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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its 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 rich for 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 job, another usage of a blog that will double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of this job. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your site or to promote something of theirs in the future.
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 page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $19,000 plus they get cheerleaders which 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 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 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 just run your advertising and sell everything from your page on the worlds largest internet shopping website.
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 jeans with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.
Ive got a couple of interviews on the site 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 a month is easily achievable in less than that.
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Making legitimate passive income isnt as hard as you may think. Some of the very best passive income thoughts may take a little time to install but can start money flowing within a couple of 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 this series we will discuss the differences between remaining income and passive income. Both of these phrases 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 residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets have 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 the person does not need to be involved with the money that they are making.
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Residual income includes payments you will get following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic 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, as 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 individuals use to earn residual income:
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-Selling products online: find out here now This is one of the most common methods to earn residual income. It normally involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.