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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists used 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 build a community of individuals interested in your work, another usage of a site that will 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 off empty-handed, you offer benefits and copies of this job. So for a writer, you might offer copies of your own books. You can 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 every month, it can still be a huge source of income. Take a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 and 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 through Amazon FBA. This is one of the very exciting income ideas 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. 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 set your label on it. Then you just run your advertising and market everything from your page on the worlds largest internet shopping website.
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 your name stitched across the pocket, so you can now get started for only a couple of thousand in inventory.
Ive got a few interviews on the blog from folks that have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is readily 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 might take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is just to begin.
In part three of this series we will discuss the differences between remaining income and passive income. Both of these terms 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 a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income get more 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 the person does not have to be directly involved with the money they are making.
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Residual income includes payments that you will get after a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get a movie or book. They only write the film 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.
Earning income can go to these guys eventually turn into passive income over time, since 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 people use to earn residual income:
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-Selling products online: This is one of the most common methods to earn residual income. It usually involves a fee that has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.