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

Passive income can be a bit of a divisive topic. In general, passive income is any money that you earn without putting in much work. The money will flow in without too much being required of you. In some cases it could be long-term recurring income, and in 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.

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 require on-going work, either by yourself or by others that youre paying.  Selling ebooks or courses will need on-going customer support, plus youll need a consistent traffic supply in order to continue to create sales. It is possible and there are individuals who've been in a position to do it passively, but they make up a small percentage of individuals who actually set out to do it.

Ive been blogging fulltime for 10 decades and Ive sold ebooks and classes in the past. Theyre great ways to make money, I simply dont consider them to be more 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. This is true with both online and traditional businesses. This opens up even more chances than what will be listed here.

Now lets have a peek at a few of the best ways to make passive income. A number of them are investments which will require some money to start with. Others wont need any money to begin. In case you dont have the money to invest now, consider starting with the methods that dont require any money, and then use that money you make to invest. .

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Your first financial priority must be to develop an emergency fund that can cover read the full info here all of your living expenses for a few months. But dont put this money is a checking account or savings account at a local bank which 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 much greater 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 purchase more shares of this stock, or take the dividends in cash. Reinvesting will let you own more shares, which leads to more 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 exchange in general.

Dividend stocks can be a great investment regardless of whether you want to reinvest each of the dividends on hold on to the stock for quite a long time, or make use of the income produced through the dividends.

For much more detail on the topic read Investing in Dividend Stocks in Investopedia. To get a list of those shares, see this collection from 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 market. Instead of going to a bank, the borrower gets a loan by an investor.

In some cases the borrower may not have the ability to be eligible for a loan via a traditional bank. And in many circumstances the borrower gets a much better interest rate than they might receive from a bank. As an investor, you can earn a great return too.