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Our next passive income idea is another twist on crowdfunding known as 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 work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your work, another use of a blog that will double-duty with this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of the work. So for a writer, you might offer copies of your own books. You can promise to thank patrons on your site 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 massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always happy 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 very exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.
It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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, pack it and even set your label on it. Then you just run your advertising and sell everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with 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, you can now begin for just a few thousand in inventory.
Ive got a few interviews on the site from folks check here who have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a month is easily attainable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the best passive income thoughts may take a little time to install but can begin money flowing within a few months and will offer a consistent monthly income for many years or longer. The best site most important point is simply to get started.
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 reality they are not the same thing. There are a number of similarities, but there are also some large differences between remaining 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 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 already 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 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 for 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 permits 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 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 methods to earn residual income. It usually 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.