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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding site 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 back. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You construct a community of people interested in your work, another usage of a blog that will double-duty with this passive income strategy, and then ask them to make contributions every time you create something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the job. So to get a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to promote something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 plus they get cheerleaders that are always pleased 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 easy to start your own retail company, to market your own products.
It used to be that you needed hundreds of thousands of bucks 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, package it and even put your tag on it. Then you simply run your advertising and sell everything from your webpage on the worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the blog from people who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is easily attainable in less than that.
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Making valid passive income isnt as hard as you might think. A number of the very best passive income ideas might take a little time to install but can start cash flowing within a few 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 the series we'll discuss the differences between residual income and passive income. Both of these phrases 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 income.Before I move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially Get More Information includes any money you make without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be involved with the money they are making.
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Residual income includes payments you will get after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a movie 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 make money from your job.
Residual income can eventually turn into passive income with time, since you can eventually visit this page 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 people 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 usually involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.