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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but really its 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 for 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 work, another usage of a blog that does double-duty with this passive income strategy, and then request them to make contributions every time you produce something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of this job. So to get a writer, you might 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 every month, it can still be a huge source of income. Take a look at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 and 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 really 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 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 send everything straight 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 market everything from your page on the worlds largest internet shopping website.

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

Ive got a few interviews on the site from people that have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a look at this web-site year so $5,000 per resource month is easily achievable in less than that.

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Making valid passive income isnt as difficult as you may think. A number of the best passive income ideas 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 years or longer. The most important point is just to get started.

In part three of the series we will discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto a part of the Residual Income Series. .

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

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Residual income includes payments that you will get following a purchase. Usually these payments are 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 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.

Residual income can eventually turn into passive income over 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 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 has to be renewed each month or week, which will allow you to continue to create money after the initial sale.