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Our next passive income notion is another twist on crowdfunding known as 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 actually how the arts used to operate hundreds of years back. 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 provides you the opportunity to get patrons to your own works. You build a community of people interested in your job, another usage of a blog that will double-duty for this passive income strategy, and then ask them to make contributions each time you produce something. .

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Now patrons dont come away empty-handed, you provide rewards and copies of the job. So for a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your blog or to market 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. Take a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and 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 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 was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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 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 along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.

Ive got a few interviews on the site from people that have started stores through Amazon FBA. A couple 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 hard as you may think. Some of the very best passive income thoughts may take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is just to get started.

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 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 Series. .

First, lets take a peek at what passive income is. Passive income essentially includes any money you make without doing any job. Often times this money comes from investments of time or money that you have 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 that you look at these guys will receive after 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 for a film or book. They only write the film or book once, but it can continue to be sold and resold again see post and again, which allows you to continue to create money from your work.

Earning 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 individuals 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 that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.