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Our next passive income idea 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 actually how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.

So now the site Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of people interested in your work, another use of a site that will double-duty for this passive income strategy, and then request them to make contributions each time you create something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of this job. So to get a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the long run.

Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon page for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our past passive income source is creating your own brand and selling through Amazon FBA. This is one of the most 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 bucks 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 across the country.

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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you just run your advertising and sell everything from your page on the worlds biggest internet shopping site.

Amazon FBA gives you the opportunity to compete with 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, you can now get started for just a couple of thousand in inventory.

Ive got a couple of interviews on the site from folks that have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $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 begin money flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is simply to begin.

In part three of the series we will go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some big differences between residual income and passive income.Before I proceed onto a part of the Residual Income Series. .

First, lets take a peek at what passive income is. Passive income essentially includes any money you make without doing any job. Often times this money comes in investments of time or money that you have made. With passive income that the person does not have to be involved with the money that they are making.

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Residual income includes payments that you will read receive following a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance 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 with 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 individuals use to earn residual income:

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-Selling products online: This is one of the most common methods to earn residual income. site web It normally involves a fee that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.