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Our next passive income idea 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 really how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.

So now the site Patreon gives you the opportunity to get patrons to your own works. You build a community of people interested in your work, another usage of a site that does double-duty for this passive income plan, and then request them to make contributions each time you create something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of this work. So to get a writer, you could offer copies of your books. You could promise to 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 each month, it can still be a huge source of income. Have a peek at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders which 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 most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell 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 straight to Amazon warehouses across the country.

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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply run your advertising and market everything from the page on the worlds largest internet shopping site.

Amazon FBA gives 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 blue jeans 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 blog from folks that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per 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 ideas may take a little time to install but can begin money flowing within Our site a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to begin.

In part three of this series we will go over 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 a number of similarities, but there are also some large differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income the person does look these up 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. Normally these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example 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 create money from your job.

Earning income can eventually turn into passive income over 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 goods online: This is one of the most common methods to earn residual income. It normally involves a fee which has to be renewed each month per week, which will allow you to continue to make money go to this web-site after the initial sale.