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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 possible to create enough passive income you could quit your job or retire .

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Passive income can be a bit of a divisive topic. In general, passive income is any money that you earn without putting in much effort. The money will flow in without too much being required of you. In some scenarios it might 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 future when youre making the money.

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 opinion, all of them require an excessive amount of effort to be considered as passive.

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

Ive been blogging fulltime for ten years and Ive sold ebooks and classes in the past. Theyre great ways to make money, I just dont consider these to be passive, in the majority of cases. .

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Just about any business can be a source of passive income if youre paying others to run the business. That is true with both online and traditional businesses. This opens up even more possibilities than what will be listed here.

Now lets take a look at a few of the greatest ways to make passive income. A number of these are investments which 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, try starting with the approaches that dont need any money, and then use that money you make to invest. .

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Your first financial priority must be to build up 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 which 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 lot greater return for you.

My spouse and I maintain 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 fast and easy, and can be done online. .

Some companies consistently pay that site dividends for their shareholders. As a trader, you can re-invest the dividends to buy more shares of this inventory, or take the dividends in cash. Reinvesting will allow you to 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 track record of success. Because of this, these investments tend to be considered less risky than the stock market in general.

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

For much more detail on the topic read Investing in Dividend Stocks at straight from the source Investopedia. To get a list of these shares, see this collection from 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 marketplace. Instead of going to a bank, the debtor receives a loan from an investor.

In some cases the borrower may not be able to qualify for a loan via a traditional bank. And in many circumstances the borrower gets a 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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