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

Patreon is actually how the arts used to operate 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 individuals interested in your work, another usage of a site that does double-duty with this passive income strategy, and then request them to make contributions each time you create something. .

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Now patrons dont come off empty-handed, you offer benefits and copies of this job. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your site 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 massive source of income. Have a look at the Patreon page 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 plus 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 is one of the very 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 products. Together with Amazon FBA, you contract with a manufacturer to send everything directly 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 just run your advertising and sell 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 company, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for just a couple of 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 so $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 very best passive income ideas might take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is simply to get started.

In part three go to the website of the 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 part of the Residual Income Series. .

First, lets have a look at what passive income is. Passive income essentially includes any money you earn without doing any job. 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 directly involved with all the money they are making.

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Residual income includes payments that you will get following a sale. Usually these payments have been Recommended Reading agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get 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 over time, since 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 people 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 that needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.

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