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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is encouraged 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 back. Back during the renaissance, artists utilized 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 to your own works. You construct a community of people interested in your job, another use of a blog that will double-duty for this passive income strategy, and then ask them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the work. So to get a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your blog 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 massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always pleased 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 used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across 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 sell everything from the page on the worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a few interviews on the site from people who go to this web-site have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 per month is readily attainable in less than that.
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Making valid passive income isnt as hard 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 couple of months and will provide 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 residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that you make without doing 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 have to be directly involved with all the money that they are making.
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Residual income includes payments that you will receive after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get 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 create money from your work.
Residual income can eventually turn into passive income with time, as you can eventually earn money without doing an excess work. find this .
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 ways to earn residual income. It usually involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.