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

Patreon is actually how the arts used to work 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 gives you the opportunity to get patrons to your own works. You construct 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 every 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 publicly 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 to get 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 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 ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.

It was 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 set your article source tag on it. Then you simply run your advertising and sell everything from the page on the worlds largest internet shopping website.

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 jeans with your name stitched across the pocket, you can now begin for only a few thousand in inventory.

Ive got a couple of interviews on the blog from people who have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is readily 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 thoughts may take a little time to install but can start 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 will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some large differences this post between residual income and passive income.Before I move onto a part of the Residual Income Series. .

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

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Residual income includes payments that you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get 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 create 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 differences between passive and residual income, it is time to learn about some of the most common methods find out here now 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 has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.