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Our next passive income idea is another twist on crowdfunding known as Patreon. The site 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 wealthy for their patrons to support their work through regular contributions.

So now the site Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of people interested in your job, another usage of a site that does double-duty with this passive income strategy, and then request them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you offer rewards and copies of the job. So for 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 long run.

Even if every 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 which means an average of just $3 a month are 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 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the read the article country.

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

Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a look these up toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.

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

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Making legitimate passive income isnt as hard as you might think. A number of the very best passive income ideas may take a little time to set up but can begin money flowing within a few 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 a number of similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto 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 which you've made. With 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 that you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic 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 allows you to continue to make money from your work.

Residual income can eventually turn into passive income over time, since look at this web-site 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 people use to earn residual income:

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-Selling goods 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 per week, which will make it possible for you to continue to make money after the initial sale.