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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 that it compounds and grows quicker. However, with a few time, its potential to make enough passive income that 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 make without putting in much work. The money will flow in without too much being demanded of you. In some scenarios it might be long-term recurring income, and in some 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 as much effort in the long run when youre making the money.

What qualifies as passive income is up for debate. 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, all of them require too much effort to be considered as passive.

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Blogging will always need on-going work, either by yourself or from other people that youre paying.  Selling ebooks or classes will need on-going customer support, and 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 , but they make up a small percentage of people who actually set out to get it done.

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

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

Now lets take a look at a few of the greatest ways to make 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 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 can cover all your living expenses for a couple months. But dont put this money is a checking account 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 that will earn a lot better 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 content 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 stock, or take the dividends in cash. Reinvesting will let you own more stocks, 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 exchange in general.

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

For far more detail on the topic read Investing in Dividend Stocks in her comment is here Investopedia. To get a list of these stocks, 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 lenders can be paired up via a website or market. Instead of going to a bank, the borrower receives a loan from an investor.

In some situations the borrower might not have the ability to qualify for a loan through 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 too.

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