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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 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 utilized to ask the rich to be 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 construct a community of individuals interested in your work, another usage of a site that does double-duty for this passive income plan, and then ask them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So to get a writer, you might offer copies of your books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon site for Kinda Funny, an internet movie 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 happy 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 effortless to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you simply run your advertising and sell everything from the webpage on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks that have useful reference started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making legitimate passive income isnt as hard as you might think. Some of the best passive income ideas 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 more. The most important point is just to get started.
In part three of this series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big 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 that you earn without doing any job. Often times this money comes in investments of time or money which you've made. With passive income that the person does not have to be involved with the money they are making.
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Residual income includes payments that you will receive following a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a film 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 make money from your job.
Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, it is 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 one of the most common ways to earn residual income. It normally involves a fee which has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.