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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate 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 website Patreon gives you the opportunity to get patrons for your own works. You construct a community of people interested in your job, another usage of a blog that does double-duty for this passive income strategy, and then ask them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide rewards 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 blog or to market something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 plus they get cheerleaders that are always pleased to spread the word on their brand. .
Our past 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 used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout 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 simply run your advertising and market everything from the webpage on the worlds largest internet shopping website.
Amazon FBA gives 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 jeans along with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a few interviews on the site from folks that have begun stores this page through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as hard as you might 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 provide a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of the series we will go over the differences between remaining income and passive income. These two 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 remaining income and passive income 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 that you earn without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not have to be directly involved with all the money they are making.
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Residual income includes payments that you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance 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 permits you to continue to create money from your job.
Residual income can eventually turn into passive income over time, since 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 one of the most common ways to earn residual income. It normally involves a fee that has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.