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Our next passive income notion is another twist on crowdfunding known as Patreon. The website 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 actually how the arts used to operate hundreds of years ago. 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 get patrons for your own works. You build a community of individuals interested in your job, another usage of a blog that does double-duty for this passive income strategy, and then request them to make contributions every time you create something. .

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Now patrons dont come away empty-handed, you provide rewards and copies of this work. So to get a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog 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. Take a look at the Patreon page for Kinda Funny, an internet movie company. They've 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 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 really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it easy 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 solutions. 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 together, package it and even put your label on it. Then you just run your advertising and sell everything from the webpage on the worlds largest internet shopping site.

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 begin for only a few thousand in inventory.

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

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Making valid passive income isnt as hard as you might think. A number of the best passive income thoughts might take a little time to install but can start money flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.

In part three of the series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I move onto part of the Residual Income Series. .

First, lets have a look at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes in investments of time or money that you have already made. With passive income 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 receive following a purchase. Usually these payments are agreed upon in advance from this source and will continue long after the purchase. A good example of this is royalties that someone gets for 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 allows 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's time to learn about some of the most common methods individuals 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 needs to be renewed each month per week, which will allow you to continue try this web-site to make money after the initial sale.