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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 idea.

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 website Patreon gives you the opportunity to get patrons to your own works. You construct 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 create something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of the job. So to get a writer, you could offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the long run.

Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon site to get Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which are always happy 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 thoughts 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 send everything straight to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, package it and even put your label on it. Then you just run your advertising and sell everything from your page on the worlds largest internet shopping website.

Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

Ive got a few interviews on the site from folks who have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is easily achievable in less than that.

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Making valid passive income isnt as difficult as you may think. Some of the very best passive income thoughts might take a little time to set up but can start money flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is simply to begin.

In part three of this series we will go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between residual try here income and passive income.Before I move onto a part of the Residual Income Series. .

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

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Residual income includes payments that you will receive following a sale. Usually these payments are agreed upon in advance see page and will continue long after the sale. A fantastic example of this is royalties that someone gets for 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 permits you to continue to make money from your work.

Residual income can eventually turn into passive income over time, as you can eventually earn money without doing an extra 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 methods 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 make money after the initial sale.