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Our next passive income idea is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to acquire patrons for your own works. You build a community of people interested in your job, another usage of a site that does double-duty with this passive income strategy, and then request them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of the work. So for 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. Have a look at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month are 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 was 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 put 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 visit this site right here in retailstores. 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 just a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people who have begun shops 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 legitimate passive income isnt as difficult as you might think. Some of the very best passive income thoughts might take a little time to install but can begin cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this 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 some 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 link at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income the person does not need to be involved with the money they are making.
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Residual income includes payments that you will get following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets for 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 job.
Residual income can eventually turn into passive income over time, since you can read what he said eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, it is 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 needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.