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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged 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 work 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 provides you the opportunity to get patrons for your own works. You build a community of people interested in your job, another use of a blog that will double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of this job. So for a writer, you might offer copies of your books. You could promise to thank patrons on your blog 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 massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that 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 through Amazon FBA. This is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across 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 just run your advertising and market everything from the page on the worlds biggest 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, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.

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

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Making legitimate passive income isnt as hard as you may think. Some of the very best passive income thoughts may take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.

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 same thing. There are some similarities, but there are also some big differences between residual income and passive income.Before I move onto part of the Residual Income Series. .

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

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Residual income includes payments you will get following a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets to get 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 make money from your work.

Residual income can eventually turn into passive income over time, since you can eventually earn money without doing an extra work. .

Now that you know look at this now the differences between passive and residual income, It's time to learn anonymous about some of the most common methods individuals use to earn residual income:

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-Selling goods online: This is one of the most common methods to earn residual income. It normally involves a fee that has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.