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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another use of a site that does double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the job. So for a writer, you could offer copies of your books. You can promise to thank patrons on your site or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet video 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 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 is one of the very exciting income thoughts 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 solutions. Together 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 set your tag on it. Then you just run your advertising and sell everything from the page on the worlds biggest internet shopping site.
Amazon FBA provides 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 blue jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the site from folks that have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the best passive income thoughts might click this take a little time to install but can begin money flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of this series we'll go over the differences between residual income and passive income. Both of these 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.Before I proceed onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money you make without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not need to be involved with all the money they are making.
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Residual income includes payments you will receive after a purchase. Normally these payments have been agreed upon in Read Full Article 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 create money from your job.
Earning income can eventually turn into passive income over time, as 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 individuals use to earn residual income:
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-Selling goods online: This is one of the most common ways to earn residual income. It normally involves a fee which needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.