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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy 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 blog 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 offer benefits and copies of the work. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your site or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Have a peek at the Patreon site to get Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders that are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling via Amazon FBA. This is one of the most 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. 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, pack it and even put 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, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people who have started stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is easily 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 might take a little time to install but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of this series we will go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality 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 proceed onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money that you make without doing any work. 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 involved with the money that they are making.
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Residual income includes payments that you will receive after a sale. Usually these payments have been agreed upon in advance and will continue Get More Information long after the purchase. A good 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 permits you to continue to create money from your job.
Earning income can eventually turn into passive income with time, since this page 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 make money after the initial sale.