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

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

So now the website Patreon provides you the opportunity to get patrons to your own works. You build a community of individuals interested in your work, another usage of a site that does 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 off empty-handed, you provide benefits and copies of this job. So to get a writer, you might offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.

Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $19,000 plus 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 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 ship everything straight to Amazon warehouses throughout 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 sell everything from the webpage on the worlds biggest internet shopping site.

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 begin for only a few thousand in inventory.

Ive got a couple of interviews on the site from people find out who have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per 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 might take a little time to install but can start money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.

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

First, lets have 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 that you have made. With passive income that the person does not have to be involved with the money that they are making.

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Residual income includes payments you will receive following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a movie 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 job.

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

Now that you know the differences between passive and residual income, it is 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 methods to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will look at here allow you to continue to create money after the initial sale.

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