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Our next passive income idea is another twist on crowdfunding known as Patreon. The site 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 actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your work, another use of a blog that will double-duty for this passive income strategy, and then request them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this job. 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 each patron only contributes a very small amount every month, it can still be a huge source of income. Take a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 plus 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 is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.
It was 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 click this site to put everything together, package it and even put your tag on it. Then you just run your advertising and sell everything from the page on the worlds largest internet shopping site.
Amazon FBA gives 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, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the site from people who have started stores through Amazon FBA. A couple of them are making six-figure 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 ideas may take a little time to install but can begin cash flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the this article exact same thing. There are a number of similarities, but there are also some big differences between residual 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 essentially includes any money that you earn without doing any work. Often times this money comes in investments of time or money which you've made. With passive income the person does not need to be involved with all the money they are making.
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Residual income includes payments that you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets to get a movie 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 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 products online: This is one of the most common methods to earn residual income. It normally involves a fee which has to be renewed each month per week, which will allow you to continue to create money after the initial sale.