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

Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the rich to be 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 build a community of people interested in your job, another usage of a blog that will double-duty for this passive income plan, and then ask them to make contributions every time you produce something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of this work. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your blog or to promote something of theirs in the future.

Even if each 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 to get Kinda Funny, an internet movie 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 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via 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 market your own products.

It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.

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The manufacturer is going to put everything together, pack it and even put your label on it. Then you just run your advertising and market everything from the webpage on the worlds biggest 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 Your Domain Name the pocket, you can now begin for only 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 high-income incomes in less than a year therefore $5,000 a month is easily achievable in less than that.

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Making valid passive income isnt as hard as you may think. A number of the best passive income thoughts may take a little time to set up but can begin money flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is just to begin.

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

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

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Residual income includes payments that you will get following a sale. Normally 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 movie 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 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 products online: This is one of the most common ways to earn residual income. It normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.