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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged 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 used to ask the rich for their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of people interested in your work, another usage of a blog that will 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 off empty-handed, you provide rewards and copies of the job. So to get a writer, you could offer copies of your own books. You could 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 each month, it can still be a massive source of income. Have a look at the Patreon page for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $19,000 plus they get cheerleaders which are always happy to spread the word on their brand. .

Our last passive income source is creating your own brand and selling through Amazon FBA. This really is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.

It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together 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 more information everything together, pack it and even set your label on it. Then you just run your advertising and sell everything from your webpage on the worlds biggest internet shopping website.

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

Ive got a couple of interviews on the blog from people that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable in less than that.

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Making legitimate passive income isnt as difficult as you may think. A number of the best passive income thoughts may take a little time to install but can begin cash flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is simply to get started.

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

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

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Residual income includes payments you will get after a purchase. Usually these payments More Info have been agreed upon in advance and will continue long after the purchase. A good instance 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, as you can eventually earn money without doing an extra 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 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 make money after the initial sale.