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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons for your own works. You build a community of individuals interested in your job, another use of a site that does double-duty for this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this job. So to get a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your blog 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 huge source of income. Take 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 would be a monthly income of almost $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 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 was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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 tag on it. Then you simply run your advertising and sell everything from your webpage on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with her response your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.
Ive got a couple of interviews on the site from people who have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is easily achievable visit their website in less than that.
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Making valid passive income isnt as difficult as you may think. Some of the very best passive income thoughts might take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for years or longer. 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 phrases are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income the person does not need to be involved with the money they are making.
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Residual income includes payments that you will get following a sale. Usually these payments have been agreed upon in additional reading advance and will continue long after the sale. A good instance of this is royalties that someone gets to get a film 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 job.
Earning income can eventually turn into passive income with time, since you can eventually earn money without doing an excess 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 ways to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.