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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 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 gives you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your job, another usage of a blog that does 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 away empty-handed, you provide rewards and copies of the work. So to get a writer, you could offer copies of your books. You can promise to thank patrons on your site or to market something of theirs in the future.

Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $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 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 products. 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 just run your advertising and market everything from your webpage on the worlds biggest internet shopping website.

Amazon FBA provides 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 blue jeans along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.

Ive got a couple of interviews on the blog from folks that have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is easily achievable in less than that.

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Making legitimate passive income isnt as difficult as you might think. A number of the best passive income ideas may take a little time to set up but can begin money flowing within a few months and will offer a web link consistent monthly income for years or longer. The most important point is simply to begin.

In part three of the series we'll discuss the differences between residual income and passive income. These two terms 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 residual income and passive income.Before I move 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 earn without doing any work. 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 directly involved with the money they are making.

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Residual income includes payments you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for a film 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 make money from your investigate this site work.

Residual income can eventually turn into passive income over 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 goods online: This is one of the most common methods to earn residual income. It usually involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.