently pay dividends tend to be large companies with a long track record of success. As a result of this, these investments tend to be considered less risky than the stock market in general.

Dividend stocks can be a great investment whether or not you want to reinvest all of the dividends on hold on to this stock for quite a long time, or make use of the income produced through the dividends.

For far more detail on the topic read Investing in Dividend Stocks in Investopedia. For a list of those stocks, see this collection from Dividend.com and this collection from DividendValueBuilder.com.

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Peer-to-peer lending (or P2P) has become extremely popular in recent decades. Borrowers and lenders can be paired up through a site or market. Instead of going to a bank, the debtor receives a loan from an investor.

In some situations the borrower might not be able to be eligible for a loan via a traditional bank. And in many cases the borrower gets a much better interest rate than they could get from a bank. As an investor, you can learn the facts here now earn a great return as well.