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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is really 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 site Patreon provides you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another usage of a site that will double-duty for this passive income plan, and then request them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you offer benefits and copies of this work. So to get a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your blog or to promote 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. Have a look at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling through Amazon FBA. This really is one of the most 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 send everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it check and even put your tag 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 retailstores. Always wanted to start a toy useful content company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.
Ive got a few interviews on the blog from people who 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.
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Making valid passive income isnt as hard as you might think. Some of the best passive income thoughts may take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is just to begin.
In part three of the series we will discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not have to be involved with all the money they are making.
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Residual income includes payments that you will receive after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic example 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 permits you to continue to make money from your work.
Earning income can eventually turn into passive income with time, as 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 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 usually involves a fee that has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.