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

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

So now the website Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your work, another usage of a blog that will 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 away empty-handed, you provide benefits and copies of the work. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your site or to market something of theirs in the future.

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

Our last passive income source is creating your own brand and selling via Amazon FBA. This is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market 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 directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, package it and even set your label on it. Then you simply run your advertising and market everything from your webpage on the worlds largest 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, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

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

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

In part three of this series we'll discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between remaining income and passive income income.Before I move onto a part of the Residual Income Series. .

First, lets take a peek at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not have to be involved with the money that they are making.

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Residual income includes payments you will receive following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is visit their website royalties that someone gets to get a movie 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 create money from your job.

Residual 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 goods online: This is one of the most common ways to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.