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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted 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 operate 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 site Patreon gives you the opportunity to get patrons to your own works. You build a community of people interested in your work, another usage of a site that will double-duty with this passive income plan, and then request them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of the work. So for a writer, you might offer copies of your own books. You can promise to thank patrons on your site or to promote 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 look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of almost $19,000 plus 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 really is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.

It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to ship 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 sell everything from your page on the worlds he said largest internet shopping website.

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

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

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Making legitimate passive income isnt as hard as you may think. A number of the best passive income thoughts may take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The check out here most important point is just to begin.

In part three of this series we will discuss the differences between residual income and passive income. These two terms 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 remaining income and passive income.Before I move 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 from investments of time or money that you have made. With passive income the person does not need to be directly involved with all the money they are making.

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Residual income includes payments you will get after a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get a film or book. They only write the movie or book once, but it 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 over time, since you can eventually earn money without doing an excess 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 normally involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.