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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website 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 for 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 each time you create something. .

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Now patrons dont come away empty-handed, you provide rewards and copies of this job. So to get a writer, you might 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 every patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon page 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 pleased 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 thoughts 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. Together with Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.

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The manufacturer is going to put everything together, package it you can look here and even set your label on it. Then you just run your advertising sites 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 blue jeans along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.

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

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Making valid passive income isnt as difficult as you might think. Some of the best passive income thoughts may take a little time to install but can start cash flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is just to begin.

In part three of the series we'll go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact click to read more same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income income.Before I proceed onto a part of the Residual Income Series. .

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

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Residual income includes payments that you will receive following 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 for a movie 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 create 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's time to learn about some of the most common methods individuals 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 normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.