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Our next passive income idea is another twist on crowdfunding called 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 idea.

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

So now the site Patreon provides you the opportunity to get patrons for your own works. You construct a community of people interested in your job, another usage of a site that does double-duty with this passive income plan, and then request them to make contributions every time you create something. .

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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So to get a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your site 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 huge source of income. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month would be a monthly income of almost $19,000 plus they get cheerleaders that are always pleased 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 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses throughout 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 the webpage on the worlds biggest internet shopping site.

Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now get started for just a couple of thousand in inventory.

Ive got a few interviews on the site from people that have started stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable in less than that.

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Making legitimate passive income isnt as hard as you might think. Some of the best passive income thoughts may take a little time to set up but can begin money flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is just to begin.

In part three of the series we'll discuss 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 remaining 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 essentially includes any money you earn without doing any job. Often times this money comes in investments of time or money which you've made. With passive income that 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 following a purchase. 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 for a movie or book. They only write the film or book once, but it can continue to be sold and browse this site 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 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 people use to earn residual income:

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