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At first you may only be making a small amount of money passively, and you may even want to re-invest that money so it compounds and grows faster. But with some time, its possible 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 make 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 some other instances it could be short lived or inconsistent.

In some circumstances youll need to put in some effort up front, but then it wont require just as much effort in the future when youre making the money.

What qualifies as passive income is up for debate. Most lists which youll find online will include things such as blogging, writing e-books, or creating your own course. Im not including those thoughts in this post because, in my own opinion, they all require too much 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 classes will need on-going customer support, and youll need a consistent traffic supply in order to continue to make sales. It is possible and there are people who have been in a position to do it passively, but they make up a small percentage of people who really set out to get it done.

Ive been blogging fulltime for 10 years and Ive sold ebooks and classes in the past. Theyre great ways to earn money, I simply dont consider them to be passive, in most cases. .

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Just about any business can be a source of passive income when youre paying other people to try these out run the business. This is true with both online and traditional businesses. This opens up even more possibilities than what will be recorded here.

Now lets take a peek at some of the best ways to produce passive income. Some of these are investments which will require some money to begin with. Others wont require any money to begin. In case you dont have the money to invest now, consider starting with the approaches that dont require 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 can cover all of your living expenses for a few months. But dont put this money would be a checking or savings account at a local bank that 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 lot better 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 cash. Reinvesting will allow you to 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 history of success. As a result 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 all the dividends on hold on to the stock for quite a long time, or make use of the income produced through the dividends.

For far more detail on the subject read Investing in Dividend Stocks in Investopedia. To get a list of those stocks, see this collection out of 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 paired up through a site or market. Instead of going to a bank, the borrower gets a loan navigate to this website 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 much better interest rate than they might receive from a bank. As an investor, you can earn a good return as well.