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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 possible to make enough passive income 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 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 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 long run when youre making the money.

What qualifies as passive income is up for discussion. 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 post because, in my own opinion, all of them require too much effort to be considered as passive.

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Blogging will constantly require on-going work, either by yourself or from others that youre paying.  Selling ebooks or courses will need on-going customer support, and youll need a consistent traffic source in order to continue to make sales. It is possible and there are individuals who have been able to do it passively, but they compose a small percentage of individuals who really 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 make money, I just dont consider these to be more passive, in the majority of cases. .

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Just about 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 what will be listed here.

Now lets have a look at a few of the best ways to make passive income. A number of them are investments that will need some money to begin with. Others wont require any money to get started. If you dont have the money to invest now, consider starting with the approaches that dont need any money, and then use that money that you earn to invest. .

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Your first financial priority should be to develop an emergency fund that can cover all 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 much better 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 quick and easy, 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 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 anchor track record 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 whether or not you want to reinvest all of the dividends on hold on to the stock for a long time, or use the income produced through the dividends.

For much more detail on the subject read Investing in Dividend Stocks at Investopedia. For a list of these stocks, see this collection from 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 matched up through a site or marketplace. Instead of going to a bank, the debtor gets a loan by an investor.

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

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