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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really 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 provides 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 does double-duty for this passive income strategy, and then request them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you offer benefits 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. Take a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month would be 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 via Amazon FBA. This really is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it easy 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 solutions. Together with Amazon FBA, you contract with a manufacturer to send 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 tag on it. Then you just run your advertising and sell everything from your page on the worlds biggest internet shopping site.
Amazon FBA provides 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 blue jeans along with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the blog from people that have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily achievable in less than that.
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Making valid passive income isnt as difficult as you might think. Some of the very best passive income ideas may take a little time to set up but can begin money flowing within a couple of months and will provide a consistent monthly income for years or read more longer. The most important point is just to get started.
In part three of the series we will discuss the differences between residual 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 large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money you make without doing any job. Often times this money comes in investments of time or money that you have made. With passive income the person does not have to be involved with the money they are making.
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Residual income includes payments you will receive following a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic example 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 visit the website 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 with 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 individuals use to earn residual income:
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-Selling products online: This is use this link one of the most common methods to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.