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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really 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 utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the website Patreon provides 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 will double-duty for this passive income strategy, and then ask them to make contributions every time you create something. .

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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So for a writer, you might offer copies of your books. You can promise to thank patrons on your site 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 massive source of income. Have a peek at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $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 through Amazon FBA. This is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.

It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across the country.

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The manufacturer is going to put everything here are the findings together, pack it and even put your label on it. Then you simply run your advertising and sell everything from the page on the worlds biggest internet shopping website.

Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for only a few thousand in inventory.

Ive got a couple of interviews on the site from people that have begun stores through Amazon FBA. A couple of them are making high-income 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 difficult as you may think. Some of the best passive income thoughts may take a little time to install but can start cash flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is simply to begin.

In part three of the series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income basically includes any money that you make without doing any work. 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 that they are making.

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Residual income includes payments you will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get 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 permits you to continue to make money from your work.

Residual income can eventually turn into passive income over time, since you can eventually earn money without doing an excess 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 has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.