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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really 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 for your own works. You build a community of people interested in your job, another usage of a site that does double-duty for this passive income plan, and then request them to make contributions every time you create something. .

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Now patrons dont come away empty-handed, you offer benefits and copies of this work. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your blog 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 massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and 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 via Amazon FBA. This is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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 label on it. Then you just run your advertising and market everything from the page 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, you can now begin for only a few thousand in inventory.

Ive got a couple of interviews on the blog from people who have started shops through Amazon FBA. Some of them are making six-figure 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. A number of the best passive income thoughts may take a little time to set up but can start money flowing within a few months and will offer a consistent you can check here monthly income for many years or more. The most important point is just 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 exact 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 part of the Residual Income Series. .

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

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Residual income includes payments you will get following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets to get a film or book. They only write the film 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 people 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 which has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.