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

Passive income can be a bit of a divisive topic. In general, passive income is any money you earn without putting in much effort. The money will flow in without too much being demanded of you. In some cases 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 just as much effort in the future when youre making the money.

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

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Blogging will constantly need on-going work, either by yourself or by others that youre paying.  Selling ebooks or courses will require on-going customer support, plus youll need a consistent traffic source in order to continue to make 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 really set out to get it done.

Ive been blogging full-time for 10 years and Ive sold ebooks and courses in the past. Theyre great ways to make money, I simply dont consider these to be more passive, in the majority of 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. That opens up even more possibilities than that which will be listed here.

Now lets take a peek at a few of the best ways to make passive income. A number 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, try starting with the approaches that dont need any money, and then use that money that you earn to invest. .

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Your first financial priority must be to develop an emergency fund that will cover all your living expenses for a few months. But dont put this money is a checking or savings account at a local bank that 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 dividends for their shareholders. As a trader, you can re-invest the dividends to purchase 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 track record of success. Because of this, these investments tend to be considered less risky than the stock exchange in general.

Dividend stocks can be a terrific investment whether or anonymous not you want to reinvest each the dividends on hold on to the stock for a long time, or use the income generated through the dividends.

For much more detail on the topic read Investing in Dividend Stocks at Investopedia. For 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) has become extremely popular in recent years. Borrowers and lenders can be paired up through a website or marketplace. Instead of going to a bank, the borrower gets a loan from an investor.

In some cases the borrower might not be able to qualify for a loan via a traditional bank. And in many circumstances the debtor gets a much better interest rate than they might receive from a bank. As an investor, you can earn a great return as well.