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

Patreon is actually how the arts used to work hundreds of years ago. 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 provides you the opportunity to get patrons for your own works. You build a community of people interested in your work, another use of a blog that will double-duty with this passive income plan, and then request them to make contributions every time you produce something. .

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Now patrons dont come away empty-handed, you offer benefits and copies of the work. So for a writer, you might offer copies of your own 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 huge source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders that are always happy to spread the word on their brand. .

Our past 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 easy 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. 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 set your tag on it. Then you just run your advertising and market everything from your webpage on the worlds have a peek at these guys largest internet shopping site.

Amazon FBA provides 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 blog from folks who have begun shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is readily achievable 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 may take a little time to set up but can begin money flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is just to get started.

In part three of the series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there look at this site are also some big differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income basically includes any money 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 all the money they are making.

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Residual income includes payments that you will receive following a purchase. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for a film or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to create 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's 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 per week, which will make it possible for you to continue to create money after the initial sale.

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