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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle idea.

Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.

So now the site Patreon provides you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another use of a blog that will double-duty for this passive income plan, and then request them to make contributions each time you produce something. .

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Now patrons dont come away empty-handed, you provide rewards and copies of this work. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog or to market something of theirs in the long run.

Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Take a peek at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling through Amazon FBA. This is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.

It used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across the country.

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The manufacturer is going to put everything together, pack it and even set your tag on it. Then you just run your advertising and market everything from the webpage on the worlds largest internet shopping website.

Amazon FBA gives you the opportunity to click here for more info compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.

Ive got a few interviews on the site from people who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is easily attainable in less than that.

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Making legitimate passive income isnt as hard as you might think. A number of the best passive income thoughts may take a little time to set up but can begin money flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is just to get started.

In part three of this series we will discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I move onto a part of the Residual Income Series. .

First, lets take click over here a peek at what passive income is. Passive income essentially includes any money you make without doing any job. Often times this money comes from investments of time or money which you've made. With passive income the person does not need to be involved with the money that they are making.

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Residual income includes payments that you will get after a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get a film or book. They only write the movie or check book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your work.

Earning income can eventually turn into passive income with time, since you can eventually earn money without doing an extra work. .

Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods people use to earn residual income:

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-Selling products online: This is one of the most common ways to earn residual income. It usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.