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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its 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 wealthy to be their patrons to support their work through regular contributions.

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

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Now patrons dont come away empty-handed, you provide rewards and copies of the job. So for a writer, you could offer copies of your books. You can promise to thank patrons on your site or to promote 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 video company. They've 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 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 is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.

It was that you needed hundreds of thousands of bucks 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 throughout the country.

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The manufacturer is going to put everything together, package it and even put your label on it. Then you simply run your advertising and market everything from the webpage on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

Ive got a few interviews on the site from folks that have begun shops 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 may think. Some of the very best passive income thoughts might take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for years or longer. The most important point is just to get started.

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 exact same thing. There are some similarities, but there are also some big 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 basically 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 the person does not have to be involved with all the money that they are making.

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Residual income includes payments you will receive following click for source a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for a film or book. They only write the film or book once, Visit Website but it can continue to be sold and resold again and again, which permits you to continue to make money from your job.

Residual income can eventually turn into passive income over 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 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 normally involves a fee which has to be renewed each month per week, which will allow you to continue to make money after the initial sale.