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At first you may only be making a small amount of money passively, and you might even want to re-invest that money so that it compounds and grows faster. However, with some time, its potential to create enough passive income that you could quit your job or retire early.

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Passive income can be a small 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 required of you. In some scenarios it could be long-term recurring income, and in other cases it could 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 debate. Most lists that youll find online will include things like blogging, writing e-books, or creating your own course. Im not including those thoughts in this informative article because, in my opinion, all of them require an excessive amount of effort to be considered as passive.

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Blogging will always need on-going work, either by yourself or by other people 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 people who have been in a position to do it passively, but they make up a small percentage of individuals who really set out to do it.

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

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Nearly any business can be a source of passive income if youre paying other people to run the business. That is true with both online and traditional businesses. This opens up even more possibilities than that which will be listed here.

Now lets take a look at a few of the best ways to make passive income. A number of these are investments which will require some money to start with. Other folks wont require any money to get started. In case you dont have the money to invest now, consider starting with the approaches that dont require any money, and then utilize that money that you earn to invest. .

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

My wife 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 1.85% APY and CIT savings accounts are earning 1.55% APY. Thats 22x the national average! Opening an account with CIT is fast and simple, and can be done online. .

Some companies consistently pay dividends to their shareholders. As a shareholder, 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 more dividends go now 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 terrific investment regardless of whether you want to reinvest each of the dividends on hold on to this stock for quite a long time, or use the income generated through the dividends.

For much more detail on the subject read Investing in Dividend Stocks in Investopedia. For read this a list of those shares, visit 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. Creditors and lenders can be matched up through a site or marketplace. Instead of going to a bank, the borrower receives a loan by an investor.

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

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