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Our next passive income idea is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding site 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 ago. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.

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

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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So for a writer, you might offer copies of your books. You can 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. Take a look at the Patreon page to get Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $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 via Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.

It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you simply run your advertising and sell everything from the page on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with 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 get started for just a few thousand in inventory.

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

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Making legitimate passive income isnt as difficult as you may think. Some of the very best passive income thoughts may take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is simply to begin.

In part three of the series we'll discuss the differences between remaining 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.Before I proceed onto a part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income basically includes any money 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 involved with all my review here the money they are making.

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Residual income includes payments you will get following a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic 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.

Earning income can eventually turn into passive income over 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 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 that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.