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Our next passive income notion is another twist on crowdfunding called Patreon. The site 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 actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons to your own works. You build a community of people interested in your job, another usage of a site that will double-duty with this passive income plan, and then request them to make contributions every 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 books. You could promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Take a peek at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 plus 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 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 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 solutions. 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, package it and even put your tag on it. Then you simply run your advertising and sell everything from your page on the worlds largest 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 blue jeans 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 folks that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily 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 may take a little time to install but can start cash flowing within a couple of 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 go over the differences between residual income and passive income. These two terms are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some large differences between remaining income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not have to be involved with all the money that they are making.
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Residual income includes payments that you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for 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 permits you to page continue to make money from your work.
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'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 normally involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.