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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website 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 used 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 individuals interested in your job, another use of a site that does double-duty for this passive income strategy, and then ask them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of this work. So for a writer, you could offer copies of your books. You can 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 each month, it can still be a huge source of income. Have a look at the Patreon site to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders that 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 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 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, package it and even put your label on it. Then you simply run your advertising and market everything from the webpage on the worlds biggest 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, so you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks who have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a month is easily achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the best passive income ideas might take a little time to install but can begin money flowing within a couple of this content months and will provide a consistent monthly income for years or longer. The most important point is simply to get started.
In part three of the series we'll discuss the differences between residual click here for info income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some large 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 you earn without doing any job. Often times this money comes in investments of time or money which you've 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 that you will receive following a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a movie 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.
Residual 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 individuals 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 normally involves a fee that needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.