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Our next passive income notion is another twist on crowdfunding called Patreon. The site 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 website Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your job, another usage of a site that will double-duty with this passive income strategy, and then request them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of the work. So for 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 long run.

Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $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 last passive income source is creating your own brand and selling through Amazon FBA. This really is one of the very exciting income ideas 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly 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 simply run your advertising and market everything from your page on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a see post line of jeans along with your name stitched across the pocket, so you can now get started for only a couple of thousand important site in inventory.

Ive got a couple of interviews on the site from folks who have started stores through Amazon FBA. A couple of them are making high-income 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 cash flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is just to begin.

In part three of the series we will discuss the check this differences between residual income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .

First, lets have 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 in investments of time or money which you've already made. With passive income the person does not need to be 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 have been agreed upon in advance and will continue long after the sale. A fantastic example of this 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 allows you to continue to make money from your job.

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 is 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 usually involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.