The economy is in bad shape at the moment. Unemployment is up, the stock market is down and the financial credit crisis and housing markets are in turmoil.

Now the good news.

There are a few different ways for you to make money and the best part about it is that you won't have to do much after the initial set up. This type of income is called passive income. or residual income.

What is passive income? It's income that you earn without have to do anything, or a limited amount, once the initial work is done. It's your money working for you instead of the other way around. Most people think of passive income as in the stock market with your money growing over time without you really doing anything. Interest on any bank accounts or investment vehicle is also considered passive income.

Another type of passive income is owning and operating vending machines. Granted, there is some involvement from you in regards to reloading the machines, but basically you don't have to be involved to have someone buy merchandise and make money from the sale.

Many people looking for passive income are looking toward the internet for ideas. The internet has become such a money maker for so many people. John Chow, Darren Rowse and Courtney Tuttle are just a few that have made their living from passive income in the form of the internet. Building a website around a particular theme where you can get a steady flow of traffic from, can attract companies to advertise on your site. Amazon.com has an affiliate program that you can add on to your site where you can make passive income.

One of the best ways that I've been able to make an income from is real estate. My wife and I have bought several rental properties at a great price that have been bringing in income since day one. At this time we are looking for some more great deals since the housing market has been beaten up and the prices have come down so much more. With a lot of people losing their homes to foreclosure, the need for rental properties have hit an unbelievable level.

So if you're one of the many that are struggling to make ends meet and are not able to get another job or even a decent raise, then you might want to think about passive income.