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

Patreon is really how the arts used to operate hundreds of years ago. 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 gives you the opportunity to get patrons to your own works. You construct a community of people interested in your work, another use 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 away empty-handed, you offer benefits and copies of this work. So to get a writer, you might offer copies of your books. You can promise to publicly thank patrons on your site or to promote 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 look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders that are always happy to spread the word on their brand. .

Our last passive income source is creating your own brand and selling through 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 bucks 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 set your tag on it. Then you simply run your advertising and market everything from the webpage on the worlds biggest internet shopping website.

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

Ive got a few interviews on the site from folks who have begun stores 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 visit this site legitimate passive income isnt as difficult as you may think. A number of the best passive income ideas may take a little time to install but can start money flowing within a couple of months and will provide a consistent monthly income for many years or more. The most important point is just to begin.

In part three of this series we will go over the differences between remaining income and passive income. Both of these terms 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 residual income and passive income income.Before I move onto a part of the Residual Income Series. .

First, lets take a peek 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 of time or money that you have made. With passive income that the person does not have to be directly involved with all the money that they are making.

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Residual income includes payments you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get a movie 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.

Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an extra 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 usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.