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

Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich to be their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to get patrons to your own works. You build a community of individuals interested in your work, another use of a site that does double-duty for this passive income strategy, and then request them to make contributions each time you create something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of the job. So to get a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the long run.

Even if each 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 video company. They have over 6,209 patrons that means an average of just $3 a month would be 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 through Amazon FBA. This 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply run your advertising and sell everything from the page on the worlds largest internet shopping site.

Amazon FBA gives 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 jeans with your name stitched across the pocket, you can now begin for just a few thousand in inventory.

Ive got a few interviews on the blog from people that 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 readily achievable in less than that.

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Making legitimate passive income isnt as hard as you might think. Some of the very best passive income thoughts might take a little time to install Check Out Your URL but can begin money flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to begin.

In part three of the series we will discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income essentially includes any money that you make without doing any job. Often times this money comes in investments of time or money that you have 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 that you will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a movie or 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 make money from your job.

Earning income can eventually turn into passive income with time, since you can eventually earn money without doing an extra work. .

Now that you know company website 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 products 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 per week, which will make it possible for you to continue to create money after the initial sale.