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

Patreon is actually how the arts used to work 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 construct a community of individuals interested in your job, another use of a site that does 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 work. So to get a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your site 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 huge source of income. Take a peek at the Patreon site to get Kinda Funny, an internet movie 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 plus 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 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.

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

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

Ive got a couple of interviews on the site from folks who have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is readily achievable in less than that.

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Making valid passive income isnt as difficult as you might think. A number of the very best passive income ideas may take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is just to begin.

In part three of this series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some big differences informative post between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .

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

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Residual income includes payments you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets for 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, since 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 normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.