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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to operate 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 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 with this passive income plan, and then ask them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the job. So for a writer, you could offer copies of your own books. You could promise to thank patrons on your blog or to promote something of theirs in the future.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek 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 almost $19,000 and they get cheerleaders which 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 really 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything straight 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 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 retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now get started for just a couple of thousand in inventory.
Ive got a couple of interviews on the blog from folks who have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is easily achievable in less than that.
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Making valid passive income isnt as hard as you may think. Some of the very best passive income ideas might take a little time to install but can begin cash flowing within a couple of 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'll discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some large differences between residual income and passive income.Before I proceed onto a 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 job. Often times this money comes from investments of time or money which you've made. With passive income that the person does not have to be involved with all the money they are making.
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Residual our website income includes payments that try this web-site you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance 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.
Residual income can eventually turn into passive income over time, since 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 goods online: This is one of the most common methods to earn residual income. It normally involves a fee that has to be renewed each month per week, which will allow you to continue to create money after the initial sale.