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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your work, another use of a site that will double-duty with this passive income plan, and then request them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of this work. So for a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to market something of theirs in the future.
Even if each patron only contributes a very small amount every 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'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 happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through Amazon FBA. This really is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 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 label on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. 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 just a few thousand in inventory.
Ive got a couple of interviews on the site from people that have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $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 begin money flowing within a few months and will provide a consistent monthly income for years or longer. The most important point is just to begin.
In part three of the series we'll discuss 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 a number of similarities, but there are also some big differences between remaining income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money you make without doing my sources any job. Often times this money comes from investments of time or money which you've already made. With passive income that 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 after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a film or book. They only write the film or book my review here 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 with time, since you can 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 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 that needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.