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

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

So now the site Patreon gives you the opportunity to acquire patrons to your own works. You build a community of individuals 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 produce something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of this work. So for a writer, you might offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.

Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet movie 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 pleased to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This really 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 used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.

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

Amazon FBA gives 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 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 people who have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is easily attainable in less than that.

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Making legitimate passive income isnt as difficult as you may think. Some of the very best passive income ideas might 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'll go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they linked here are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I move onto a part of the Residual Income Series. .

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

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Residual income includes payments that you will receive following a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a film or Visit This Link 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 job.

Earning 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's time to learn about some of the most common methods individuals use to earn residual income: