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

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

So now the website Patreon gives you the opportunity to get patrons for your own works. You construct a community of people interested in your work, another usage of a blog that does 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 benefits and copies of the work. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your blog or to promote 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. Take a peek at the Patreon page for 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 last passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy 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 solutions. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even set your label on it. Then you simply 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 the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.

Ive got a few interviews on the blog from folks that have started shops through Amazon FBA. Some 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 very best passive income thoughts might 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 longer. The most important point is just to get started.

In part three of this series we'll discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some large differences between you can try this out residual income and passive income.Before I proceed onto part of the Residual Income Series. .

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

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Residual income includes payments that you will receive 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 for a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to make money from your work.

Residual income can eventually turn into passive income with time, since 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 people use to earn residual income:

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-Selling goods online: This is one of the review most common ways to earn residual income. It usually involves a fee that has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.