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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 it compounds and grows quicker. But with some time, its potential to create enough passive income you could quit your job or retire .

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

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

Exactly what qualifies as passive income is up for debate. Most lists that youll find online will include things like blogging, writing e-books, or creating your own course. Im not including those ideas in this post because, in my own opinion, all of them require too much effort to be considered as passive.

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Blogging will always need on-going work, either by yourself or by others which youre paying.  Selling ebooks or classes will require on-going customer support, and youll need a consistent traffic source in order to continue to make sales. It's possible and there are people who have been in a position to do it , but they make up a small percentage of people who really set out to do it.

Ive been blogging full-time for 10 years and Ive sold ebooks and classes in the past. Theyre great ways to make money, I just dont consider them to be more passive, in the majority of cases. .

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Just about any business can be a source of passive income when youre paying others 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 have a look at a few of the greatest ways to produce passive income. Some of them are investments that will need some money to start with. Others wont need any money to get started. In case you dont have the money to invest now, consider starting with the methods that dont need any money, and then use that money you earn to invest. .

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Your very first financial priority should be to develop an emergency fund that will 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 Recommended Site or money market account with an online bank which will earn a much greater 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 this inventory, or take the dividends in money. Reinvesting will let you own more stocks, which leads 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 history of success. Because 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 each the dividends on hold on to the stock for a long time, or use the income generated throughout the dividends.

For far more detail on the subject read Investing in Dividend Stocks at Investopedia. For a list of those stocks, 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. Borrowers and lenders can be paired up through a website or market. Instead of going to a bank, the borrower receives a loan from an investor.

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