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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged 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 back. 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 construct a community of people interested in your job, another usage of a site that will double-duty with this passive income plan, and then ask 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 job. So for a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the long run.

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

Our last passive income source is creating your own brand and selling through Amazon FBA. This is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market 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 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 just run your advertising and sell everything from the webpage on the worlds largest internet shopping website.

Amazon FBA provides 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 blue 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 folks that have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is readily achievable in less than that.

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Making legitimate passive income isnt as difficult as you might think. A number of the very best passive income thoughts might take a little time to install but can begin 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 get started.

In part three of this series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences between residual 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 essentially includes any money you earn without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not need to be directly involved with the money that they are making.

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Residual income includes payments that you will receive following these details a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get 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 permits you to continue to create money from your job.

Earning income can eventually turn into passive income over time, as you can eventually earn money without doing an excess work. .

Now that you know the differences between passive and residual income, it is 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 normally involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.