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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding website 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 ago. Back during the renaissance, artists utilized to ask the wealthy 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 people interested in your work, another usage of a site that does double-duty with this passive income plan, and then ask them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of the job. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek 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 are a monthly income of nearly $19,000 and they get cheerleaders that are always happy 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 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. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout 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 just 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 all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can find more info now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks who have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily attainable in less than that.
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Making valid passive income isnt as hard as you may think. Some of the best passive income thoughts might take a little time to install but can begin cash flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we will discuss the differences between remaining income and passive income. These two phrases 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 remaining 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 job. 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 they are making.
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Residual income includes payments that you will receive after a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for a film or book. They only write the movie 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 work.
Residual income can eventually turn into passive income with 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 goods online: This is one of the most common methods to earn residual income. It usually involves a fee which has to be renewed each month or week, which will allow you to continue to make money after the initial sale.