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

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

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

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Now patrons dont come away empty-handed, you provide rewards and copies of the work. So to get a writer, you could offer copies of your books. You can promise to 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 massive source of income. Take a peek at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month would be 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 via Amazon FBA. This is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.

It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even put your label on it. Then you just run your advertising and sell everything from the page on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.

Ive got a couple of interviews on the blog from people who have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $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 thoughts may take a little time to set up but can start cash flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is just to begin.

In part three of the series we will discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact 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 income.Before I proceed onto a part of the Residual Income Series. .

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

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

Residual income can eventually turn into passive income with time, as 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 individuals 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 usually involves a fee that needs to be renewed each month per week, which will make it possible for you to continue moved here to create money after the initial sale.