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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 idea.

Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.

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

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Now patrons dont come off empty-handed, you offer 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 blog or to market something of theirs in the long run.

Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $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 via Amazon FBA. This really is one of the very exciting income thoughts 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 directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, package it and even set your tag on it. Then you just 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, 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 site from people who have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is easily achievable in less than that.

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Making legitimate passive income isnt as difficult visit this site as you might think. A number of the very best passive income ideas might take a little time to install but can begin money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.

In part three of the series we'll go over the 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 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 make 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 all the money that they are making.

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Residual income includes payments that you will receive after a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get a film 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 over time, as 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 people use to earn residual income:

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-Selling products online: This is one of the most common ways to earn residual income. It usually 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.