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Our next passive income notion is another twist on crowdfunding known as 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 notion.

Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your job, another use of a site that does double-duty with this passive income plan, and then ask them to make contributions every time you create something. .

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

Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a peek at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons which 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 last passive income source is creating your own brand and selling through Amazon FBA. This 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 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 tag on it. Then you just run your advertising and market everything from your webpage on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy you could try this out company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now begin for just a couple of look at these guys thousand in inventory.

Ive got a couple of interviews on the blog from folks who have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is easily achievable in less than that.

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Making valid passive income isnt as hard as you might think. A number of the best passive income ideas may take a little time to set up but can start cash 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'll go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some big 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 essentially includes any money you make without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not need to be pop over here directly involved with the money that they are making.

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Residual income includes payments that you will get after a purchase. Normally these payments have been agreed upon in advance 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.

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 needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.