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Our next passive income idea is another twist on crowdfunding called Patreon. The site 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 really how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized 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 build a community of individuals interested in your work, another usage of a site that does double-duty with this passive income strategy, and then ask them to make contributions each time you create something. .
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Now patrons dont come off 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 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 page for 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 past passive income source is creating your own brand and selling through 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 sell your own products.
It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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, package it and go to these guys even set your tag on it. Then you simply run your advertising and market everything from your page on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start you can try these out a toy company, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks that have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 a month is readily attainable in less than that.
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Making valid passive income isnt as difficult as you may think. A number of the very best passive income ideas might take a little time to set up but can start money 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 the series we will discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality they are Visit Website not the 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 part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not need to be directly involved with all the money they are making.
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Residual income includes payments you will receive following a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets to get a movie or book. They only write the film 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 work.
Earning income can eventually turn into passive income over time, as you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, it is 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 methods to earn residual income. It normally involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.