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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its for anyone with a side-hustle notion.

Patreon is actually how the arts used to work hundreds of years back. 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 for your own works. You construct a community of individuals interested in your job, another use of a site that will double-duty with this passive income strategy, and then ask them to make contributions each time you produce something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of the work. So for a writer, you might offer copies of your books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the future.

Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell 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 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 simply run your advertising and market everything from your webpage on the worlds biggest internet shopping site.

Amazon FBA gives you the opportunity to compete with all the great post to read biggest names in retail. 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 couple of thousand in inventory.

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

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Making valid passive income isnt as site here hard as you might think. Some of the very best passive income ideas may take a little time to install but can start money flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is simply to begin.

In part three of the series we'll go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in Read Full Article fact they are not the 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 basically includes any money you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not have to be involved with all the money they are making.

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Residual income includes payments you will receive after a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets for 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 extra 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 goods online: This is one of the most common methods to earn residual income. It normally involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.