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

Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.

So now the site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another usage of a site that will 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 away empty-handed, you provide benefits and copies of this job. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your blog or to promote something of theirs in the future.

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 video 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 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 effortless to start your own retail company, to sell your own products.

It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send 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 label on discover this it. Then you simply run your advertising and market everything from your 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 toy company, proceed over Hasbro. Want a line of blue 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 blog from folks that have begun stores through Amazon FBA. Some of them are making high-income navigate to this site incomes in less than a year so $5,000 per month is easily attainable in less than that.

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Making legitimate passive income isnt as hard as you may think. A number of the best passive income ideas may take a little time to install but can begin cash flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.

In part three of the series we'll go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income 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 have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your job.

Earning income can their website eventually turn into passive income with 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 has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.