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At first 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 quicker. But with a few time, its potential to make 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 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 as much effort in the long run when youre making the money.

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 ideas in this post because, in my own 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 by others which youre paying.  Selling ebooks or classes will need on-going customer support, plus youll need a consistent traffic source in order to continue to make sales. It's possible and there are individuals who have been in a position to get it done passively, 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 simply 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 other people to run the business. This is true with both online and traditional businesses. This opens up even more possibilities than what will be listed here.

Now lets have a peek at some of the best ways to produce passive income. Some of these are investments which will require some money to start with. Other folks 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 make to invest. description .

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Your first financial priority should be to build up an emergency fund that can cover all of your living expenses for a couple months. But dont put this money would be 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 which will earn a much greater return for you.

My wife 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 1.85% 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 shareholder, 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 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 great investment regardless of whether you want to reinvest all 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 in Investopedia. For a list of those shares, see this collection out of 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 site link lenders can be paired up via a website 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 be eligible for a loan via a traditional bank. And in many cases the debtor gets a much better interest rate than they her explanation could get from a bank. As an investor, you can earn a good return as well.