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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site 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 ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your work, another usage of a site that does double-duty with this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So for a writer, you might offer copies of your books. You can promise to thank patrons on your site or to promote 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. Have a peek 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 would be a monthly income of almost $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 really 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 bucks 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 set your tag on it. Then you just run your advertising and sell everything from the webpage on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. 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 just a few thousand in inventory.
Ive click site got a few interviews on the blog from people that have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 a month is readily attainable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the best passive income thoughts might take a little time to install but can start cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes in investments of time or money which you've made. With passive income that the person does not have to be directly involved with all the money they are making.
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Residual income includes his comment is here payments you will get following a purchase. Usually these payments have click here to read been agreed upon in advance and will continue long after the purchase. A good 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 allows you to continue to create money from your work.
Earning income can eventually turn into passive income over time, as you can eventually earn money without doing an excess 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 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.