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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 that it compounds and grows faster. But with some time, its possible to create enough passive income that you could quit your job or retire early.

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

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

What qualifies as passive income is up for debate. Most lists that 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 opinion, they all require an excessive amount of effort to be considered as passive.

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Blogging will constantly require on-going work, either by yourself or from other people which youre paying.  Selling ebooks or classes will require on-going customer service, plus youll need a consistent traffic source in order to continue to create sales. It is possible and there are people who have been able to get it done , but they compose a small percentage of individuals who actually set out to do it.

Ive been blogging full-time for 10 years and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I simply dont consider these to be more passive, in most cases. .

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

Now lets take a look at a few of the best ways to make passive income. Some of them are investments that will require some money to start with. Other folks wont require any money to get started. In case you dont have the money to invest now, consider starting with the approaches that dont require any money, and then utilize that money you make to invest. .

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Your first financial priority must be to build up an emergency fund that useful link can cover all of your living expenses for a couple months. But dont put this money is 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 which will earn a much better return for you.

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

Some companies consistently pay dividends to their shareholders. As a trader, you can re-invest the dividends to buy more shares of the inventory, or take the dividends in cash. Reinvesting will let you own more shares, which contributes 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. Because of this, these investments tend to be considered less risky than the stock market in general.

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

For far more detail on the topic read Investing in Dividend Stocks at Investopedia. continue reading this For a list of those shares, visit this collection out of Dividend.com and this collection from DividendValueBuilder.com.

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Peer-to-peer lending (or P2P) is becoming extremely popular in recent decades. Creditors and lenders can be matched up through a site or marketplace. Instead of going to a bank, the debtor gets a loan by an investor.

In some cases the borrower might not be able to be eligible for a loan through a traditional bank. And in many circumstances the debtor gets a better interest rate than they could receive from a bank. As an investor, you can earn a great return as well.

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