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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You construct a community of people interested in your job, another usage of a site that will double-duty for this passive income plan, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of the work. So for a writer, you might offer copies of your books. You can promise to thank patrons on your blog or to promote something of theirs in the future.
Even if each 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 that means an average of just $3 a month are a monthly income of nearly $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 really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even set your tag on it. Then you just run your advertising and sell everything from your page on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from people that have started stores through Amazon FBA. A couple 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 legitimate passive income isnt as difficult as you might think. Some of the best passive income ideas may take a little time to install but can start cash flowing within a couple of months and will offer a Going Here consistent monthly income for many years or more. The most important point is simply to begin.
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 a number of 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 basically includes any money you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income that the person does not need to be directly involved with all the money that they are making.
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Residual income includes payments you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A click for more fantastic example 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 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 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 usually involves a fee which has to be renewed each month per week, which will allow you to continue to create money after the initial sale.