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Our next passive income notion 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 actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to get patrons for your own works. You construct a community of individuals interested in your work, another usage of a site that does double-duty for this passive income strategy, and then ask them to make contributions each time you create something. .

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Now patrons dont come away empty-handed, you offer benefits and copies of this work. So to get a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your site or to market something of theirs in the future.

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $19,000 plus 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 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 market your own products.

It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout the country.

More About Residual Income In MexicoHow Residual Income Ideas In Mexico can Save You Time, Stress, and Money.

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

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 few thousand in inventory.

Ive got a couple of interviews on the blog from people that have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily achievable in less than that.

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Making legitimate passive income isnt as difficult as you may think. A number of the best passive income ideas might take a official website little time to install 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 simply to begin.

In part three of the series we will anchor go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact 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 take a look at what passive income is. Passive income basically includes any money that 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 following a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get 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 create money from your work.

Earning income can eventually turn into passive income over time, since 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 which has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.

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