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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to get patrons for your own works. You build a community of people interested in your work, another use of a site that will double-duty with this passive income strategy, and then ask them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of the work. So for a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your blog or to market 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 for Kinda Funny, an internet movie company. They have 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 past 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you simply run your advertising and market everything from the page on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. 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 couple of thousand in inventory.
Ive got a few Recommended Reading interviews on the site from folks that have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable in less than that.
The Ultimate Guide To Residual Income In Mexico - Passive Residual Income
Making valid passive income isnt as hard as you might think. A number of the very best passive income thoughts may take a little time to set up but can start cash flowing within a few months and will offer a consistent monthly income for years or more. The most important point is simply to begin.
In part three of this series we'll go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some big differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially includes any money that you make 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 need to be directly involved with the money that they are making.
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Residual income includes payments you will receive following a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic 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 allows 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. .
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 products online: This is one of the most common methods to earn residual income. It usually involves a fee which needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.