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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is encouraged as a crowdfunding website 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 utilized to ask the rich for their patrons to support their work through regular contributions.

So now the website Patreon provides you the opportunity to get patrons for your own works. You construct a community of individuals interested in your job, another use of a blog that will double-duty with 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 rewards and copies of the work. So for a writer, you might 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 each patron only contributes a very small amount every month, it can still be a massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $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 really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of dollars 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 together, pack it and even set your tag on it. Then you just run your advertising and sell everything from the webpage on the worlds biggest internet shopping site.

Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans 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 who have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is readily attainable in less than that.

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Making valid passive income isnt as difficult as you may think. Some of the very best passive income ideas may take a little time to set up but can begin money flowing within 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 the series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some large differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .

First, lets have a look at see what passive income is. Passive income essentially includes any money that you make without doing any job. Often times this money comes from investments of time web link or money which you've made. With passive income the person does not have to be involved with the money they are making.

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Residual income includes payments you will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good 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 allows you to continue to create money from your work.

Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .

Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods individuals use to earn residual income:

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-Selling products online: This link is one of the most common methods to earn residual income. It usually involves a fee that has to be renewed each month per week, which will allow you to continue to create money after the initial sale.