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Our next passive income notion 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 operate hundreds of years ago. Back during the renaissance, artists utilized to ask the rich to be their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons to your own works. You build a community of individuals interested in your job, 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 away empty-handed, you offer rewards and copies of the job. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your site 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 massive source of income. Take a look at the Patreon site to get Kinda Funny, an internet video company. They have 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 happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless 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. With Amazon FBA, you contract with a manufacturer to send 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 market everything from your webpage on the worlds biggest internet shopping website.
Amazon FBA provides 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 jeans along with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the blog from folks that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a my blog year so $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the very best passive income thoughts might take a little time to install but can start money flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is just to begin.
In part three of this series we'll discuss the differences between residual income and passive income. Both of these 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 large differences between remaining income and passive income income.Before 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 make without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income 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 you will get after a purchase. Usually 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 film 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.
Earning income can eventually turn into passive income over 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 read 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 that has to be renewed each month per week, which will allow you to continue to create money after the initial sale.