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Passive income is where you get paid over and over again for work which you did once. I have multiple income streams that are passive, many of that I will mention below.

By choosing the right sources of passive income, you can invest your time the way that you want to. Passive income is a way of buying back more time.

There are many opportunities out there to create residual income in network marketing. However, this is NOT one of these shady things. All these are legit ways for you to make money while you sleep with something that fits your passion, experience, or skill-set.

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Real estate can be a terrific way to generate money while you sleep. But because it costs so much to purchase a house, using a crowdfunding platform to invest in property can be a less expensive option.

If you want an easy, low-cost way to invest in income-producing commercial property, consider using a company like Fundrise.  You only need $500 to begin and you can invest in more than 48 property products through real estate investment trusts.

Another company to consider is Rich Uncles as you can start investing in real estate with just as little as 5.

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Although they promote an option to start with $500, once you register free of charge you can browse their offerings. They really have a Student Housing REIT that has a minimum investment of $5.

Their intention is to produce real estate investing accessible to everyone and that's exactly what they're doing.

Dividend income is money paid to investors of stocks in the shape of money in your bank account. Dividend-paying stocks are particularly enticing for individuals wanting to earn a living with passive income, as they will get payouts every quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks. .

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If you're going to go this route, make sure that you educate yourself and select solid stocks so that you can depend on for dividend income for many years to come.

Peer-to-peer lending is when you loan other people money who dont qualify for traditional financing. With investment go to my blog returns in the 3-8percent range, investing money using a company like Lending Club can get you a lot higher income results than a typical savings or money market account.

If you're looking for a lower risk option, have a look at Worthy. They offer $10 bonds and cover a 5 percent return. One unique thing about them is that your money is liquid, which means that you can take it out at anytime.

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This means if for any reason you need your money back, you can access it quickly and easily.

The less money youre paying in interest to lenders, the more money you have in your pocket every month. Talk about a simple form of passive income. Getting out of debt fast can increase your income even more because youre no longer paying interest to creditors each month.

One method to speed up your debt payoff is to decrease your interest rate. In case you've got high-interest debt you want to get a lower interest rate on, have a look you can check here at Credible, which features loan rates as low as 4.99% to refinancing your credit card debt.

Are you looking for a low-risk method to produce passive income Then consider opening a high-yield savings account with an online bank like CIT Bank that pays 19 times more than traditional banks. CIT is currently are paying 1.55% which is unreal.

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While this wont make you filthy rich, it will be a safer way to make consistent income and not lose your money since CIT FDIC insured.

Once the initial work of additional resources creating the publication is done, selling novels can be a great method to create some serious residual income.

Once your book is available on a site like Amazon, you can receive a check each month for doing absolutely nothing. Note that spending some time developing an effective marketing plan is vital. Evidently, the more time you spend marketing your publications, the more money youll earn.

Do you have an extra room which you seldom use Why not rent it out to someone looking for a temporary rental on Airbnb.  Millions of individuals use Airbnb to find somewhere to stay instead of staying in a resort, sometimes even for months at a time.

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You can hire a maid service to clean and prep the space after a guess leaves. This will eliminate work on your end and make it truly passive income. My friend Steve and his wife make over $1000 a month renting out their spare bedrooms.