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

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

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

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Now patrons dont come off empty-handed, you provide rewards and copies of the job. So for a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your site or to promote something of theirs in the future.

Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon site to get 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 almost $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .

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

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

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

Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can a knockout post now get started for only a couple of thousand in inventory.

Ive got a few interviews on the site from folks who have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is easily achievable in less than that.

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Making legitimate passive income isnt as difficult as you might think. Some of the very best passive income ideas may take a little time to install but can start cash flowing within a few months and will provide a consistent monthly income for years or longer. The most important point is simply to begin.

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

First, lets have a peek at what passive income is. Passive income essentially includes any money that you make without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be directly involved with all the money that they are making.

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Residual income includes payments that you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for a film or book. They only write the movie or book once, but it click here for more info can continue to be sold and resold again and again, which allows you to continue to create 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 goods online: This is one of the most common methods to earn residual income. It normally involves a fee that needs to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.