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

Patreon is actually 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 website Patreon provides you the opportunity to get patrons to your own works. You build a community of people interested in your job, another use 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 off empty-handed, you provide benefits and copies of this job. So to get a writer, you could offer copies of your books. You could promise to thank patrons on your blog or to market 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 peek at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $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 via 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 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 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, pack it and even put your label on it. Then you just run your advertising and sell everything from your webpage on the worlds largest internet shopping site.

Amazon FBA provides 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, so you can now get started for just a couple of thousand in inventory.

Ive got a few interviews on the site from folks that have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is easily achievable in less than that.

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Making legitimate passive income isnt as difficult as you might think. Some of the very best passive income see page thoughts might take a webpage little time to set up but can begin money flowing within a few months and will offer a consistent monthly income for years or longer. The most important point is simply to begin.

In part three of this series we'll go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact 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 have a peek at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not need to be involved with the money that they are making.

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Residual income includes payments that you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a movie 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 with time, since you can eventually earn money without doing an extra work. .

Now that you know the why not check here 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 normally involves a fee which has to be renewed each month per week, which will allow you to continue to create money after the initial sale.