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Our next passive income idea 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 really how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the website Patreon provides you the opportunity to get patrons for your own works. You build a community of people interested in your job, another use of a site that will double-duty with 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 benefits and copies of this job. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your site or to promote something of theirs in the future.

Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon site to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders that are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling through Amazon FBA. This really is one of the very exciting income ideas 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 dollars 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, pack it and even set your label on it. Then you just run your advertising and market everything from your webpage on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue 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 couple of interviews on the blog 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 readily achievable in less a fantastic read than that.

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Making valid passive income isnt as difficult as you might think. A number of the very best passive income thoughts may take a little time to install but can start cash flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.

In part three of the series we will discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some big differences between residual income and passive investigate this site income income.Before I move onto 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 job. Often times this money comes in investments of time or money which you've already made. With passive income the person does not need to be directly involved with the money that they are making.

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Residual income includes payments you will receive following a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get 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 allows you to continue to create money from your job.

Residual income can eventually turn into passive income with time, since 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 people 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 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.