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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but 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 used to ask the rich for their patrons to support their work through regular contributions.

So now the site Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your work, another use of a blog that does double-duty with 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 benefits and copies of this job. So for a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your blog or to promote something of theirs in the long run.

Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon page for 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 plus they get cheerleaders which are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling through Amazon FBA. This really is one of the most 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 products. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.

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

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 with your name stitched across the pocket, you can now begin for just a few thousand in inventory.

Ive got a couple of interviews on the site from folks that have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is readily attainable in less than that.

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Making legitimate passive income isnt as hard as you may think. Some of the very best passive income ideas might take a little time to install but can begin cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to begin.

In part three of the series we'll discuss the differences between remaining income and passive income. Both of these 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 income.Before I proceed 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 make without doing any job. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not need to be involved with the money that they are making.

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Residual income includes payments you will receive after a purchase. 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 to get 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 allows you to continue to make money browse this site from your work.

Earning 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 usually involves a fee which has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.