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Weve already covered the fundamentals, 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. Just like passive income (money earned from performing a ceremony ), passive income is taxed by the IRS just in a slightly different way. .

If youre familiar with the term dont put all your eggs in one basket, then you know that it applies to just about 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 that requires little to no attempt, a robo-advisor is an electronic platform that provides algorithm-driven financial planning services by collecting information about clients financial situation and goals.

Invest in dividend paying stocks. Dividend-paying stocks are a great way to build long-term riches since you get paid a portion of the companys earnings simply for owning the stock.

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Purchase a rental property. Have some space 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 high 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 property.

Invest in a Real Estate Investment Trust (REIT). REITs are companies which manage income-producing properties in many different sectors. They trade on major stock exchanges so anyone can invest in a portfolio of property resources.

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 make 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 low turnover that means lower transaction costs.

Become a silent partner. The sole responsibility of a silent partner is to offer a business navigate here with capital. Silent partners are seldom involved in an operational capacity, 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 likely to earn a passive income simply by holding certain cryptocurrencies.

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Start peer reviewed 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 higher returns than similar transactions through traditional financial institutions.

Open a high-yield savings account. If youre already putting money that site into a savings account on a consistent basis, consider opening a high-yield savings account. This special kind of account provides a safe way to create a consistent income.

Develop a mobile app. In case you have the programming skills and a one-of-a-kind thought, turn it into an app! The app market is rife with opportunity for apps of all kinds.

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Start (or purchase ) a blog. Having a small entrepreneurial spirit and a great deal of creativity, you can produce a prosperous blogit just might take a little while. Prepare to work hard in the beginning, but via numerous revenue channels such as running ads, sponsorships, and affiliate marketing your job will more than pay off. .

Affiliate marketing. There are several ways to use affiliate marketing in addition to having a blog. Even though a massive audience assists, even some local website link businesses provide a word-of-mouth referral application for referring friends and family to their businesses.

License a business idea. If you've got a great idea for a business or product, but dont have time to start it yourself, consider licensing that thought. Interested companies are willing to pay royalties in exchange for the right to use your idea.

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Buy 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 lucrative passive income source! Once you find the right place, hire someone to restock the machines for you and you've got your own business going. .

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