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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists used 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 acquire patrons to your own works. You build a community of individuals interested in your work, another usage of a site that will 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 rewards and copies of the work. So for a writer, you could offer copies of your books. You could promise to thank patrons on your site or to market something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which are always pleased 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 very exciting income thoughts 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 set your tag on it. Then you simply run your advertising and market everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA gives you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the blog from folks who have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as hard as you might think. A number of click here to read the best passive income thoughts might take a little time to install but can begin money flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we will go over the differences between remaining income and passive income. These sites two 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 have a look at what passive income is. Passive income basically includes any money you earn without doing any job. Often times this money comes in investments of time or money that you have made. With passive income 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 get following a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example 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 allows you to continue to create money from your work.
Residual income can eventually turn into passive income over time, since 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 products online: This is one of the most common ways to earn residual income. It normally involves a fee which has to be renewed each month per week, which will make it possible for you to continue to create money after the next page initial sale.