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Our next passive income idea is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really its own 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 utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons for your own works. You construct a community of people interested in your work, another use of a site that will double-duty for this passive income strategy, and then request them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide benefits and copies of the job. So for 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 long run.
Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 plus 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 through 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 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. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even put your label on it. Then you simply run your advertising and market everything from your page on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with 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 get started for only a few 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 easily attainable in less than that.
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Making valid passive income isnt as hard as you might think. A number of the very best passive income thoughts might take a little time to install but can begin cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is simply to begin.
In part three of this series we will go over 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 a number of similarities, but there are also some big 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 you make without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not have to be directly involved with all the money that they are making.
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Residual income includes payments that you will receive 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 movie or book. They only write the film or book once, but it can her explanation continue to be sold and resold again and again, which allows you to continue to create money from your work.
Residual 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 is time to learn about some of the most common methods people use to earn residual income:
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-Selling products online: This is one of the most common methods to earn residual income. It normally 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.