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

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 provides you the opportunity to get patrons for your own works. You build a community of individuals interested in your job, another usage of a site that will double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .

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Now patrons dont come off empty-handed, you offer benefits and copies of the work. So to get a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your site or to promote something of theirs in the future.

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

Our last 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout 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 sell everything from the page on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now get started for just a few thousand in inventory.

Ive got a few interviews on the blog 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 readily attainable in less than that.

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Making valid review 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 begin money flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is simply to begin.

In part three of this series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between remaining income and passive income income.Before I move onto part of the Residual Income other Series. .

First, lets have a look at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes in investments of time or money which you've already made. With passive income that 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 after a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic example 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 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 go to this site 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 has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.