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Our next passive income idea is another twist on crowdfunding known as 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 back. Back during the renaissance, artists used 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 acquire patrons to your own works. You construct a community of individuals interested in your work, another use of a blog that does double-duty for this passive income plan, and then request them to make contributions every time you produce something. .

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

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

Our last 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 effortless to start your own retail company, to sell your own products.

It used to be 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 everything together, package it and even set your label on it. Then you just run your advertising and sell everything from your webpage on the worlds largest Your Domain Name 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 blue jeans along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.

Ive got a couple of interviews on the blog from folks that have started shops through Amazon FBA. A couple of them are making More about the author high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.

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Making valid passive income isnt as hard as you might think. A number of the best passive income thoughts might 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 just to begin.

In part three of this series we'll discuss the differences between remaining income and passive income. Both of these 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 big differences between remaining income and passive income.Before I proceed onto a part of the Residual Income Series. .

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

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Residual income includes payments you will receive following a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get a film or book. They only write the movie 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, since you can eventually earn money see this here without doing an excess work. .

Now that you know the differences between passive and residual income, It's 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 normally involves a fee which needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.