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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 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 utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the site Patreon gives 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 does double-duty for this passive income plan, and then request them to make contributions each time you produce something. .

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

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month would be a monthly income of almost $19,000 and they get cheerleaders which 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 most exciting income thoughts 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to send everything straight 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 visit here your advertising and sell everything from your page on the worlds largest internet shopping website.

Amazon FBA provides click for info you the opportunity to compete with all 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 get started for only a couple of thousand in inventory.

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

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

In part three of this series we'll discuss the differences between residual income and passive income. Both of these phrases 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 residual income and passive income 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 make without doing any job. Often times this money comes in investments of time or money which you've already made. With passive income the person does not have to be directly involved with the money they are making.

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Residual income includes payments that you will get after a sale. Usually these payments are 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 permits you to continue to make money from your work.

Earning income can eventually turn into passive income over 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 individuals use to earn residual income:

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-Selling products online: This is one of the most common ways to earn residual income. It usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.