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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You build a community of people interested in your work, another use of a blog that will 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 away empty-handed, you offer rewards and copies of the work. So for a writer, you might offer copies of your books. You could promise to 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. Have a look at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our past 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 easy 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 label on it. Then you just run your advertising and sell everything from your webpage on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the click to read 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 now begin for just a couple of thousand in inventory.
Ive got a couple of interviews on the site from people who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is easily achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the very best passive income ideas may take a little time to install but can start cash flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we'll discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the 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 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 that you have made. With passive income that the person does not need to be directly involved with the money that they are making.
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Residual income includes payments that you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for a movie or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your job.
Residual income can eventually turn into passive income over time, as you can eventually earn money without doing an excess 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 products online: This is one of the most common ways to earn residual income. It normally involves a fee that has to be renewed each month or week, which will make see this here it possible for you to continue to make money after the initial sale.