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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted 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 for their patrons to support their work through regular contributions.

So now the website Patreon provides you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another usage of a site that will 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 off empty-handed, you provide benefits and copies of the work. So for a writer, you might 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 every patron only contributes a very small amount every month, it can still be a massive source of income. Have a peek at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and 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 through Amazon FBA. This really is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it easy 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 ship everything directly to Amazon warehouses throughout the country.

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

Amazon FBA gives you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.

Ive got a few i was reading this interviews on the site from folks that have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is readily attainable in read this less than that.

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Making valid passive income isnt as hard as you might think. Some of the very best passive income thoughts might take a little time to install but can begin cash flowing within a few months and will provide a consistent monthly income for years or longer. The most important point is simply to get started.

In part three of the series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the 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 take a look at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes in investments of time or money that you have made. With passive income that the person does not need to be directly involved with the money they are making.

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Residual income includes payments that you will receive following a sale. Usually 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 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 job.

Residual income can eventually turn into passive income with time, since you can eventually earn money without doing an extra 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 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 or week, which will make it possible for you to continue to create money after the initial sale.