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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 its for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years back. 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 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 for this passive income strategy, and then request them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide 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 site or to promote something of theirs in the future.
Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $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 through 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 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. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and click to investigate even put your tag 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 visit the website all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now get started for just a couple of thousand in inventory.
Ive got a few interviews on the blog from folks who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the very best passive income thoughts might take a little time to install but can start cash flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of this series we will go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I our website move onto a 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 job. Often times this money comes from investments of time or money which you've already made. With passive income that 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 get following a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get 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 job.
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 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 that needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.