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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site 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 operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the site Patreon provides you the opportunity to get patrons to your own works. You construct a community of people interested in your work, another usage of a site that will double-duty for this passive income plan, and then ask them to make contributions each time you create something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of the job. So for a writer, you could offer copies of your own books. You could promise to 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 look at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of almost $19,000 plus they get cheerleaders which are always pleased to spread the word on their brand. .

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

It was 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 ship everything straight to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even put your label on it. Then you simply run your advertising and sell everything from the webpage on the worlds largest internet shopping website.

Amazon FBA gives you the opportunity to compete with all 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, so you can now begin for only a few thousand in inventory.

Ive got a few interviews on the blog from folks who have begun shops through Amazon FBA. Some 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 passive income isnt as difficult as you might think. Some of the best passive income thoughts might take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to begin.

In part three of the series we will discuss the differences between remaining income and passive income. These two terms 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.Before I move onto a part of the Residual Income Series. .

First, lets have a look at what passive income is. Passive income basically includes any money that you make without doing any job. Often times this money comes in investments of time or money which you've 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 following a sale. Usually these payments 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 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.

Residual 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's time to learn about some of the most common methods people use to earn residual income:

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-Selling goods online: This is one of the most common ways 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 create money after pop over to these guys the initial sale.