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

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

So now the site Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your work, another usage of a blog that will 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 offer benefits and copies of this work. So for a writer, you might offer copies of your books. You can promise to thank patrons on your site or to market something of theirs in the long run.

Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 plus 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 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 used to be that you needed hundreds of thousands of bucks 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, package it and even set your tag on it. Then you simply run your advertising and market everything from the webpage on the worlds largest internet shopping site.

Amazon FBA gives 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 get started for just a few thousand in inventory.

Ive got a couple of interviews on the blog from people who have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is easily achievable in less than that.

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Making legitimate passive income isnt as hard as you might think. A number Going Here of the very 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 years or more. The most important point is simply to get started.

In part three of the series we'll go over the differences between residual 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 remaining income and passive income.Before I move onto part of the Residual Income Series. .

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

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Residual income includes payments you will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good 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 permits you to continue to create money from your work.

Earning 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'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 has to be renewed each month or week, which will allow you to continue to create money after the initial sale.