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At first you may only be making a tiny amount of money passively, and you might even want to re-invest that money so it compounds and grows faster. However, with some time, its possible to create enough passive income 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 earn without putting in much effort. The money will flow in without too much being required of you. In some scenarios it could be long-term recurring income, and in some other cases it could be short lived or inconsistent.

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

Exactly what qualifies as passive income is up for debate. Most lists which youll find online will include things like 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 always need on-going work, either by yourself or from others that youre paying.  Selling ebooks or classes will need on-going customer support, plus youll need a consistent traffic source in order to continue to create sales. It's possible and there are people who have been in a position to do it , but they compose a small percentage of individuals who really set out to get it done.

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 them to be passive, in most cases. .

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

Now lets take a peek at a few of the best ways to produce passive income. Some of these are investments that will require some money to begin with. Other folks wont require any money to begin. If you dont have the money to invest now, try starting with the methods that dont need any money, and then use that money that you make to invest. .

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Your very first financial priority must be to develop 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 horrible 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 wife 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 1.85% APY and CIT savings accounts are earning 1.55% APY. Thats 22x the national average! Opening an account with CIT is quick and easy, 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 stock, or take the dividends in money. Reinvesting will allow you to own more stocks, which contributes to greater dividends in the future see this site (ideally).

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The companies that consistently pay dividends tend to be large companies with a long history 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 regardless of whether you want to reinvest all of the dividends on hold on to the stock for quite a long time, or make use of the income generated throughout the dividends.

For much more detail on the topic read Investing in Dividend Stocks at Investopedia. To get a list of these stocks, visit this collection out of 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. Creditors and lenders can be matched up via a site or market. Instead of going to a bank, the debtor gets a loan from an investor.

In some situations the borrower might not have the ability to qualify for a loan through a traditional bank. And in many cases the borrower gets a much better interest rate than they might receive from a bank. As an investor, you can earn a great return as well.

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