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Weve already covered the basics, 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. The same as passive income (money earned from performing a service), passive income is taxed by the IRS in a slightly different manner. .
If youre familiar with the term dont put all your eggs in one basket, then you know that it applies to virtually 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 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 do.
Invest using a robo-advisor. An option which needs little to no effort, a robo-advisor is an electronic 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 stockexchange.
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Purchase a rental property. Have some distance 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 real estate. Investing in real estate has a large financial barrier to entry. If youre not quite there yet, consider a crowdfunded real estate venture which enables you to invest in a small percentage of real estate.
Invest in a Real Estate Investment Trust (REIT). REITs are companies that manage income-producing properties in a variety of sectors. They trade on major stock exchanges so anyone can invest in a portfolio of property assets.
Buy royalties. Music royalties come from a internet 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 own 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 is up to an asset management company. This sort of investment is a great option since its relatively hands-off and includes a very low turnover which means lower transaction prices.
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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Start peer-to-peer lending. Get matched up with a borrower online to start peer-to-peer lendinga easy 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 distinctive type of account offers a safe way to make a consistent income.
Grow a mobile app. If you have the programming skills and a one-of-a-kind idea, turn it into an program! The app market is rife with opportunity for apps of all kinds.
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Start (or purchase ) a blog. Having a little entrepreneurial spirit and a lot 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 great post to read such as running advertisements, sponsorships, and affiliate marketing your job will more than cover off. .
Affiliate marketing. There are several ways to utilize affiliate marketing in addition to having a blog. Although a massive audience helps, even some regional businesses offer a word-of-mouth referral program for referring friends and family to their businesses.
License a business idea. If you have a fantastic idea for a business or product, but dont have 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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Purchase a vending machine business. Youve probably never thought twice about who owns all of those vending machines, but the vending machine business can be a rewarding passive income source! Once you find the right place, employ someone to restock the machines to you and you've got your own business going. .