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

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

So now the site Patreon provides you the opportunity to acquire patrons for 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 each time you create something. .

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Now patrons dont come off empty-handed, you offer rewards and copies of this job. So to get a writer, you might 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 each patron only contributes a very small amount every 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've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always pleased 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 thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.

It used to be 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 directly 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 simply run your advertising and sell everything from the webpage on the worlds largest 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 jeans along with your name stitched across the pocket, so you can now get started for only a couple of thousand in inventory.

Ive got a couple of interviews on the site from people that have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 a month is easily achievable in less than that.

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Making valid passive income isnt as difficult as you might think. Some of the best passive income ideas may take a little time to install but can begin cash flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is simply to begin.

In part three of the series we will go over the differences between residual 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 are also some big differences between remaining income and passive income.Before I proceed find out this here 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 earn without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not have to be directly involved with all the money that they are making.

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Residual income includes payments that you will receive after a purchase. Normally these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this click here now is royalties that someone gets for 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 permits 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 excess 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 goods 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.