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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another usage of a blog that does double-duty with this passive income plan, and then ask them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of this work. So to get a writer, you might offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.
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 for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and 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 via Amazon FBA. This 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. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even put your label on it. Then you simply run your advertising and sell everything from your page on the worlds largest internet shopping site.
Amazon FBA gives you the opportunity to compete with 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 begin for just a few thousand in inventory.
Ive got a few interviews on the site from people that have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable 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 set up but can begin cash flowing within a couple of months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we will discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive visit the website income income.Before try this I move onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money that you earn without doing any work. Often times this money comes from investments of time or money which you've made. With passive income the person does not need to be involved with the money that they are making.
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Residual income includes payments you will receive following 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 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.
Earning income can eventually turn into passive income over time, as you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, It's 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 methods to earn residual income. It normally involves a fee which needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.